The Art of Marketing conference came to Vancouver, BC on June 9th bringing five of the most forefront experts in marketing to share their ideas and theory around marketing in 2011. This article is part of a series summarising the topics discussed on the day.
What use is communicating if you cannot measure its impact?" Avinash Kaushik, author of Web Analytics 2.0. asked the audience at The Art of Marketing, before going on to explain that many companies take the first step to install analytics, yet don’t make the effort to analyse and understand them.
The Key Measurables
When it comes to web analytics, Kaushik seperates them into two categories, "Super Awesome" and "Super Lame." The ones that fall in the "Super Awesome" category are the ones that will offer the most value in analyzing the success of your social medi a or web strategy. These are often analytics that often overlooked.
They key website statistics that are, as he says "Super Awesome":
- Loyalty, recency
- Conversion rate
- Days and Visits to
- Economic Value
- Task Completion Rate
- Brand Evangelist Index
Macro conversions are the actual sales a business makes, and micro conversions include signing up for a newsletter, receiving a query by email. Each micro conversion should be assigned an 'economic value' in order to quantifiably measure the efforts made into each area.
Key measurables for economic value in social media are:
- Twitter: amplification, conversion rate, second level network
- YouTube: like index, attention quadrant, outcomes
- Facebook: interaction rate (comments and likes), outcomes.
Agreeing with Taylor and Joel, Kaushik observed that social media is transforming the way businesses approach marketing. The long term value of social media, he commented, is top of mind awareness and that a balance between broadcast and conversation is needed to succeed.
A Measurement of Risk
Kaushik comments that when looking at investing time in web marketing and social media, people worry about the risk – however experimentation can have a revolutionary impact on a business’s marketing. You cannot assume what your customers need; by making a change and measuring the impact, you might be surprised by the result. He remarked that, "Glory is not about improving one thing 100%, but about improving 100 things 1%." Explaining that by making incremental changes and measuring their impact you will receive more return on investment for your business, than investing money into large changes which are not measured and ultimately fail.
Other articles in the Art of Marketing series: