5 Essential Practices of the Data Driven Organization
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The document discusses five essential practices of data-driven organizations: 1) defining key performance indicators, 2) deploying analytics tools expertly across channels, 3) analyzing results and making recommendations, 4) creating changes based on data, and 5) measuring results continuously. It emphasizes the importance of standardization, governance, accuracy, and having a repeatable process for using data to optimize digital properties and drive business goals.
5 Essential Practices of the Data Driven Organization
- 1. 5 Essential Practices of the Data Driven Organization Andrew Edwards
- 2. Essential behaviors for both content and technology teams focused on digital ROI. Debunking terminology Common roadblocks and how to overcome them using expertise and technology. Insights into multi-channel and “Convergence Analytics” Overview: We Will Cover . . .
- 3. Analytics Today: a Tough Fight • Few organizations can manage effectively • Lack of overall standards and benchmarks • Quantity of data is ahead of data analysis • Terminology getting in the way • Frequent uncertainty that data is accurate • Flawed data collection • Explosion of mobile and how to measure? • Difficult to keep tools/tagging/expertise current • Difficulty in driving accountability to content teams • Where are the experts?
- 4. Multi-Channel Adds to Complexity • Now we can measure. . . • Desktop • Mobile • Tablet • Smartphone • Ios • Android • Other (?) • CRM • “Big Data” • . . .and many other channels • Convergence Analytics is here—but who’s doing it right?
- 5. Muted Impact of Analytics • Analytics often isolated from decision-makers • Reports go to report recipients—but what do they do with the data? • Analysts generate insights • . . .but executives may or may not be interested • Tendency to focus on global trending data • rather than engagement and conversion metrics • Internal political impact of success/failure of content (as measured) • Can we drive responsibility to content creators? • Multi-channel requirements adds to confusion • Buzzword terminology clouds the picture
- 6. The Terminology Challenge • Buzzwords favored by vendors and consultants—but why? • As a class, they are relatively imprecise and less important than many would like you to think. • Real Time: • No agreement on what this is • Really means “right time” Big Data: • Lots of data of course • Do you even have any?? • Predictive: • Really means “data modeling” • And “forecasting” – except where it’s automated
- 7. The Data Driven Organization <link rel='stylesheet' id='hubspot-css' href='http://www.technologyleaders.com/wp- content/plugins/hubspot/css/hubspot.css?ver=3.3.2' type='text/css' media='all' /> <link rel='stylesheet' id='page-list-style-css' href='http://www.technologyleaders.com/wp- content/plugins/sitemap/css/page-list.css?ver=3.7' type='text/css' media='all' /> <script type='text/javascript' src='http://www.technologyleaders.com/wp- includes/js/jquery/jquery.js?ver=1.7.1'></script> <script type='text/javascript' src='http://maps.google.com/maps/api/js?sensor=false& ver=3.3.2'></script> <link rel="EditURI" type="application/rsd+xml" title="RSD" href="http://www.technologyleaders.com/xmlrpc.php?rsd" /> <link rel="wlwmanifest" type="application/wlwmanifest+xml" href="http://www.technologyleaders.com/wp- includes/wlwmanifest.xml" /> Standardization, Governance, Accuracy and a Repeatable Process.
- 8. The Data-Driven Organization is: • Organized around the intelligence gained from the data it collects about its customer interactions. • Good about managing expectations • Willing to admit its requirements are not unique • Ready to standardize its measurements across digital properties (Governance) • Ready to get expertise as needed • Open-minded about tools and technologies • Eager to improve based on findings • Multi-channel aware
- 9. Five Essential Practices (1) • The Data Driven Organization defines what it wants to measure • (knows its KPIs for different channels)
- 10. Five Essential Practices (2) • The Data Driven Organization deploys analytics tools expertly and consistently across all markets • (enforces governance and standardization) • masters data collection
- 11. Five Essential Practices (3) • The Data Driven Organization analyzes results and makes recommendations • (crosses the divide from observation into action)
- 12. Five Essential Practices (4) • The Data Driven Organization creates changes based on data • (drives responsibility down to content owners)
- 13. Five Essential Practices (5) • The Data Driven Organization measures again. . .and again (to see what worked) • Recognizes that success means continual testing and optimization
- 14. A Repeatable Process • eBusiness 5 Step Optimization • The method by which the Data Driven Organization can get organized
- 15. A Repeatable Process • e5o provides a framework for total web and digital ROI. Properly deployed, it is a complete, repeatable feedback loop targeted at success. It involves business, technical, analysis and creative components that form the basis for a data-driven marketing organization
- 16. A Repeatable Process Define Drivers Set of goals and targets for web optimization project Clear understanding of success factors for web site Activity Deliverable Benefit Build Metrics Create measurement criteria plus tool configuration Gain critical insight into web performance Plan Actions Map of improvements, based on data analysis Targeted, achievable improvement goals Create Changes* Development and delivery of actual improvements A web site that responds to quantifiable critique Measure Success Evidence of improvement by percentage Proof that the process resulted in. . . . . .Better Web ROI *may include third party content creation
- 17. KPI Definition Basics You’ll want to improve. . . Stickiness On line Sales Customer Contacts Efficiency/ Productivity Content/Brand E-Commerce Lead Generation Self-Service/ Information If you are a___property. . . The Data Driven Organization Knows How to Categorize its Digital Properties
- 18. Conversion Basics • Reach (Campaigns) • Engage (Landing Page/Other Convincing Content) • Convert (Visitor performs desired action) • Retain (Re-target, up-sell, cross-sell) Key Performance Indicators are almost synonymous with “desired actions”. When desired actions are performed by the user, that is considered to be a “conversion event”. Whether on the desktop or mobile or in an app, the same principles apply. The four major steps in conversion are shown below. The Data Driven Organization Knows How to Segment Conversion Steps
- 19. Campaign Awareness • Every “touch-point” is a Campaign • Desktop • Mobile • Social • Email • Paid, Earned Media • . . .and can be measured • If you can’t identify a conversion-point in a campaign, it isn’t one. The Data Driven Organization Knows That Campaigns Must Convert
- 20. The Importance of QA • The Data Driven Organization trusts its numbers • . . .because they've mastered data collection. Tags/Filters
- 21. What’s Next: Convergence Analytics • Convergence Analytics Report 2013 – “Multi-Channel Analytics” – Mobile – Desktop – CRM and beyond • A hundred vendors targeting marketers with a very similar story: • “We can measure anything” • “And show it to you in a dashboard” • Cohorts, comparison, and false positives • . . .but can they really do this? http://efectyv.com/ efectyv/industry-reports/
- 22. Convergence Analytics: How it works • Convergence Analytics Application Operations • “Multi-Channel plus Visualization” –Data extraction –Data preparation –Data load –Data presentation • From numerous data sources
- 23. The Goal of Convergence Analytics • A single view of marketing touchpoints • Focused on understanding true ROI • But. . . • Can any one tool promise and deliver? • Or are we still in need of vertical solutions?
- 24. Look in the Mirror • Do you recognize your organization? • Can you: • Define your conversions • Measure accurately • Change content/architecture based on metrics • Are you ready for multi- channel? Data Driven
- 25. What Success Looks Like • Data Driven Organizations will thrive in a digitized marketplace because they know that: • “Creativity without Conversion equals Zero” * *Rand Schulman
- 26. Thank You • Andrew Edwards • Managing Partner, Efectyv Digital • [email protected] • @andrewVedwards