Reflecting off the guru
Web Analytics Will Grow to a Billion-Dollar Industry by 2010, Jupiter’s Peterson SaysSearch is drawing attention away from other online marketing activity. Is it affecting Web analytics?"Not at all. If anything, the attention being paid to search marketing lately highlights the need for Web analytics — see the purchase of analytics provider Urchin by Google and Overture’s purchase of Keylime Software years ago, now manifest as a measurement application available from Yahoo Search Marketing.
The essence of search marketing is that you have to know which words are converting and which are not — measurement that is central to all Web analytics applications."
This is central proposition of our pay-per-click analytics platform. We can tell you
exactly what the search term was that led to a conversion. Not just the bid term. Yes, most anlytics platforms do this but it's in a separate interface that isn't easily compatible with most bid management interfacees out there. We display the search term in a column next to the bid term,
in an excel report so that you can simply cut and paste the new keywords into your ppc account.
Have you come across any advances, analytic tools or technology worth noting?"Visual Sciences has a pretty interesting approach to data analysis for the higher end of the market and is worth a look. I think the coming year will be interesting from a measurement perspective as analytics vendors roll out ancillary offerings like bid management, search, A/B testing, etc."
We're well placed to offer these higher end features at a lower cost.
Which industry categories are using Web analytics to their advantage and which are lagging?"Retail and advertising-based business models are really starting to see the value of analytics, and those companies mostly focused on lead generation and customer support are a few years behind.
Anytime you can directly attribute revenue to an online event via analytics, it makes it that much easier to stomach the necessary investment. When it’s more difficult to quantify the value the information provides, it’s more difficult to make the investment."
The b2b sector is miles behind becuase they're mainly focussed on lead generation. We are pioneers in this sector, as we work mainly b2b organisations, to help them use the web, and particularly search engine marketing to their advantage.
Is such knowledge of consumer behavior online helping retailers format better campaigns and tailor offers?"Absolutely. The combination of Web analytic data and marketing optimization — i.e., A/B testing — platforms is helping some retailers do amazing things with their marketing. Look at case studies for any of the analytics vendors and from companies like Offermatica and Optimost."
With a little integration with infoCMS we have the capability to deliver this product in a relatively short space of time. Current features like the infoCMs sidebar mean we are already wellplaced to derive useful navigation information from our analytics platform.
What best practices would you recommend for marketers?"First, work with an established Web analytics vendor, one who has been around and is likely to be around for a while. The experience they bring is invaluable when it comes to getting things set up and using the data to drive decisions."
OK, we haven't been around the longest as company, but we do have the experience, particularly in search, which is currently driving interest in the web analytics market.
"Second, dedicate at least one full-time resource to analyzing the data and making sure the rest of the organization “gets it.” Too often, companies deploy analytics applications and hope they’re a silver bullet. There are no silver bullets. By assigning someone to mine and analyze the data, proactively share the results and then make and manage suggested improvements, the true value proposition of Web analytics can be realized."
This is the service that Cohack is capable or providing with ease. Our reporting platform means we can share the information widely and becuase we can create different report profiles and templates means we have the capability to get the most usable information to the organisation, or specific departments, faster than anybody else.
Obviously a report alone, is not always enough, but that's where Cohack as a team, can help you to understand all the data, and talk you through what is going on.
"Third, consider deploying a marketing optimization — A/B testing — platform side by side with your analytics platform. Being able to make changes to marketing content, buttons, images, etc., without IT intervention and then measure the results of these changes is how Web analytics truly enables marketing optimization. Vendors like Offermatica, Optimost, Kefta, SiteSpect and TouchClarity all have platforms that can be plugged into your analytics framework without much difficulty."
We can do all this at a pretty low cost. InfoCMs can already do this extremely effectively.
"Fourth, have your dedicated data analyst evangelize the data throughout the organization, not just in marketing. By using key performance indicators to transform Web data into a business-relevant context, larger numbers of employees are able to digest and understand the data.
Especially consider identifying two or three top-line key performance indicators for your senior executives to orient them toward the measurement you’re doing."
This is the consultancy service we've been providing Montcalm, Sijac, Epiphany and Form2fucntion.
How should vendors better serve clients’ needs?"Probably through analytics education, something that market leaders like WebSideStory, Omniture and WebTrends have focused on in the past year. Web analytics is hard, and nobody really learns about it in college. Education is the key."
Education is at the heart of our ethos. It's our style- to me, it's what the name "Cohack" is all about. We want to teach people about how to take advantage of the web- so that they can harness the benefits easily and ultimately create new projects. The fact is that the internet is so versatile and ubiquotous, and we're seeing such massive convergence of technologies and skill sets, that there is a helluva lot to be done. And a massive need for practical ideas and advice. So everyone needs partners who they can bounce ideas with- and so do we. The fact that we work closely with you, share data and ideas, shouldn't be any cause for alarm becuase there is so much to be gained from collaborating right now.
What’s the risk if you don’t have a Web analytics program?"Wasting your hard-earned marketing dollars on campaigns that don’t provide nearly as much value as you think, at least in the context of this interview. Click-through rate is a very poor indicator of campaign success. Web analytics allows marketers to look at conversion, revenue, retention and how acquired and converted visitors behave on the site.
It’s one thing for someone to respond to a campaign and make one purchase. It’s another to have that person spend 30 minutes on your site exploring other products or services and return frequently over the next week. Analytics enables that kind of measurement."
We're using av.time on site from keyword phrases to optimise pay-per-click bids. Conversion and revenue are standard measurements in our platform.
Why the need for Web analytics?"Nobody can afford to spend money without knowing how that money is being spent. Nobody."
Can you afford your clients to spend their money without knowing how that money is being spent?
