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.