The Art of Marketing: Relationships and Metrics
Spend time acquiring content. The average conversion rate for a top 50 site is only 2%. That means we end up spending all our time and solving problems for a tiny percentage of visitors.
Instead, implement a series of micro-conversion events and then measure them. For example, email sign-ups are micro-conversions. You should care about the 2% that convert but also the 98% that will never convert and change the strategy. Viewing of videos, use of price calculators, downloads and the like, are all micro-conversions and have economic value.
You have to understand what are the near-, medium- and long-term potential for conversion with these micro-conversions. When you do, it makes you magnificent!
There is also direct response and there is branding. Divide and balance which micro-conversations contribute to each.
Multi-Channel Attribution: You have to optimize the digital marketing budget but today people don't find you just by Google. There are coupon sites, sites about reputation, etc. Marketers tend to optimize in silos but have to understand how these different sources work together. Use stream graphs, chord diagrams and sunburst diagrams. You should measure, value, test and start again. This will help you to
- test, and
- be less wrong.
To win in social media, think differently. TV and magazines are about shouting without knowing who is viewing. The winner shouts louder and more frequently. The internet is about intent marketing. The social-web revolution means brands and people talk to each other and people talk to other people. That is why we have to think differently about data.
There are four social metrics:
- Conversion rate. Measure the number of audience comments per social contribution.
- Amplification rate. Your first level followers might be 1,000 but the second level with their followers is 3.7 million. (BTW, less than 10% of your followers on Twitter actually read what you write). Provide real contributions to first level and measure the reach to the second level. Measure the number of forwards per social conversation.
- Applause rate. Measure the number of positive clicks per social contribution.
- Economic value. Measure the short- and long-term revenue (later conversions) and cost savings of social contributions.
Drive optimum behavior with a dashboard. Information is important but how we use it defines us. And that's the first two sessions.