How to Pick the Right Metrics with Josh Vincent of Transparent Partners
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Promotable is focused on closing the data skills gap and enhancing careers through classes and events led by industry experts. Upcoming events and classes aim to provide insights into data analytics, product management, and effective metrics usage for business objectives. The document emphasizes the importance of collaboration, strategic planning, and actionable metrics in data-driven decision-making.
How to Pick the Right Metrics with Josh Vincent of Transparent Partners
- 3. Who Are We At Promotable, we are closing the data skills gap and helping you take your career to the next level.
- 4. INSTRUCTORS FROM TOP COMPANIES Promotable’s instructors work at top companies and combine real-world experience with people-focused skills.
- 5. Upcoming Events ● Sept 18: Data to Insights with Gogo's Lead Data Scientist ● Oct. 2: Demystifying Data for Marketers ● Oct. 9: Top 3 Skills for Product Managers with TD Ameritrade’s Sr. PM
- 6. Upcoming Classes Data Analytics: Data to Insights (5 hrs/wk for 8 Weeks) ● September 24 (2 Spots Left) Product Management (5 hrs/wk for 6 Weeks) ● October 8 (3 Spots Left)
- 7. How To Pick the Right Metrics September 12th, 2019 Promotable Event
- 8. More Innovation | Less Complication 8 It’s great to be here Josh Vincent Partner of Data, Technology and Analytics Transparent Partners Twitter: @JoshVincent
- 9. More Innovation | Less Complication 9 THE POWER OF DATA PROOF PROMISEPARADOX
- 10. More Innovation | Less Complication 1 Different names and flavors over time describe the same fundamental thing.
- 11. More Innovation | Less Complication 1
- 12. More Innovation | Less Complication 1 Responsibilities and expectations in a data role are daunting Jack of all trades, master of data Understand the industry Understand the business Models, methods, technology Data capture and wrangle Visualize and CommunicateDefine objectives INSPIRE ACTION & PROVE IMPACT
- 13. More Innovation | Less Complication 1 YOUR CHALLENGE AND OPPORTUNITY: Gain a unique view from data to answer questions, solve problems and guide the business.
- 14. More Innovation | Less Complication 1 Metrics are fundamental to this challenge.
- 15. More Innovation | Less Complication 1 Topics for Today 1. Start with the business and strategic objectives 1. Create a plan on which metrics will be used for what purpose 1. Think practically about and classify your available metrics to guide usage 1. Drive learning with a process 1. Collaborate and integrate with the business: work well with your partners
- 16. More Innovation | Less Complication 16 Topics for Today 1. Start with the business and strategic objectives 1. Create a plan on which metrics will be used for what purpose 1. Think practically about and classify your available metrics to guide usage 1. Drive learning with a process 1. Collaborate and integrate with the business: work well with your partners
- 17. More Innovation | Less Complication 17 The volume of raw data is expanding
- 18. More Innovation | Less Complication 18 The volume and complexity of metrics expands with it This can overwhelm and distract
- 19. More Innovation | Less Complication 19 Smashing all your data and metrics together doesn’t help
- 20. More Innovation | Less Complication 20 Create focus by documenting your business and strategic objectives to ground your efforts in what’s really important Grow Profit Increase Sales Acquire New Customers Drive Awareness Retain Existing Customers Expand e-commerce sales Increase site Traffic Increase Basket Size Increase Conversion Rate Example Business and Marketing Objectives for Retail: Drive Cross- Sales
- 21. More Innovation | Less Complication 21 Example business and strategic objectives Walmart 2019 Annual Report Boeing 2018 Annual Report
- 22. More Innovation | Less Complication 22 Topics for Today 1. Start with the business and strategic objectives 1. Create a plan on which metrics will be used for what purpose 1. Think practically about and classify your available metrics to guide usage 1. Drive learning with a process 1. Collaborate and integrate with the business: work well with your partners
- 23. More Innovation | Less Complication 23 Planning the action of how you will use each metric is the most useful way to classify SUCCESS metrics OPTIMIZATION metrics CONTEXTUAL metrics Represents how well the stated objective of the effort was achieved. Prompts action based on the values of this metric. There should ideally be a proven or understood relationship with the success metrics. Metrics that provide context around the effort and larger environment.
- 24. More Innovation | Less Complication 24 Use a Measurement Framework to establish: Measurement Platforms and Metric Usage Detailed Metric By Tactic Timeline of Metric Availability and Action
- 25. More Innovation | Less Complication 25 Benchmarks and goals provide context • Start with industry standards • Build up data on past performance to refine benchmarks • Determine goals based on strategic objectives OR improve on past performance • Recalibrate as needed
- 26. More Innovation | Less Complication 26 Topics for Today 1. Start with the business and strategic objectives 1. Create a plan on which metrics will be used for what purpose 1. Think practically about and classify your available metrics to guide usage 1. Drive learning with a process 1. Collaborate and integrate with the business: work well with your partners
- 27. More Innovation | Less Complication 27 Attributes of your metrics to consider
- 28. More Innovation | Less Complication 28 What is the metric directly measuring? A point in the journey OR An outcome OR A measure of value McKinsey Consumer Decision Journey Descriptive Diagnostic Predictive Prescriptiv e Descriptive OR Modeled
- 29. More Innovation | Less Complication 29 What is the bias? Marketing Mix Models • Short term impact only • Factors in place vs innovations • Large scale tactics only • Brand impact limited Multi-Touch Attribution • Measurable touchpoints only • Time to conversion varies • Brand impact limited Controlled Experimental Survey • Excludes natural factors • Sample bias • Sample bias • Acquiescence • Question order • Social desirability
- 30. More Innovation | Less Complication 30 What relationships exist between your metrics? Leading Lagging Causality US GDP • Use leading metrics as a proxy for what you care about • Often useful for optimization • Be aware of other factors that diminish the relationship • Captured and reported well after occurrence • Often is the outcome you care about • Use leading metrics as a way to predict and optimize • Correlation does not equal causation • Causality is often assumed
- 31. More Innovation | Less Complication 31 When do your metrics become available? IMMEDIATE LAGGING BRANDSALES DELIVERY PLATFORM METRICS CROSS-DEVICE IDENTITY MANAGEMENT SALES LIFT STUDIES REACH MEASUREMENT LOCATION MEASUREMENT & ATTRIBUTION MARKETING MIX MODELS MULTI-TOUCH ATTRIBUTION MODELS BRAND LIFT STUDIES BRAND TRACKING* AVAILABILITY BUSINESSOUTCOMES SITE ANALYTICS VIEWABILITY, VERIFICATION & FRAUD SOCIAL LISTENING* IN-STORE POS AND ECOM SALES DATA (ad-server, search, social, DSP, etc.)
- 32. More Innovation | Less Complication 32 How does the metric move? Slow or Fast Noisy Diminishing Returns When it stops The need to recalibrate • Brand metrics move slowly • Sales can move fast • Click through rate Examples • Impact of advertising spend • Reaching statistical significance • Consumer privacy changes to web browsers (ITP, Chrome Samesite, Firefox Updates, etc.)
- 33. More Innovation | Less Complication 33 What is the granularity? Is it sufficient? People Time Campaign GRANULARITY EXAMPLES Product mass Individual year month day hour second campaign channel tactic placement As precision increases so does the importance of data governance and consistency of taxonomy category product name product variants
- 34. More Innovation | Less Complication 34 Is your metric a composite of other metrics? Rates Creative Combinations • CTR (Click through rate) • CPM (Cost per one thousand impressions) • ROAS (Return on Ad Spend) • vCPM • eCPM
- 35. More Innovation | Less Complication 35 How should your metrics be best visualized and represented? Visualization Distribution vs Single Number Source: National Hurricane Center Range of Potential Hurricane Impact
- 36. More Innovation | Less Complication 36 Are you chasing vanity metrics? Are there unintended consequences to your optimization metrics? Source: Vanity Metrics vs. Actionable Metrics – by Eric Ries, 2009 traffic conversion Mirror, mirror on the wall: Who’s the fairest one of all? Image: Snow White and the Seven Dwarfs; Disney 1937 Vanity Metrics: “Metrics that make you feel good but don’t offer clear guidance for what to do.” April, 2019 CPA Cost Per Acquisition CLV Customer Lifetime Valuevs
- 37. More Innovation | Less Complication 37 Topics for Today 1. Start with the business and strategic objectives 1. Create a plan on which metrics will be used for what purpose 1. Think practically about and classify your available metrics to guide usage 1. Drive learning with a process 1. Collaborate and integrate with the business: work well with your partners
- 38. More Innovation | Less Complication 38 Establish a learning agenda The Learning Agenda Identify ✓ Identify knowledge gaps, questions, and problems ✓ Categorize into themes Prioritize Solutions ✓ Determine the best approaches and solutions to address the questions and problems ✓ Estimate the required resources such as level of effort, data, timing considerations Roadmap ✓ Create an action plan of what solutions will be implemented when and who owns the solutions Implement ✓ Carry out the roadmap and adjust as needed ✓ Improve your strategy, planning, and media implementation and optimizations with learnings ✓How would we use the information? ✓What decisions would it support? ✓What value could we drive? Example Learning Agenda Items: ✓ Who are our most valuable customers? ✓ How does brand marketing work with shopper marketing and what is my optimal marketing mix? ✓ Is our message resonating with consumers?
- 39. More Innovation | Less Complication 39 Topics for Today 1. Start with the business and strategic objectives 1. Create a plan on which metrics will be used for what purpose 1. Think practically about and classify your available metrics to guide usage 1. Drive learning with a process 1. Collaborate and integrate with the business: work well with your partners
- 40. More Innovation | Less Complication 40 Collaborate and integrate with the business Know Yourself Know Your Audience Continuously Improve BUILD MEASURELEARN
- 41. More Innovation | Less Complication 41 1.Start with the business and strategic objectives 2.Create a plan on which metrics will be used for what purpose 3.Think practically about and classify your available metrics to guide usage 4.Drive learning with a process 5.Collaborate and integrate with the business: work well with your partners There is no silver bullet to measurement and metrics Harnessing the power of data is a great challenge and responsibility. It is up to all of us! Key Take Aways: How to pick the right metrics
- 42. More Innovation | Less Complication 42 Questions?
- 43. More Innovation | Less Complication 43 Thank you! Get in touch! Josh Vincent Partner of Data, Technology and Analytics Transparent Partners Twitter: @JoshVincent Email: Josh.Vincent@Transparent.Partners LinkedIn: www.linkedin.com/in/joshvincent1/
- 44. More Innovation | Less Complication 44 Appendix
- 45. More Innovation | Less Complication 45 A metric is one type of data
- 46. More Innovation | Less Complication 46 https://news.ycombinator.com/
- 47. More Innovation | Less Complication 47