I had a great time at eMetrics last week for their annual Toronto Marketing Optimization Summit. Meeting new people and hearing their issues/challenges really provided some perspective on the marketplace. There was a lot of discussion on the usual topics including Social and Mobile Metrics, Managing Web Analytics, Site Optimization….and very importantly the food was exceptional especially the Mexican cuisine on Thursday!
During one of the lunches, an attendee named Kerri was relating to me how resonant our sprint – this is the 3 minute talk we delivered right after the keynote speech – was to her, and the way her organization treats web analytics. In Peder’s sprint, he expounded upon the subpar job the whole industry has done in promoting web analytics tools by selling web analytics as Reporting Tools when they should always be presented as Optimization Tools.
Kerri elaborated that the culture of her company was built around reporting with little or no focus on optimization. When I asked her what they did with all the valuable data from the reports, she countered with the insurmountable effort of having to read 50-page web analytics reports! Of course, I was puzzled with their misuse of analytics and presumed that if no one is reading the reports then no one is making any business decisions with their analytics. While they were dissatisfied with their analytics, they didn’t seem terribly interested in streamlining reports to reflect their exact business objectives and their eventual optimization. After a conversation with her and her team yesterday, I think they might be on the right track….
Kerri certainly isn’t unique or just a small sample of what other organizations experience. So what do other companies do about the mountains of useless data to uncover important gems hidden in all those reports? I was surprised to learn that many web marketers were spending 3-4 days a month accumulating, managing and massaging the data to extract those nuggets of valuable analytics. Now, think about what the true cost of that is for an organization in matter of 12 months. Let’s assume an average salary of $70k and divide that by the average of 260 work days/year = $270 per day. Take $270 and multiply by 4, and you uncover that some organizations are spending $1,080 per month or about $13k organizing the reporting data to make sense of it! Imagine, they could shift $10k to improving the design of their site, remarketing, delivering more self-service options, improving campaigns, being capable of making better and faster business decisions – or OPTIMIZATION! How, do you ask? Using customizable dashboards that incorporate web analytics data and information from other business repositories into dashboards can deliver management insight that is actionable.
Many of the attendees were very impressed with the demo of our dashboarding technology called Montage that addresses this specific issue. If you would like to have a talk on your analytics or a quick demo of Montage, please feel free to drop me a line.