Data-Driven Marketing
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This document summarizes a presentation about data-driven marketing for startups. It advocates using data to optimize marketing efforts through operating dashboards to track key metrics, conversion funnel analysis to improve the customer journey, and cohort analysis to understand customer retention over time. The presentation emphasizes testing assumptions quickly through A/B testing, focusing on learning over fancy tools or visualizations, and above all, prioritizing customer needs over data collection.
Data-Driven Marketing
- 1. Data-Driven Marketing Startup Marketing Bootcamp Cambridge, MA - October 2010
- 2. “In God we trust; all others must bring data.” - W. Edwards Deming
- 4. Who am I Companies Advisor Investor
- 6. The Problem: 98% of the people who visit your site, leave never to return.
- 7. “The average conversion rate in the United States of America whether you're selling elephants or iPods.” Avinash Kaushik - Analytics Evangelist, Google 2%
- 8. The Solution: Our software helps you find, engage and convert more of your website visitors into customers.
- 10. Online Marketing is shifting.
- 11. Online Marketing Paradigm Shift Outbound • “Visitors” not People • Display & Search Advertising • What’s a Conversion? • Website • Get more Pageviews 1st Generation
- 12. Online Marketing Paradigm Shift Outbound • “Visitors” not People • Display & Search Advertising • What’s a Conversion? • Website • Get more Pageviews 1st Generation Inbound • “Leads” not People • Content Generation • SEO Black Magic Hacks • Convert via Brute Force • Acquisition not Conversion • Website + Social Media • Get more Leads 2nd Generation
- 13. Online Marketing Paradigm Shift Outbound • “Visitors” not People • Display & Search Advertising • What’s a Conversion? • Website • Get more Pageviews 1st Generation Inbound • “Leads” not People • Content Generation • SEO Black Magic Hacks • Convert via Brute Force • Acquisition not Conversion • Website + Social Media • Get more Leads 2nd Generation Lifecycle • People & Customers • The Message is the Product • Service not Marketing • Referrals not Affiliates • Conversion not Acquisition • Your Brand is Everywhere • Get more Customers 3rd Generation
- 14. Internet Marketing 3.0 Different Goal by Joshua Porter Inbound Marketing Lifecycle Marketing Outbound Marketing
- 17. Optimize your startup for learning by creating a data-driven marketing framework.
- 18. Analytics & A/B Testing are also not the answer.
- 19. Use quantitative & qualitative data to test YOUR assumptions.
- 20. A/B Testing. Multivariate Testing. Huh?
- 21. Multivariate Testing is Useless.
- 22. You are way too small to matter.
- 23. The point of testing is to prove or disprove assumptions quickly.
- 24. Multivariate testing leads to a non-gratifying experience because it takes too long.
- 25. The vast majority of sites should only use A/B testing. This means you.
- 26. Shameless Plug: ABTests.com Learn by example
- 27. Always Be Testing Just Don’t be Stupid.
- 28. The Local Maxima Problem Your Design A Better Design Optimized at Local Maxima Current by Joshua Porter
- 29. Optimize your startup for learning not data.
- 30. The 3 Steps to Data-Driven Startup Enlightenment
- 31. Data-Driven Startup Checklist ★ Operating Dashboard ★ Conversion Funnel Analysis ★ Cohort Analysis
- 32. Skip the fancy shit and use Google Spreadsheet. Ghettofabulous.
- 33. Step 1: The Operating Dashboard.
- 34. A single place for your entire team to see where you suck the most.
- 35. Company-wide dashboard Everyone! Including interns. Fictional
- 36. Every initiative has to map to positive changes in these numbers.
- 37. Kill all features that don’t improve your operating metrics.
- 38. Only move to the second step after you’ve mastered the Operating Dashboard.
- 39. Step 2: Conversion Funnels
- 40. Metrics are fun, but Funnels kick ass.
- 41. Fancy Forget pretty visualizations
- 43. Keep it raw & ugly Do this tomorrow morning.
- 44. Monitor your funnel weekly to see how changes are impacting your business.
- 45. If you aren’t doing this you are implementing lots of useless features.
- 46. Features that will waste your precious time.
- 47. Step 3: Cohort Analysis
- 48. This is the “shot caller” of all analyses. Respect.
- 49. Cohort Analysis by Fred Wilson (post)
- 50. Without a cohort analysis you are flying blind.
- 51. Is your churn going up or down?
- 52. You don’t have a clue until you’ve done a cohort analysis.
- 53. Cohort analytics is in closed beta. Apply at Performable.com.
- 54. Focus on your customers. Not data.
- 55. Only one thing matters.
- 56. Does anyone care about your product?
- 57. Remember that your goal is simple!
- 58. Happy Customers