ANALYTICS & DATA MASTERY A N D C E R T I F I C A T I O N C L A - - PowerPoint PPT Presentation

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ANALYTICS & DATA MASTERY A N D C E R T I F I C A T I O N C L A - - PowerPoint PPT Presentation

Oct 13, 2022 25 likes •846 views

ANALYTICS & DATA MASTERY A N D C E R T I F I C A T I O N C L A S S OUR GOAL: To make data approachable & useful! Well give you the tools & training to pick the metrics that matter, create accurate reports, and make data

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ANALYTICS & DATA MASTERY

A N D C E R T I F I C A T I O N C L A S S

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OUR GOAL:

To make data approachable & useful! We’ll give you the tools & training to pick the metrics that matter, create accurate reports, and make data driven business decisions.

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DATA SHOULDN’T BE SCARY

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BIG DATA 
 MAKES IT SEEM INTIMIDATING

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WE BELIEVE:

There are only 3-5 data points you need to look at daily to assess the health of your campaign.

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WE WANT TO TURN THIS…

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…INTO THIS

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@jtrondeau

HOW WILL WE

DO THAT?

  • 1. SHOW YOU WHERE TO LOOK FOR DATA
  • 2. BREAK YOUR DATA INTO 2 CATEGORIES
  • 3. BREAK EACH CATEGORY UP BY FUNNEL

LOCATION

  • 4. GIVE YOU YOUR OWN WORKSHEET TO REPORT

THIS DATA

  • 5. IDENTIFY 4 DATA ‘LENSES’ FOR EVALUATION
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Solo Preneur B2B Companies Ecommerce Companies

Small Business with few to no employees Ecommerce business metrics Sales metrics Team metrics Membership & Services Lead Generation

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@jtrondeau

  • 1. INSTALL GOOGLE ANALYTICS NOW
  • 2. HAVE YOUR OTHER DATA SOURCES HANDY

WHILE WATCHING

  • 3. THIS IS A HANDS ON COURSE!
  • 4. AT THE END YOU’LL KNOW WHERE TO LOOK

AND ALREADY HAVE YOUR REPORTS SET UP AND READY TO ROLL

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WHAT DATA ANALYSIS ACTUALLY IS…

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…AND WHAT IT CAN DO FOR YOUR COMPANY

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ANALYSIS

True analysis is data with a plan. It’s not enough to know the numbers… you need to know what they mean.

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@jtrondeau

ANALYSIS IN

FOUR STEPS

  • 1. ASK THE RIGHT QUESTIONS

IF YOU DON’T KNOW WHAT YOU WANT TO KNOW, YOU WON’T KNOW WHAT TO LOOK FOR!

  • 2. KNOW WHERE TO LOOK

THERE IS NO USE ASKING A QUESTION WHERE YOU CAN’T FIND AN ANSWER

  • 3. KNOW WHAT TO LOOK FOR

LOOKING AT THE WRONG DATA WILL HURT YOUR BUSINESS

  • 4. KNOW HOW IT APPLIES

YOU NEED TO APPLY THE NUMBERS TO ANSWER YOUR QUESTIONS

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@jtrondeau

ANALYSIS IN

FOUR STEPS

  • 1. CREATING SCOPE

THIS CREATES YOUR CONTEXT AND IDENTIFIES THE APPLICATION OF YOUR FINDINGS

  • 2. PICKING DATA SOURCE

THE DATA SOURCES YOU USE WILL VARY, PICK THE RIGHT ONE FOR THE RIGHT JOB

  • 3. COMPILING DATA

LOOKING AT THE WRONG DATA WILL HURT YOUR BUSINESS

  • 4. APPLYING DATA

TURNING DATA INTO LEARNINGS THAT DRIVE DECISIONS

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@jtrondeau

EXAMPLE OF

FOUR STEPS

  • 1. HOW MANY ORDERS DO I GET A MONTH?

EASY QUESTION & A MUST KNOW METRIC

  • 2. CHECK YOUR ECOMMERCE PROVIDER

YOU CAN ALSO LOOK AT GA, BUT THERE IS LIKELY A MARGIN OF ERROR TO CONSIDER

  • 3. FIND YOUR SALES TOTALS

ALWAYS STAY WITHIN THE SCOPE OF YOUR QUESTION. FIND THE YEARLY TOTAL AND DIVIDE BY # OF MONTHS

  • 4. HOW IT APPLIES

BASIC SALES METRIC THAT’S USED FOR OTHER CALCULATIONS

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@jtrondeau

EXAMPLE OF

FOUR STEPS

HOW MANY ORDERS DO I GET A MONTH?

17,251 
 ORDERS/MONTH

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@jtrondeau

EXAMPLE OF

FOUR STEPS

  • 1. WHAT’S MY REVENUE PER VISITOR IN

DECEMBER? LESS EASY QUESTION FOR BASIC METRIC

  • 2. CHECK YOUR ECOMMERCE & ANALYTICS

PROVIDER IDEALLY YOU’D JUST LOOK IN GA, DESPITE THE MARGIN OF ERROR YOU WANT TO KEEP THE SYSTEM CLOSED

  • 3. DIVIDE THE RAW SALES TOTALS BY UNIQUE

VISITORS IF JUST LOOKING IN GA, THEN THIS REPORT IS DONE FOR YOU.

  • 4. HOW IT APPLIES

BASIC SALES METRIC THAT’S USED FOR OTHER CALCULATIONS. TELLS US THE VALUE OF EVERY UNIQUE VISITOR.

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@jtrondeau

ANALYSIS IN

FOUR STEPS

WHAT’S MY REVENUE PER VISITOR IN DECEMBER? $500,000 IN DECEMBER

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@jtrondeau

ANALYSIS IN

FOUR STEPS

WHAT’S MY REVENUE PER VISITOR IN DECEMBER? 500,000/275,953 
 $1.81 per visitor

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@jtrondeau

ANALYSIS IN

FOUR STEPS

  • 1. WHICH TRAFFIC CHANNELS HAD THE BIGGEST

IMPACT ON SALES TOUGH APPLICABLE QUESTION

  • 2. CHECK YOUR ANALYTICS PROVIDER

YOU ARE LOOKING FOR TRENDS HERE, STAY WITHIN YOUR ANALYTICS PROVIDER.

  • 3. IDENTIFY YOUR BEST TRAFFIC SOURCES

IF JUST LOOKING IN GA, THEN THIS REPORT IS DONE FOR YOU.

  • 4. HOW IT APPLIES

TELLS US OUR MOST SUCCESSFUL CHANNELS AND WHERE WE SHOULD ALLOCATE MORE BUDGET.

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@jtrondeau

ANALYSIS IN

FOUR STEPS

WHICH TRAFFIC CHANNELS HAD THE BIGGEST IMPACT ON SALES

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REMEMBER

The questions you come up with are based on your campaign and business goals.

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WHY ALL BUSINESSES MUST BE DATA DRIVEN

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DECISIONS

A data driven business can make decisions on more than a hunch.

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YOU’LL LACK SCALABILITY, DETAILED INSIGHTS, AND WILL RELY ON YOUR ‘BEST GUESS’.

A BUSINESS WITHOUT DATA

CAN’T GROW!

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@jtrondeau

INCREASE NEW SALES INCREASE SALE AMOUNT
 INCREASE SALE FREQUENCY

ONLY 3 WAYS

TO GROW

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@jtrondeau

INCREASE NEW SALES REQUIRES BUILDING TRUST WITH NEW TRAFFIC INCREASE SALE AMOUNT
 REQUIRES NEW PRODUCTS, BUNDLES, OR PRICE POINTS INCREASE SALE FREQUENCY REQUIRES GETTING PREVIOUS CUSTOMERS BACK

NOT CREATED

EQUAL

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USE AVERAGES AS AN INDICATOR THEN DIG DEEP TO FIND EXPLANATIONS AND OPPORTUNITY

AVERAGES DON’T TELL THE

WHOLE STORY

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Remember an Average is Only an Indicator

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Average Conversion Rate Chart

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Breaking Into Campaigns

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Breaking Into Campaigns

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Breaking Into Campaigns

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Breaking Into Campaigns

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YOUTUBE OUT PERFORMS

THE AVERAGE

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Do we have more money at the end of the month than at the beginning?

OLD APPROACH:

15 30 45 60 Sales Jan 1 Jan 31
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DETAILED ANALYSIS TO FIND BETTER OPPORTUNITY (OR EVERYTHING WE WILL COVER IN THIS CERT)

WHAT WE DO NOW:

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EXAMPLES OF OUR DATA DRIVEN DECISIONS

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How Tripwires Indicate Future Lab Sales

QUESTION:

OF LAB BUYERS WHO BOUGHT AN EP BEFORE THEY BOUGHT LAB, HOW MANY DID THEY BUY?

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How Tripwires Indicate Future Lab Sales

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How Tripwires Indicate Future Lab Sales

WHAT WE LEARNED:

WE CHANGED OUR STRATEGY TO PROMOTE MORE EPS MORE OFTEN TO GET CUSTOMERS TO THAT 2 EP THRESHOLD

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DOLLAR TRIAL FULL LAB CORE OFFER TAKE - 35% TRIAL TO FULL CONVERSION - 60% CORE OFFER TAKE - 20% —- TOTAL FULL LAB TAKE - 21% —-

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21 > 20

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TRIAL UPGRADES ACTED THE SAME AS THE FULL LAB

  • CUSTOMERS. CHURN RATE REMAINED CONSTANT.

CUSTOMER BEHAVIOR

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Dollar Trial Core Offer vs. Full Lab

WHAT WE LEARNED:

THERE IS MORE OPPORTUNITY TO INCREASE THE TRIAL TO LAB CONVERSION RATE THAN THERE IS TO TWEAK CORE OFFER UPSELL.

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@jtrondeau

EVERYONE CAN PROFIT FROM

ANALYSIS

SOLO SHOP KEEP IT SIMPLE - KNOW YOUR ‘NEED TO KNOW’ METRICS AND WORK FROM THERE MED/LRG LEAD GENERATION COMPANY BREAK OUT KPIS BY DEPARTMENT MED/LRG ECOMMERCE COMPANY BREAK OUT KPIS BY DEPARTMENT

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ANALYSIS & THE FUNNEL

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CUSTOMER CREATION FUNNEL

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@jtrondeau

WHY SMART ANALYSIS

USES A

FUNNEL

GOALS VARY AT DIFFERENT STAGES SUCCESS IS MEASURED DIFFERENTLY THROUGHOUT THE FUNNEL PROSPECT’S LOCATION & BEHAVIOR CHANGES AT EACH STAGE INTERACTION HAPPENS AT DIFFERENT PLACES BASED ON FUNNEL STAGE YOU CAN DIAGNOSE YOUR BUSINESS HEALTH FOR EACH STAGE SIMPLIFIES IDENTIFYING PROBLEMS AND OPPORTUNITIES

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SLIDE 52 DIGITALMARKETER

funnel metrics

New Visitors % New Visitors New Direct Visitors Total Pixeled Audience Retargeting Lists Branded Search Share of Search Content Bounce Rate Content Trafc Split Inbound Links Pages/Visit Average Session Length TOFU MOFU BOFU
  • Acquire New Visitors
  • Segment New Visitors
  • Company Branding Initiatives
  • Drive Visitors Back to Your Site
  • Convert Visitors into Leads
  • Build Social Media Channels
  • Convert Leads into Customers
  • Maximize Funnel Conversions
  • Maximize Initial Conversion Value
GOALS: GOALS: GOALS: GOALS:
  • Turn Customers into Repeat Customers
  • Maximize Member Value
  • Reduce Customer Churn
  • Company Branding Initiatives
KEY METRICS DRILL DOWN METRICS KEY METRICS DRILL DOWN METRICS KEY METRICS DRILL DOWN METRICS KEY METRICS DRILL DOWN METRICS Membership On/Ofg Report Trafc ROI Report Retention Report Refund Report Returning Leads Generated Visitor Recency Banner Click % New Leads Generated Returning Direct Visitors Retargeting Lists Blog Comments Individual Post Banner Click % Social Media Followers Number of Social Shares New Leads Generated Days to Conversion Unit Types Sold Average Order Value Cumulative Conversion Rate for Media Funnels Revenue Per Visit Retargeting Lists Promo Email Metrics Individual Funnel Conversion Rates Ofgers Trafc Split Ofgers Bounce Rate Newsletter Email Metrics Cohort Analysis Reputation Score CLV Buyer Recency & Frequency

THE ANALYST’S FUNNEL

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WHAT DATA MATTERS TO YOUR BUSINESS

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/

BUSINESSES HAVE DIFFERENT NEEDS

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BUSINESS 1

Small or New Business

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KITCHTOOL.C0

Brand New Digital Business Selling Kitchen Supplies Online

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@jtrondeau

BUSINESS

CHALLENGES

NEW UNESTABLISHED PROPERTIES NEED TO BUILD UP DIGITAL ASSETS LIMITED BUDGET
 EXTRA COST-CONSCIOUS IN EARLY STAGES LIMITED TIME NO FULL-TIME EMPLOYEE DEDICATED TO ANALYSIS

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@jtrondeau

BUSINESS

GOALS

HIGH IMMEDIATE PROFITABILITY MARKETING STRATEGIES SHOULD ROI QUICKLY EFFICIENT DATA PROCESSES
 GET MEANINGFUL INSIGHTS WITHOUT SPENDING TOO MUCH TIME ON NUMBERS BUILD BUSINESS ASSETS ENSURE TRACKED DATA CORRELATES WITH BUSINESS GROWTH

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IS THIS YOU?

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BUSINESS 2

Digital, eCommerce, and Membership Businesses

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YOURHOMEFIT.CO

Established Digital Business Selling Home Fitness Membership & Supplements

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@jtrondeau

BUSINESS

CHALLENGES

FUNNELS ARE THE BUSINESS LIFEBLOOD FUNNEL CONVERSION RATE IS CRITICAL EVALUATING MEMBERSHIP VALUE KNOWING THE VALUE OF A MEMBER IS CRITICAL FOR ESTIMATING CUSTOMER VALUE LOTS OF MOVING PARTS TRACKING ALL THE DIFFERENT PROPERTIES AND PRODUCTS REQUIRES EXTRA EFFORT

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@jtrondeau

BUSINESS

GOALS

MASTER FUNNEL CONVERSION RATES CREATE A SYSTEM TO ENSURE FUNNELS ARE OPTIMIZED ACCURATELY EVALUATE CUSTOMER VALUE DETERMINE THE VALUE OF A NEW CUSTOMER ACCURATELY VALUE PROPERTIES AND PRODUCTS IDENTIFY THE PRODUCTS, SITES AND OFFERS THAT CREATE THE MOST VALUE FOR YOUR COMPANY

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IS THIS YOU?

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BUSINESS 3

Service and Brick & Mortar Businesses

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DAVESCARS.CO

Established Car Dealership with a Brick & Mortar Storefront

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@jtrondeau

BUSINESS

CHALLENGES

MIX OF ONLINE & OFFLINE EFFORTS EVALUATING MARKETING EFFORTS REQUIRES DIFFERENT STRATEGIES FOR OFFLINE MARKETING LONG SALES CYCLE LEADS DO NOT IMMEDIATELY CONVERT TO SALES, MEANING COSTS MUST STAY LOWER EVALUATING PERFORMANCE IS SLOW MEASURING THE ROI OF CAMPAIGNS TAKES TIME, MAKING IT HARDER TO TEST STRATEGIES

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@jtrondeau

BUSINESS

GOALS

FIND LEADS WITH LONG-TERM ROI WITH A LONGER SALES CYCLE, LEAD QUALITY IS CRITICAL EVALUATE DIVERSE LEAD GEN STRATEGIES COMPARE MEDIA CAMPAIGNS ACROSS PLATFORMS MAINTAIN STRONG RELATIONSHIPS STAY CONNECTED SO THEY REMEMBER YOU WHEN THEY NEED YOUR SERVICE

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IS THIS YOU?

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DON’T PERFECTLY FIT A CATEGORY?

THAT’S OK

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DATA ANALYSIS BUILDING BLOCKS

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YOU NEED DATA

Without data, you can’t make strategic, business-building decisions

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BUT

DATA ALONE IS NOT ENOUGH

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DATA ACTION

?

ANALYSIS

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@jtrondeau

WHY

ANALYSIS MATTERS

TURNS DATA INTO ACTIONABLE INSIGHTS NUMBERS BECOME PATTERNS THAT CAN BE EXPLOITED OR IMPROVED ELIMINATES BIASES AND OUTLIERS ANALYSIS ENSURES THAT ODD DATA DOESN’T SKEW YOUR RESULTS CONTEXTUALIZES YOUR DATA PROVIDES STRUCTURAL FRAMEWORK TO HELP YOU UNDERSTAND WHAT’S HAPPENING

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THE TOOLS YOU NEED FOR DATA ANALYSIS

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@jtrondeau

ANALYTICAL

DECISION MAKING

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@jtrondeau

THE 4 PARTS OF

DATA ANALYSIS

DATA USED TO IDENTIFY ANOMALIES AND EXPLAIN THEM A QUESTION SOMETHING YOU WANT TO UNDERSTAND OR EXPLAIN, FORMALIZED A HYPOTHESIS A PROPOSED EXPLANATION FOR YOUR QUESTION THAT YOU MUST PROVE OR DISPROVE ANALYST’S TOOLKIT STRATEGY FOR CONTEXTUALIZING YOUR DATA

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COLLECTING DATA

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QUESTIONS & HYPOTHESES

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THE ANALYST’S TOOLKIT