Analysing analytics: how can brands decide what to measure?
As part of The Drum’s special report on analytics, we spoke to a number of agencies operating in the space to gain an insight into the key issues surrounding this heady topic.In a series of features, we’ll be looking at the industry’s responses to the questions we posed, to determine the challenges and trends facing analytics in 2012. Here we’re asking:How difficult is it for companies in deciding what to measure?Conrad Bennett, VP of technical services, EMEA, WebtrendsPut simply, companies need to measure what makes them money. Every website has a macro conversion point that is supported by micro conversions – sign-ups, registrations, search, reviews, calculators, product descriptions, etc. These conversions can happen on the main website or channels like mobile, apps, social, email etc. Businesses should also consider the ROI of content that is expensive to create and support, e.g. video, flash, live chat etc. While there is a genuine reason to understand your place within your industry, too many businesses get distracted at how they compare against their perceived competitors. Every business is unique; what works for the competition may not work for you. There are KPIs that are specific to industry verticals, but the most important thing a business can do is know how its own website is performing.James Holding, PPC analyst, Epiphany SolutionsCompanies need a key metric to measure, such as sales or revenue, in order to determine performance of the site and the influence of any promotions/campaigns. The best way to decide which metrics to measure is to simply take a step back and look at what the website is actually there to achieve. It is also important to fully understand what the value of each metric is; what one site visit or conversion is actually worth to the company. Some websites may be all about sales, in which case the number of orders would be a KPI metric. However, some may be primarily for building brand awareness/loyalty or for research/informational purposes and so some kind of interaction or request could be the most important thing for them to measure. John D’Arcy, lead consultant, FovianceMany companies find it difficult to deliver measurement reporting that can be used to take actions and improve the customers’ experience. Companies should be asking:
- What are the right things to measure?
- Does this data exist now and if not how do you get it?
- How are you going to change your business based on what the data is telling you?
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STEAK is an International digital marketing agency with offices in Europe, Asia Pacific and North America. We were founded in 2005 by search engine pioneers who saw the need for a specialist digital agency that understood marketing and technology – and could talk the language of both worlds to help brands increase their online presence. Today the STEAK Group brands, STEAK and Minute Steak (www.minutesteak.co.uk) operate at a global level with two of the original founders continuing to manage the company. In 2011 STEAK became part of Dentsu, the World’s fifth largest marketing communications agency, with over 100 offices in 27 countries.
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Launched in 2005, I Spy is an independently owned digital specialist marketing agency that delivers an integrated natural/paid search, social media and website conversion service to its clients.
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Uptimisiation seeks to break the boundaries of standard optimisation by blending our analytical and management tools with a deep understanding of target market behaviour and our clients objectives. Through this approach we deliver outstanding ROI without fail every time! Our handpicked team of digital marketing specialists apply their craft with creative precision which has already brought uptimised results for Vauxhall, Dunhill, Avon, Waterstones, Jobsite, UKTV and Parkdean Holidays. I Spy is a founder member of the IPA’s search body, a member of the Internet Advertising Bureau, Google Adwords, Conversion and Analytics Qualified.
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