Presenting at Masterclassing Minneapolis
I had the great pleasure to present at Masterclassing Minneapolis this morning on the topic of Measuring Success in a Digital World.
Thanks to my sponsors RBA, Inc. and Sitecore - and the welcoming Masterclassing audience.
For those who don't know, Masterclassing is an event that invites senior management and technical leads from B2C brands together to learn how to master the digital channel in their business, sharing industry best practice and the latest innovations.
Some of the organizations in attendance included executives from: 3M, General Mills, Medtronic, Target, Honeywell, U.S. Bank, TCF Bank, and many others.
And when asked, "What was the most valuable expert presentation and why?" here were some of the responses:
- "RBA + Sitecore - making sense of analytics." - executive from Honeywell
- "RBA/Sitecore - gave a useful framework." - executive from Target
I hope you enjoy the slides and commentary below!
Good morning. My name is Mike Goracke and I'm going to talk to you about Measuring Success in a Digital World.
But first, a reall quick intro to our sponsors: Sitecore is an enterprise CMS/Experience platform and RBA is a consultancy here in Minneapolis.
As I said my name is Mike Goracke. I am a Digital Marketing Strategist and I lead the Strategy Team at RBA. I am a corporate marketer turned consultant. I hold multiple marketing and analytics certifications, SOME OF WHICH ARE NOT YET EXPIRED.
When I talk about measuring success, people ask this question. The answer is NOT THAT SIMPLE.
Let’s talk MarTech real quick…
… are you serious Scott Brinker from ChiefMarTec.com?!?!?
-Over 5000 applications/systems
-Even if we look at this blue DATA column… over 800
-Distill it down to Web Analytics + Dashboards… still 200
MARKETERS ASK WHAT KPI SHOULD I MEASURE WHEN WE HAVE OVER 200 SYSTEMS THAT MEASURE WEB BEHAVIOR!!!!
Why so many solutions? We need to collect data from ALL of these sources to tell us whether our marketing is working. This influences are marketing budget and where we spend our money
Let’s talk about being data informed…
It LACKS ACTION…
Look at this… what action should be taken? It does not effectively inform you.
Being data informed LACK FOCUS…
If you ever wondered what 1000 metrics look like in a report… <point to report>. What’s worse is… IT’S 11 PAGES!
AND the poor bastard who owns UPT… my GOD! Leave some red ink for the rest of us!
The only good to come from this is it drives action through public shaming!
Being data informed lacks critical thinking…
If your paid media partner says “Our goal is 7M impressions…” please fire them.
You can buy impressions – please be more creative than that.
Becoming Data Driven… IF I WASN’T ALREADY BEHIND ON TIME, I WOULD SAY WE SHOULD ALL GROUP HUG…
This slide speaks for itself… “Data driven marketing drives action, not merely understanding.”
I’m going to talk to you about a measurement framework to help you measure success and become data driven…
Disclaimer I didn’t create this framework. I used it as a corporate marketer and as a consultant and found it hugely successful. Avinash Kaushik is the creator, he has written books and blogs on the topic, and I had the privilege of learning from him directly at Market Motive before he retired as a faculty member. The only thing I contributed was adding some addition supporting areas to his already wildly successful framework.
Mission – where are you today?
Vision – where do you want to be in the future?
Objective – what do you need to do to achieve your vision?
Goal – what do you need to do to achieve your objective?
KPI – INSERT METRIC HERE!
Target – MOST reports/dashboards are missing this and it is critical to have a target to measure success
Segment – how you will group your data?
SKIPPING for time!
The purpose of this framework is to move you from Data Informed to Data Driven…
The big thing to note on here are the categories of objective. ALWAYS include Acquisition, Behavior, and Outcomes… otherwise you will not have a comprehensive decision making framework.
TA-DA! A beautiful, actionable, focused, and comprehensive dashboard!
So… WHAT KEY PERFORMANCE INDICATORS SHOULD WE USE FOR OUR BUSINESS?
It depends on your objectives and digital strategies.
Jeff, Eric, and I are excited to learn how you are measuring your digital successes as we move around the room today.
Thank you! :)