A good book and link for Marketing Analytics

Posted by: in Social Media Insights & Trends on July 5, 2011

There seems to be accelerating momentum to  measure multi-channel Analytics and building a practice to measure and report data objectively, within agencies of all kinds, including communications type agencies, but few seem to have a good sense of how to go about it.

As it turns out, a number of people have thought deeply about it, and some have written about it, including an excellent book titled Marketing By the Numbers by Leland Harden and Bob Heyman, published by AMACOM last November.  Social Media has become part of the overall marketing mix and more often is being dash-boarded and rolled up with other metrics including search and web Analytics.

Taken with a Semphonic Webinar on The Need for an Analytics Watchdog that took place last Friday, there does seems to be a growing sense, within some, in  the Analytics community, that a framework is needed to help agencies figure out what to measure, how to measure data, the right way to do the measurements, and a framework that allows agencies to cooperate with each other, so as to roll up all the data into a clients’ reporting schema, with all the necessary granularity to make the information actionable.

Sometimes, not everything is worth measuring, and in other cases, choosing the wrong measurements and KPI’s (Key Performance Indicators) can actually set an organization backward.

Some of the issues come from the difference between “creative based content” vs. “measurement based” reporting and Analytics; being in the position to ask the right questions (because the needed information isn’t present in the reporting).

Case Studies are given in the webinar including:

  • Frustrated CMO’s – doesn’t believe in any of the marketing Analytics reports he or she gets.  Every report the CMO gets showed gains of 10-12% or more, but actually sales was only up 1%, leading to loss of faith in the Analytics and something wrong with that kind of reporting, often unjustified.  The problem comes from each channel self reporting itself.
  • Misleading Search Metrics –  Pay Per Click search can be a misleading metric because you may have gotten that traffic anyway, and Branded keywords perform much better than non-branded keywords in most cases.
  • Halo Effect of Marketing (any channel which leads to a Brand Impression but isn’t acted on immediately).

The Analytics Watchdog  practice can also provide client audits and measurement best practices that is ultimately is in the best interests of both clients and agencies.

 

 

 

By: Marshall Sponder

Marshall Sponder is a frequent guest speaker at analytics conferences and blogs at Webmetricsguru.com.

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One Response

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  1. Tom said

    Interesting post – thanks. Related thoughts on a strategic plan for a data platform here.

    Thanks again,
    Tom

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