Web Success: Think Process over Web Data
I recently changed jobs and with that change came a new level of accountability. Angst began to set in as I realized that my level of analytic responsibility increased nearly 2000%
How would I scale?
Under these circumstances, How can a web analyst improve the chances of success?
The answer is pretty simple: Maintain your focus on process, not data.
Every process has an opportunity for success -- and yes, some processes clearly have more value than others. Beware. Data paralysis has been the downfall of more than a few organizations. Therefore, work on the processes that will likely bring immediate impact. You think I am talking about ROI? Nah, 'RSS'.
What is RSS? Well certainly not Real Simple Syndication in this instance. R.S.S is an acronym for Revenue, Savings and Sales.
You want respect as a web analyst? Then, monetize every process you manage. Don't get me wrong, the concepts of conversion and KPIs are well meaning and serve a purpose, but what makes CMOs happy is the bottom line impact of profit.
Here's what I mean. Your web site currently has a browse to registration ratio of 6%. Very good. You've added that to your scorecard and you've done your job, right?
Your metrics are moving up? But you're not done.
You'll need to determine the financial impact of your change. Certainly improving the browse to registration KPI from 6% to 8% is a real milestone, but beyond the incremental change in registrations, how does that impact 'Money' beyond counting metrics?
Its time to monetize!
In this instance we are monetizing a non revenue event. Certainly increasing registrations by x has some sort of bottom line impact, right?
Turns out that every registration meant about $50. How did we figure that? Because, more often than not we purchased lists. A viable prospect could be purchased from a vendor at $10. We estimated that if the prospect was engaged by the brand we've added 5 times the value to that prospect. Who sanctioned this metric and its value? Never YOU the web analyst, but Management.
Ultimately, this is money you are now SAVING the organization. Improving the registration ratio from 6% to 8% not only meant 40,000 more registrants, it saved the organization $200,000 quarter over quarter. Now here's where it gets interesting. For every 1,000 registrants we acquired, we generated 1 lead. Okay the prospect to lead ratio was horrible, but a lead was valued at 100,000!
I know you love your job and I want you to keep it, but how much of your reporting efforts actually contribute to the bottom line?
How would I scale?
Under these circumstances, How can a web analyst improve the chances of success?
The answer is pretty simple: Maintain your focus on process, not data.
Every process has an opportunity for success -- and yes, some processes clearly have more value than others. Beware. Data paralysis has been the downfall of more than a few organizations. Therefore, work on the processes that will likely bring immediate impact. You think I am talking about ROI? Nah, 'RSS'.
What is RSS? Well certainly not Real Simple Syndication in this instance. R.S.S is an acronym for Revenue, Savings and Sales.
You want respect as a web analyst? Then, monetize every process you manage. Don't get me wrong, the concepts of conversion and KPIs are well meaning and serve a purpose, but what makes CMOs happy is the bottom line impact of profit.
Here's what I mean. Your web site currently has a browse to registration ratio of 6%. Very good. You've added that to your scorecard and you've done your job, right?
Your metrics are moving up? But you're not done.
You'll need to determine the financial impact of your change. Certainly improving the browse to registration KPI from 6% to 8% is a real milestone, but beyond the incremental change in registrations, how does that impact 'Money' beyond counting metrics?
Its time to monetize!
In this instance we are monetizing a non revenue event. Certainly increasing registrations by x has some sort of bottom line impact, right?
Turns out that every registration meant about $50. How did we figure that? Because, more often than not we purchased lists. A viable prospect could be purchased from a vendor at $10. We estimated that if the prospect was engaged by the brand we've added 5 times the value to that prospect. Who sanctioned this metric and its value? Never YOU the web analyst, but Management.
Ultimately, this is money you are now SAVING the organization. Improving the registration ratio from 6% to 8% not only meant 40,000 more registrants, it saved the organization $200,000 quarter over quarter. Now here's where it gets interesting. For every 1,000 registrants we acquired, we generated 1 lead. Okay the prospect to lead ratio was horrible, but a lead was valued at 100,000!
I know you love your job and I want you to keep it, but how much of your reporting efforts actually contribute to the bottom line?
Labels: site management
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