4 Steps to Better KPIs (Workshop)
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One of my London MeasureCamp talks on 14th March 2015. How to avoid vanity metrics and choose KPIs that will help you achieve your business objectives faster.
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4 Steps to Better KPIs (Workshop)
- 1. 4 Steps to Better KPIs (Workshop) 1 MeasureCamp, London. 14th March 2015
- 3. @edbrocklebank Building a Measurement Framework 3 Get Attention Connect Inspire & Inform Persuade Convert Retain Marketing Strategy Main Objective Bring in high volume & quality traffic Optimise functionality & usability Optimise product positioning & content Improve checkout process Minimise churn / maximise repeat purchases Buying cycle Can you help me? What do you do? What’s different about you? Are you right for me? How much, how long, when? Data Sources Short surveys Focus groups Session recording Live chat CRM Satisfaction surveys AdWords Display networks On-site analytics SEM Competitor information KPIs Based on the ? ? ? ? ? ?
- 4. @edbrocklebank Metric Brainstorm Challenge 4 ! Write down 10 metrics that could be used to measure the objective ‘Bring in high volume and quality traffic’.
- 5. @edbrocklebank 10 possible metrics 5 Objective Bring in high volume and quality traffic. • visits • unique visitors • bounce rate • cost per click • new visitors • bounces • entrances • pages per visit • time on site • SEO rank • Organic impressions • facebook likes • retweets • facebook posts • tweets • twitter followers • tweet replies • facebook comments
- 6. @edbrocklebank Typical Reporting in Awareness Phase 6 Jan Feb Mar Apr Tweets Favourites 0 1 2 5 Followers 10 20 50 100 Visits from Twitter 1 5 20 30 Social Media Jan Feb Mar Apr Visits 1000 1100 1200 1300 Unique Visitors 900 950 1000 1100 Ad Spend £5,000 £8,000 £6,000 £7,000 Avg. time on site 1 min 1 min 1 min 1.5 mins Bounce Rate 90% 88% 70% 75% Site Traffic What conclusions can you draw about your digital strategy ‘Bring in high volume and quality traffic’? How can it be improved?
- 7. @edbrocklebank Is our social media strategy working? 7 Jan Feb Mar Apr Tweets Favourites 0 1 2 5 Followers 10 20 50 100 Visits from Twitter 1 5 20 30 Report A YES! Recommendations to the business • Keep everything how it is, the strategy is working • Reduce the social media team from 3 to 2, as they will still achieve growth and we can use the resource elsewhere
- 8. @edbrocklebank Is our social media strategy working? 8 Jan Feb Mar Apr Tweets 5 10 50 100 Tweets Favourites 0 1 2 5 Followers 10 20 50 100 Visits from Twitter 1 5 20 30 Report B Err… Recommendations to the business • Trial different types of content in tweets as in recent months they haven’t been getting as much traction as in Jan
- 9. @edbrocklebank Effort vs Results 9 Effort Results Jan Feb Mar Apr More efficient Less efficient Jan Feb Mar Apr Tweets 5 10 50 100 Visits from Twitter 1 5 20 30 Absolute numbers don’t tell us if we are working smarter.
- 10. @edbrocklebank Is our social media strategy working? 10 Jan Feb Mar Apr Visits from Twitter 1 5 20 30 Visits per tweet 0.2 0.5 0.4 0.3 Absolute = Effectiveness Ratio = Efficiency
- 11. @edbrocklebank What makes a good metric? 11 • Comparative • Understandable • Rate or ratio • Easier to act on • Inherently comparative • Good for comparing opposing factors (e.g. distance covered / speeding tickets) • Changes your behaviour From
- 12. @edbrocklebank Metric Combo Challenge 12 ! Create 3 more metrics by combining two different metrics to create a ratio or rate.
- 13. @edbrocklebank 3 Ratio/Rate Metrics 13 Objective Bring in high volume and quality traffic. • visits • unique visitors • bounce rate • cost per click • new visitors • bounces • entrances • pages per visit • time on site • SEO rank • organic impressions • Bounce rate (bounces/entrances) • % new visitors (new visitors/visitors) • Cost per 2+ page visit (2+ page visits / spend) • SEO traffic quality (2+ page organic visits / organic impressions) • Visits per tweet (visits from twitter / tweets) • Avg. facebook replies (comments / wall posts) • facebook likes • retweets • facebook posts • tweets • twitter followers • tweet replies • facebook comments
- 14. @edbrocklebank Consider Two Reports… 14 Jan Feb Mar Apr Visits 1000 1100 1200 1300 Unique Visitors 900 950 1000 1100 Ad Spend £5,000 £8,000 £6,000 £7,000 Avg. time on site 1 min 1 min 1 min 1.5 mins Report A Jan Feb Mar Apr Bounce Rate 90% 88% 70% 75% % New Visitors 90% 85% 80% 75% Visits per tweet 0.5 1 2 4 SEO Traffic Quality 0.10 0.09 0.09 0.08 Cost per 2+ page visit £50 £61 £17 £22 Report B Which is more useful in helping us achieve the business objective?
- 15. @edbrocklebank The Vanity Test 15 What will I do differently based on this information? When looking at a metric, ask yourself If you can’t answer the question, chances are you are looking at a vanity metric.
- 16. @edbrocklebank 4 Steps to better KPIs summary 16 1. Brainstorm possible metrics 2. Combine metrics to form new ratio or rate metrics 3. Pick a limited number (1-3) of metrics to set as KPIs 4. Ensure that they pass the vanity test