People vocal about emerging trends, how to use data to drive business decisions, vocal on stupid digital experiences, stupid advertising spends and suggestions on what to do tomorrow. A host of impressive smarketers who measure what matters. Many of these fine speakers are deserved of stock from Google, from Facebook, from their own organizations for being better spokespeople than many an ineffectual media.
Take one of my favorite speakers +Avinash Kaushik delights the audience with a review of Canadiana – providing a little open season on those online experiences – Canadian Tire, Retail Council of Canada, among others that are not up to snuff.
He begins with a Toronto Star article on “Allowing retailers to stay open on holidays” – a story of Toronto council trying to open retail for nine statutory holidays.. “Why open on Canada Day?” he quips.. and points out online commerce – that stores are already open 24 hrs a day. Many in the audience are nodding. Indeed, Canada’s e-commerce business is expected to double to $30B by 2015.
Already – with these opening remarks, I feel like I’m in a room of my own kind – especially when I hear laughs about “hits”,
“impressions”, “clicks” – metrics that mean absolutely nothing but are still well embedded into company vernacular. I personally correct every individual I meet that uses the term ‘hits’ – as it is my personal indicator that the person knows nothing of analytics and what they speak.
Avinash’s presentation focused on three elements he is quite passionate about..
Influence - this is *not* a discussion of Klout.. (whew but of course not..) Influence was the idea of understanding influence at its roots… where do you find the people who spend time and understand your brand? He then presented the print newspaper ad revenue over the past 100 years – credit, did you catch it?, given to Mark J Perry’s Blog Carpe Diem. As Mark J Perry describes it – this chart is “another one of those huge Schumpeterian gales of creative destruction”. Picture a steep climb and, with the last ten years, the drop.
And just where are the budgets moving to? 23% of consumer time spent is on mobile. The crrrriiime against HUMANITY - as Avinash declared – is that 1% of ad spend is on mobile. Print with 6% of consumers time spent has 29% of ad spend. At this point – he is preaching to the converted. What will happen when the CMOs finally wake up to the massive waste of budget? I wonder.
“The day I saw this.. was the day I started to pay for the NYtimes” says Avinash.. as the future of print lies in question if it seeks its revenue from ads.
So.. Avinash is back to his passions – how do you find people (nice reference to Google), how do you influence them (brilliant experience), how do you convince people (and a tie to the importance of creating value).
Experience – I wish I could add audio clips to my blog.. imagine Avinash say.. “I am passionate about developing magnificent, brilliant experiences..” and “I am ashamed on behalf of the internet” “stop the self-orgasms.. always let me [as a consumer] go first [enjoy the experience]“.
His reference is to Canadian Tire’s interrupt survey which appeared during the purchase funnel asking over 258 options before he can buy what he wanted. Avinash is quite tough on websites, the financial realities Canadian retailers face in funding brilliant experiences is not the same easy street as American retailers face.. still putting a survey in the purchase funnel isn’t a cost mistake, it’s a stupid mistake.
Value - Now onto metrics worth measuring. Avinash reminds the audience, just because we can measure clicks does not make it meaningful. Same with impressions and hits. Stupppid he advises. What does it tell us of value? Nothing.
Avinash shares his favorite metrics.. bounce rate, a single page visit, is the same as they came, they puked, they left. He speaks of more.. but what caught my interest was a few new classifications of old favorites
- Super Awesome metrics (see pix)
- Share of search: a brand’s SEM/SEO key term performance versus your competition. TD Bank got slammed here for Avinash used about 20 different key terms – “small business loan”, etc and TD did not appear in paid nor organic findings. Avinash shared a print ad for the Bay (I think) for Nautica clothes – yet a google search for the same item was not turning up Bay results.. As Avinash stated “no.. you are too far down the funnel.. you are ready to buy..”
- Task Completion Rate: Interrupt survey to web visitors – presumably not during the purchase process – asking “were you able to complete your task?”
- Near term, medium and long term metrics: ensuring a tiered focus to measurement. A nice reminder
And new for this year, Avinash suggested four new metrics for social activity.
- Amplification Rate: no retweets per post,
- Conversion rate – comments per post
- Applause rate – no of favorites per post
- Economic value – value generated per visitor – eg. visits via social referral and conversions assisted by social.
He showed this plotted by social network – so that we might compare the value generated by network. This is also found in Avinash’s blog post and worthy read “best social media metrics”
All in all, Avinash kicked off a day long focus on the value of data to inform marketing decisions.
Many thanks to Google for putting together such a valued session.