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Archive for the ‘Measurement and ROI’


What is the difference between a metric and KPI? (Video) 0

Posted on May 07, 2018 by Rob Petersen

A metric is a standard of measurement. A Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively a company is achieving key business objectives. Organizations use KPIs to evaluate their success at reaching targets.

What’s the difference? A KPI is a “metric that matters.” It relates directly to the business’s objective or goal to help keep the strategy on track. Because a KPI is a metric that matters, a KPI is a metric that is tied to a target.

The video above explains the difference and offers examples.

Anivash Kaushik, Digital Marketing Evangelist at Google, says a key performance indicator (KPI) is a metric that helps you understand how you are doing against your objectives. Here’s how other experts define the difference between a metric and a KPI.

How do you chose KPIs. Look for the key metrics that:

  1. Relate to your business objective
  2. Provide context by being tracked over time
  3. Are based on legitimate data
  4. Are easy to understand
  5. Create meaning
  6. Can be acted upon
  7. Do it with the key stakeholders who are accountable

The video was created by Rutgers Business School Executive Education. I have had the privilege of serving on their MBA Faculty for 8 years. The Rutgers Business School is ranked #3 in the nation in MBA employment.

Rutgers Business School Executive Education offers Mini-MBA’s in Digital Marketing and Social Media Marketing. They occur offline in a week-long curriculum in an open classroom. Or online over 10 weeks at a pace that accounts for an executive’s busy work schedule. Digital Marketing is ranked among the Top 30 Best Value certificate programs.

Both consist of the same 10 modules that include: Digital and social strategy development, search engine optimization, paid search, content marketing, mobile marketing, video marketing, customer experience and measurement and ROI.

Either is going to up your game in fastest growing marketing channels, help advance your career or assist you in your own reinvention.

Does this video explain the difference between a metric and a KPI to you? Is your organization ready to put to use the KPIs that keep your business strategy on track?

 

 

5 social analytics benefits that help build any business 0

Posted on February 19, 2018 by Rob Petersen

social analytics benefits

If you can’t measure it, you can’t manage it. – Peter Drucker

Social Analytics benefits any company by helping them better measure and manage their business. Social Analytics benefits come in the form of competitive intelligence, targeting, customer support, predicting behaviors and course correction. They help build any business.

Social analytics is the collection and analysis of statistical, digital data on how users interface with an organization, particularly online. It is an analysis of the tweets, blogs and other postings on the social web, with a focus on a particular subject area.

This does not negate the importance of traditional research, where focus groups give you a private view on possibly sensitive topics or a questionnaire is filled out by 500 people in a designated age group or profession. Social analytics provide access to data and conversations about a topic or subject occurring right now and the opportunity to listen, learn, filter, measure and put them to use for business benefits.

Why is this relevant? Here are 5 social analytics benefits that help any business.

COMPETITIVE INTELLIGENCE: Is collecting and analyzing actionable information about competitorand the marketplace to form a business strategy. Its aim is to learn everything there is to know about the competitive environment to make the best possible decisions. Here’s what can be accessed through social media.

TARGETING: Every effective audience profile starts with a fundamental understanding of who your audience is. There is an incredible amount of information about your ideal customers in social media. Social analytics helps you identify and target them to find them. For example:

CUSTOMER SERVICE: Social media is one of the most effective channels for customer support in today’s digital world. Whether they have questions, complaints, or compliments, people are increasingly using social to connect with businesses.  Here’s are some of the finding social analytics reveal:

PREDICTING BEHAVIORS: Given this enormous volume of social media data, Social analytics benefits business using data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data. Here’s how it’s working:

  • 70% of executives consider predictive intelligence the most critical data insight
  • Facebook accounts for 53.1% of social logins made by consumers to sign into the apps and websites of publishers and brands
  • On average, businesses are only analyzing 12% of their data, leaving a lot of untapped opportunities and critical insights
  • 29% of patients viewing health information through social media are viewing other patients’ experiences with their disease

COURSE CORRECTION: Even the best business strategy can require connection. Social analytics benefits business by connecting the dots from what people say, do, act and are likely to behave in the future. Here’s how it can help overcome challenges you may be facing.

  • When social media is part of their buyer’s journey, customers tend to convert at a 129% higher rate, and they are four times as likely to spend significantly more than those without a social component
  • 80% of CEOs say that mobile technology and analytics are key to their strategy
  • 72% of business leaders say that their organizations will be susceptible to threats from digital market disruptions in the next three years
  • 69% of organizations that have used an external partner to gain better data insight report positive results from that decision

Are these social analytics benefits useful for your business? Do the facts help? Are you ready to get get started?

10 best social analytics tools for 2018 0

Posted on January 08, 2018 by Rob Petersen

social analytics

Social analytics refers to the collection, analysis and interpretation of online data to show how users interact  with an organization, company or brand. Over the last decade, social analytics has become a primary form of business intelligence, used to identify, predict, and respond to consumer behavior.

Any organization interested in social analytics is going to need a good social analytics tools. There is so much content and so may social sites to account for.

Most social analytics tools work by crawling sites continuously and indexing them. Once they sites are indexed, they can then be searched. Most tools use queries, or search strings, that the user writes to find mentions of specific words and phrases on those pages.

What are the best ones? Why?

Here is our list of the top 10 social analytics tools for 2018.

Social Analytics - Brandwatch

BRANDWATCH: Has an interface designed to let the data gathering and analysis shine through. The tool’s coverage includes news sites, forums, blogs, and social networks like Twitter and Facebook. You can then search social media data for terms they are researching, before using categorization, sentiment analysis, charting, and other analytic features that will give you further insight. It also allow users to engage with target communities, responding to, assigning workflow, as well as handling social media mentions.

Social Analytics - Buzzlogic

BUZZLOGIX: Is very intuitive and renders a user interface that is simple and quick to set up and use. The ability to monitor various streams from a number of social media platforms all in one place, with accompanying statistics presented in a clear, visual format is great, and makes analyzing campaign results easy. Buzzlogix allows customization and is always improving features. The founding team pays attention to any feedback on Twitter and Facebook. Buzzlogix is a smart and simple, all-in-one social media management, monitoring and engagement platform.

Social Analytics - Visible Intelligence

CISION/VISIBLE INTELLIGENCE: Cision operates Visible Intelligence, a social media platform designed to deliver marketing ROI and smarter customer insights. Cision is in it to win in social analytics. In 2014, Cision, acquired Visible Technologies, a worldwide market leader in social media listening and analytics, In the same year, Cision and Vocus merged. In 2015, Cision acquired Viralheat, a top social media engagement platform. And, in 2016, Csion acquired PR Newswire. While ii might Cision is a company on a mission to buy as many social analytics companies  as they can, they are focused on developing the best social analytics software so it is “best in class” whether it is used for analysis, marketing or PR. Their history also shows how big and far reaching the social analytics business is and will be in the future.

Social Analytics - Digimind

DIGIMIND: Is a social media intelligence software platform for brands and agencies to facilitate insight-driven digital transformation. Key features include social media monitoring, keyword monitoring, reputation management and reporting and analysis. The Digimind platform tracks both earned and owned media. Digimind has managed to create a product that is incredibly powerful and at the same time incredibly simple to use.

Social Analytics - Keyhole

KEYHOLE: Tracks real-time social media and historical data. What is different about Keyhole is they break their data by URLs, hashtags, keywords, Klout scores and @usernames on Twitter and Instagram. Because hashtags and usernames have a unique importance in social media, Keyhole is a particularly effective social analytics tools for quickly getting to hot topics and influencers. Keyhole is the only social analytics tool in our list that offers a free service, without a trial sign up, to give people the opportunity to sample how they work. We hope they stay that way.

Social Analytics - Meltwater

MELTWATER: Has historically been known as a journalist database (aka Influencers) that makes it quick and easy to find and send content to relevant writers that may be interested in your material. You can search for journalists by topics they’ve written about and easily add them into categorized lists. You can personalize and send a message in a matter of minutes. The user interface is also clean and intuitive. Meltwater has recently expanded the scope and scale of their social universe and is making a decided effort to take on bigger players, particularly Cision. We look forward to seeing how this plays out.

Social Analytics -Nuvi

NUVI: Is able to track hashtags, influencers, and key words across various social networks. NUVI can also compare monitors side by side, which is helpful when comparing brands and topics. To execute comparisons, NUVI graphs out all activity during any time frame you select, which allows you to see trends and peak activity. The social stream is very unique and in real-time. So as mentions occur, you can see them pop up immediately. Many users of this service believe the customer support from their reps has been exemplary.

Social Analytics - Salesforce Social Studio

SALESFORCE SOCIAL STUDIO: Is a product under the Salesforce Marketing Cloud that deals with offering effective social media marketing solutions. Social Studio enables global collaboration, letting you organize teams quickly and easily around campaigns, events, and regions on the right social platforms. Social Studio offers a module called Analyze which provides pre-built reporting and dashboard templates for social listening use cases. Other key features include: global collaboration, ROI tracking, analytics module, content calendar, and quick workflow management.

Social Analytics - Simply Measured

SIMPLY MEASURED: Is able to consolidate metrics into a single, easy-to-use reporting dashboard. The aesthetics behind the reporting also make things easier to digest when sharing metrics across the organization. Results are presented in a easy to understand way and look nice enough to present directly to clients without reformatting. Simply Measure was acquired by Sprout Social in 2017.

Social Analytics - Synthesio

SYNTHESIO: When it comes to complete social content analysis and reporting from one centralized management hub, large enterprises with the money to spend can’t do better than Synthesio. It is a high-end tool that cleans data with the help of humans. It is aimed at organizations that are looking for structured data in a clean manner and in a way that the data is useful to them. It also offers a customized dashboard and helps businesses in keeping track of things according to their needs. Synthesio sets up its software as per your requirements and human monitoring is done at the backhand. Synthesio acquired Social Karma in 2017.

A good social analytics tool is going to require an investments, training on use and on-going customer support. We can tell from out experiences.

Do one of these social analytics seem right for your business?

 

 

 

23 ecommerce facts about this holiday season 0

Posted on December 25, 2017 by Rob Petersen

ecommerce facts

Ecommerce facts about this holiday indicate 2017 is going to be the greatest year ever for e-commerce gift giving and in some very important ways.

Because more than just the big numbers, ecommerce facts about this holiday season indicate more people now believe the benefits of shopping online are better than offline. They are proving it with their spending. And this is a trend likely to change holiday buying behaviors for many more years to come.

Here are 23 ecommerce facts about this holiday season.

  1. $107.4 billion is expected from ecommerce sales this holiday season (+14% vs year ago) (Forbes)
  2. $6.6 billion from Cyber Monday (+17% vs year ago) (Forbes)
  3. 3 hours on Cyber Monday (from 8 PM to 11 PM) account for more sales than the entire rest of the day (Forbes)
  4. For the 1st time, Cyber Monday sales are greater online than offline (Forbes)
  5. $5.0 billion from Black Friday (+16% vs year ago) (Forbes)
  6. 88% of people plan to spend money on Facebook marketing this season (Paradox Labs)
  7. 82% of people prefer delivery through shipping during the holiday (Ecommerce Nation)
  8. 81% of respondents reported free shipping as a primary motivator for doing more of their shopping online (Walker Sands)
  9. 80% of all transaction to occur from the 100 largest U.S. web retailers (Adobe)
  10. 78% of online shoppers want more images from ecommerce sites (Big Commerce)
  11. 75% for retailers in the probability of converting a desktop or laptop shopper during the holiday season (Deloitte)
  12. 66% of frequent online shoppers have used Amazon Prime in the past year (Walker Sands)
  13. 60% of all online sales are from Amazon this holiday season compared to 50% last year (Cuker)
  14. 59% of converting a smartphone shopper to purchaser for a retailer (Deloitte)
  15. 55% of ecommerce transactions on Thanksgiving and Black Friday were captured by Amazon (Bloomberg)
  16. 54% of visits to ecommerce sites from mobile this holiday (smartphone + tablets). This is the 1st holiday season where more ecommerce sales have come from mobile rather than desktop  (Forbes)
  17. 51% of holiday budgets are planned to spent online, compared with 42% in-store (Deloitte)
  18. 51% of Americans think shopping online is the best way to shop, with 49% preferring shopping in-store (Big Commerce)
  19. 51% of Millennials would be likely to make a purchase over social media; 36% of Gen Xers would be likely to make a purchase over social media; 14% of Baby Boomers would be likely to make a purchase over social media  and 3% of seniors would be likely to make a purchase over social media (Big Commerce)
  20. 48% of online shoppers have bought or spent more than planned when shopping online (Big Commerce)
  21. 40% anticipate using a retailer’s app on their smartphone (Deloitte)
  22. At 28% (-3% vs. last year), department stores placed a distant third behind the Internet and mass merchants as a shopping destination (Deloitte)
  23. 23% are influenced by social media recommendations (Big Commerce)

Do these ecommerce facts give you a good idea of people’s buying behaviors this holiday season. Is your business ready to take advantage of the opportunities in ecommerce for next year.

6 examples of executive dashboards that wow the “C” suite 0

Posted on October 16, 2017 by Rob Petersen

executive dashboards

Executive dashboards can be powerful business tools.

They are visual representations that summarize complex information in an easily digestible way. Effective executive dashboards present a clear picture and tell a story that makes a compelling case for action,

The person or team that creates an effective executive dashboard are seen as strong analysts and great manager of a business.

If being perceived in this light is important to you, here are 6 examples of executive dashboards that wow the “C” suite and why.

#1. KPIs:

executive dashboards - kpis

The most important consideration of executive dashboards is they show the right measurements, the metrics that matter to the “C” suite. KPIs (Key Performance Indicators) are measurable values that demonstrate how effectively a company is in achieving its key business objectives. In most cases, KPIs for an executive dashboard begin by showing fiscal performance – sales, profits or revenue. Then, they might feature key customer metrics (e.g. visits, leads, cost per acquisition (CPA), conversion rate, customer lifetime value (CLV));and then factors effecting these measures (e.g number of customer complaints, performance by region, marketing).

#2. CLEAR ORGANIZATION executive dashboards - clear organization

Executive Dashboards are particularly effective when all key information is placed on one page. The organization of the charts, information and key takeaways has to clearly lead people Most people read left to right and top to bottom. So, consider the best chart to present specific measurement and how you organize them. The chart above clearly shows at a glance sales by product, sales progress, global sales and ratios of over and under achievers.

#3. CHART TYPES

executive dashboard - chart types

 

Software and data visualization tools have gotten pretty sophisticated for executive dashboard. Charts types found most often on executive dashboards are:

  • Line Charts – A Line Chart is an effective graph formed from a series of data points connected by the eponymous line. They are often used to show developments over time and identify trends.
  • Bar Charts – Perhaps the most common misconception about charts and dashboards is that more is better. Bar Charts are a simple and effective way to look at different values and segments (like sales by region) and provide clear and compelling analyses and comparisons.
  • Pie Charts – These charts are often the subject of controversy. Data visualization guru Edward Tufte writes, “pie charts are bad and that the only thing worse than one pie chart is lots of them.” No matter how you feel about pie charts, the only time you should use them is when you need a graph representing proportions of a whole, when the total of your numbers is 100%.
  • Tables – Tables are great for detailed information with different units of measure, which may be difficult to represent easily in a graph or chart.
  • Gauges – This type of graphic typically displays one or more values using indicators and appropriate metrics. They are often used in dashboards to highlight a specific KPI that needs attention.
  • Area Charts – Area charts are awesome for multiple data series with part to whole relationships, or for individual series representing a physically countable set.
  • Maps – Maps are effective for regional differences or a highlighting a key metro area or city

#4. DRILL DOWNS

executive dashboards - drill downs

Executive dashboards for the “C” suite are meant to show a high level view. But you never know how deep into a particular area some one might one to go. Charts on executive dashboards show either the ability to be created so additional information can be added to the high level view to get deeper into a particular areas or time.

#5. TEXT BOXES

executive dashboards - text boxes

Don’t expect everyone will walk away from a chart with the same conclusion as you. The chart above from Avinash Khausik, Digital Evangelist at Google, shows how text boxes should be used. Don’t be afraid to use text boxes to make your point, provide insights and give actions. People appreciate when the path and the plan are presented for them.

#6. INDICATED ACTION

A strong presentation of key data is going to impress the “C” Suite. What is going to delight them is if the actions to be taken are also included and their impact is projected. The is the primary purpose to the dashboard. The dashboard above, also from Avinash Kaushik, states actions and, because the data has been analyzed, quantifies business impact.

Do these examples show why executive dashboard can be such powerful tools? Does your organization need to get started with one?

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