Don’t Get Buried by Business Data, Use it to Tell Stories
Here at Right Intel we live by the words of the late Herbert Simon, “Wealth of information creates a poverty of attention.” In today’s world of big data, and business intelligence, marketers are buried in data. The question is: How do you organize this data and use it to your advantage?
No matter the size of a company, you know that staying on top of your metrics and analytics has become vital. There are more than enough companies trying to win your business by showing you the latest and greatest measurement, metrics, and stats capabilities, but what does that accomplish? Now that you have all of this data, there needs to be a way to take advantage of it. You need to be able to analyze the data, and get the information to the people who need it most.
A “performance framework” is just the key to get everyone in the team or company on board and always up to date, what is working, and what needs to be fixed in the current systems. This type of strategy will put your entire team on the same path, working towards the same end. A performance framework helps you in the following:
- Guide the creative process
- Streamline how data is gathered and measured
- Guide the actions of the marketing teams
- Connect insight with strategy
How to Build out your Performance Framework
To get started with your framework it is important to understand you customers’ path to purchase. Within this framework you want to have a single objective for each part of your funnel and identify the key performance indicators (KPIs) that will accurately depict your current state. To define the top of your framework, you need to:
- Define contact points
- Set and define conservative Benchmarks
- Define your goals
- Compare to your competitors
After establishing these main objectives and KPIs, it is crucial to keep on top of all of the other analytics and measurements that support the main KPI, and which will ultimately be your point of reference for each objective, as well as being how you compare yourself to the competition. Remember that these can be quantitative as well as qualitative.
Once there is a solid foundation of Indicators, and set objectives, the next step is getting that information to the people who can use it the most. Passing this information on can either make all of the measurements useful and drive everything towards the collective goals or make the work and measurements worthless.
To make sure you’re in the group that hits your goals, it’s important to engage with the whole team or organization to effectively communicate the “how” of each goal. Everyone must be able to see what metrics are being used to measure efficiency, and have a basic understanding of how the team intends to meet those goals. The people closest to the data can provide the best insight and can help tweak or change the framework if there is an issue.
From Search to CMO
In May Chuck Sharp, CEO of Right Intel, gave a presentation to the Salt Lake City Search Marketing professional group. The presentation focused on how CMOs in today’s business are bombarded with data, and yet can seem to focus on the ones that make a difference. The performance framework is key document to help organize this data. You can see the complete presentation below.
If you have questions, or would like to get more information of a performance framework for your company please drop us a line.