February 18, 2019

How To Improve Digital Media Return on Investment (ROI)

You just saw a commercial for the nth time and you think to yourself, “doesn’t this company know that they are wasting their advertising money.” This is a stage where your audience is still receiving Impressions, but their propensity to Convert has diminished. There is a name for this phenomenon, and it is called Ad Ware-Out. With digital media, we are very lucky, because we can track when this phenomenon happens and I will tell you how to do so.

advertising ROI bell curveFirst, lets look at how this happens in the digital media return on investment bell curve below. First stage in the curve is Awareness, every campaign has a stage where the customer is becoming aware of your offering.  Awareness, slowly ramps up into a stage that is between the orange and blue bar called Return On Investment. This middle stage, is where most of your revenue is gained as users are aware of your product and are purchasing. [Read more…]

3 Things To Avoid in Media Tagging Strategy

no dataA poor campaign tracking strategy will leave you scratching your head when the report arrives. Discontinuities in your data will make you ask questions that are almost impossible to answer. No floodlight tags, search tags,web analytics platform tags will drive your team crazy. The executive team will want to see ROI (Return On Investment) numbers, and all you will have is impressions, clicks, click through rates, and view-through metrics.

Pitfalls in tagging fall into 3 major groups: lack of tags, too many tags, and not tagging lower funnel actions. Each of these pitfalls is usually due to poor initial strategy or implementation. Campaigns that have a strong measurement and tagging process end up having a better chance at optimizing media towards conversion. [Read more…]

Web Analytics is About Optimization

Web Analytics OptimizationThe web is not static, and neither are your competitors. Your web analytics team should always be looking to create hypothesis to optimize your website. Optimization is about finding areas of your site that can be improved on a systematic basis, and testing the validity of those hypothesis.

Web Analytics Hypothesis
Web analytics management needs to provide your team with the necessary software and tools to conduct proper analysis and create hypothesis. This can be mouse tracking software, deeper dive software such as Omniture Discover, survey software such as Forsee, and social measuring tools. These tools need to be used in conjunction with your web analytics platform. Providing your team with many tools to analyze pages will help them validate their hypothesis and create use cases.

Web Analytics Validation
This one is very important, as your web analytics manager should validate if the hypothesis are correct statistically and organizationally. Web managers need to validate the quality of the hypothesis by statistical means, making sure that significant data was collected. Web analytics managers also need to validate that the hypothesis aligns with organizational goals.

For example, analyst came up with the hypothesis that the Green Widget page needs to have a form on right rather than a form on left. This was done by analyzing the mouse tracking software. Web analytics manager needs to review that the eye tracking software had significant visits to create this hypothesis. More importantly, the manager needs to ask product managers if the organization is pushing to sell more Green Widgets. Any misalignment in the validation phase causes further testing, optimization and measurement for a possibly discontinued product.

Website Testing, Optimization, Measurement
Validated hypothesis need to be tested. Proper A/B or Multivariate testing techniques need to be conducted to make sure that the hypothesis will provide significant lift for your organization. Once tests are conclusive, most optimization software allows you to leave the winning version on your site until your website team has updated the code with the changes. During this process, your web analytics team should be measuring the results of the update and documenting the data for sharing.

Sharing Results With Executives, and Product Managers
Once your team has been through the optimization cycle several times, you are ready to share results. This is a very important step in driving a data driven organizational culture. Product managers and executives who see successful improvement in website performance become advocates of the structure and process. New hypothesis for tests are developed and validated. Your web analytics is now driving significant value to your organization.

Conclusion
With everything in data there are caveats. The most important caveat to the above process is your web analytics tags have to be deployed correctly and data has to be validated. Incorrect sourcing of data leads to distrust and breaking of the web optimization process.

Related Posts:
3 ways to find something to A/B Test
How to become a great web analyst
When to switch your web analytics platform

Measuring KPIs: Always Capture Diagnostic Metrics

KPI InfluencersEvery executive wants to see the top Key Performance Indicators (KPIs) on a regular reporting cadence. However, when major changes happen in your KPIs, you need to be able to explain what happened, what it means, and what you are going to improve.

Factors Influencing Your Key Performance Indicators
The factors influencing your key performance indicator to the left are a few that I picked as an example. Increases or decreases in your purchase funnels will highly affect your KPIs. The factors I chose on the left are a guess, but there is a way to find exactly what is affecting your KPIs through diagnostic metrics. Your analyst needs to find direct relationships between variables (influencing diagnostic metrics) and your KPI (response variable). [Read more…]

Web Analytics Fundamentals for Quality Insights

Quality Web Analytics InisghtsAll clients, internal or external, are looking for quality insights. Definition of quality is how actionable the insights are and the positive impact the insights will produce. An analyst has to be confident in the data that is being delivered to business stakeholders. Analytical insight confidence comes from the Reliability and Validity of the insights.

Reliability
Reliability of the data comes from understanding the sources of data. It is mostly about the consistency of your data sample. Data that has a very large and diverse distribution may not be reliable for what you are looking to accomplish. Large variances in data are not consistent and will throw off the reliability of your insights. [Read more…]

My First Hands On Experience With Big Data

When you read about Big Data online, you cannot help getting incredibly excited about the opportunity at hand. Experiencing it hands on is a little bit different. Looking at it and seeing where it resides, how it is queried, and how unstructured the data is an experience. A few weeks ago I wrote about the difference between big data vs. small data. Even though no actual model was built, I garnered some interesting facts on what needs to be done to build a big data model.

Big Data Overview
The data lives in the cloud and is highly unstructured. It is not immediately usable for analysis because it is missing data and response variables. From my initial interpretation of the data there is demographic data, session data, but very few variables that are (response variables) which are organizational goals. For a data modeler to be successful, we need response variable. [Read more…]

What is Your Web Analytics Contingency Plan?

web analytics contingency planWeb Analytics Platform Limitations
Every system has it’s limitations. Sometimes you do not arrive at these limitations until you inquire about a specific metric that you need and it is not possible with your current system. It is possible that being on version 8 of a software does not provide you with the ability to capture the metrics that you need but version 9 does.

Cost Benefit Analysis
Next, your team analyses the costs of the software upgrade. The complexity, IT time commitment is sometimes beyond budgets. After consideration, estimation of costs and schedule your team concludes that this project is not feasib

Plan B
For the reasons stated above, it is vital to use multiple web analytics platforms to capture metrics. Many organizations use a WebTrends, Adobe Omniture, or Coremetrics in conjunction with Google Analytics. This provides organizations with multiple benefits: [Read more…]

Web Analytics: Think Big, Move Fast

web analyticsWeb Analytics platforms today have many features that allow your organization to gain insights. However, none of these features come with the out of the box implementation. Customization steps  must be employed to answer your business goals. These include customization of code, and customization of your reports and dashboards.

Web Analytics: Think Big
In today’s competitive environment we must think beyond Visits, Page Views, Time on Site and Pages Per Visit. Deployment of KPIs (Key Performance Indicators) that closely mimic sales is the goal. I fully agree that a visit, page view, is somewhat correlated to a sale. However, just because you visit widgets.com, does not mean you are going to buy a widget. [Read more…]

Decision Trees vs. Neural Networks

Two popular data modeling techniques are Decision Trees, also called classification trees and Neural Networks. These two data modeling techniques are very different from the way they look to the way they find relationship within variables. The neural network is an assembly of nodes, looks somewhat like the human brain. While the decision tree is an easy to follow top down approach of looking at the data.

decision tree vs neural network

[Read more…]

Why Use Custom Floodlight Tags in Digital Display Advertising

Display Media TagsToday’s digital marketing environment is competitive, and not adding tags to your site can blind you to opportunity. Not adding DoubleClick for Advertisers Floodlight/Spotlight tags to your site only provides you with Impressions and Click Through Rates for your campaign. Unfortunately, these days it is not enough to really assess the quality of your campaign performance.

Why Floodlight/Spotlight Tags
These tags are there to track specific engagement and conversion areas of your site. It is not necessary to tag your entire site with floodlight/spotlight tags, but specific aspects of your campaign that relay the message of engagement or conversion. Your digital marketing campaign measurement strategy should have a tagging matrix for these tags.

 

What Insights Do I Gain?
The addition of Floodlight/Spotlight tags to your display advertising campaign you gain Post Click and Post Impression metrics. Post click metrics provide you with specific engagement or conversion that happened post user clicking on your ad. Post impression metrics are users whom saw your display ad, did not click, and arrived at your site by directly typing it in or doing a Google Search. There is a specific window your display advertising team sets (for instance 30 days), that users can see a display ad and arrive at your site and still be considered a Post Impression Conversion. [Read more…]