Metrics and KPIs

Why Fans Dont Matter.

Everyone is going crazy over data and metrics. Be aware of the metrics you are using and how they relate to the need-state of your customer

Full, non-edited transcript by descript.com

Metrics, KPIs and why fans don’t matter. It’s Re:iterate, the digital marketing Podcast.
Hi, it’s Clint Griffin and welcome to reiterate. This week we are talking about metrics that matter how they work and why a lot of them don’t always included in a client. Brief is the question, what are the KPIs or the key performance indicators?

It’s kind of disturbing in a way, as the KPIs should mix the brief and the brief should match the business objective. And if it doesn’t. Then you kind of have a problem before you start. The thing about metrics is that a lot of them don’t matter. They are what is referred to as vanity metrics. From a social media perspective, vanity metrics are things like your fan base or how many likes you have.

They sound good, but they don’t really tell you anything. Being popular doesn’t relate to sales. It’s simply a measure that someone who doesn’t know very much can use to boast of friends who know even less about how well the brand is doing. The thing about metrics like everything else is that they need context and context comes from user journeys.

User journeys come from sales funnels because a good sales funnel understand how user journeys work. And great sales funnels come from understanding user needs States. In other words, where’s a person in a purchase cycle or a sales funnel, and what do they need from the engagement that they have with you need States identify how a user is thinking and feeling at any time.

So the need States, you should be aware of awareness, familiarity. When I start to investigate and find out about that product. And its competitors, the inconsideration where I go a little bit deeper into that product or that service and remarketing at the right time, once they’ve visited your website, remarket to them to show that you understand where they are in the journey.

Once they’ve done that, they’re going to purchase something. And often purchasing comes loyalty. So if you think about those, then the metrics begin to align. So awareness metrics might be video views or it might be rich if you’re looking at social channels or video. Familiarity might again be video where they’re looking at products and services.

It might be clicks to web where they finding a call from a tech space perspective. All looking at things on your site. Consideration might be Tom and your site dwell time on social media platforms, completed video views. So they’ve really, really investigated the product. Or looking at user reviews that had been left behind by previous purchases.

Remarketing is reengaging with people that have visited your sites and give them content tailored for them, purchases being straight forward. It’s how many purchases you’ve had, but you might have an abandoned cart strategy where we spoke about in a previous episode. You might want to get people that have been in the cloud to come back and that would be another sales tool that you would look at.

Loyalty after they’re purchased is a way to share content writing, review and endorsing a product or a brand. So the thing about your strategy is your content content to a user without D being some kind of paid adventure into this. The reason is that you can have the best SEO in the world and you can have an amazing organic platform, but you’re not going to see the volume of people engaging in visiting your website and your content.

Search, you always have to pay for clicks and on social, listen, 1% of all your fans ever see the content that you put out. So if you’re using fans as a metric to worry about how your sales are doing, you can see that that went the scent. Is it going to be a great feature? If you get a sale? I’d be very, very surprised, even though they are fans.

So here’s an example. I like cycling and I have a bike and I’ve got some here. The basic stuff. I didn’t take it too seriously. I don’t, didn’t face a lot of time or energy into it. And then one day I decide I want to intro low key race, the Amish Shoba, the Cape town cycle, classic, whatever it might be.

At the side of the race. Just before I get a message on my phone, it’s from Facebook, it’s geotags the event location, and it tells me that I can get a watch, the Trex, my performance, my high trays, and all the rest of it. And if I thought about it before, but I look around and see all the other people wearing their watches, and I think this might not be a bad idea other than for cycling.

I could use it for lots of other things. That’s called reach, that’s reaching people through a social platform. That’s a weirdness I now I’m aware that in the world there are Watchers I can use to track my cycling performance. At the end of the race, I get another piece of geo-tech content. This might be a video.

Um, videos are great because people that watch videos can then be used to remarket to. So if you’ve segmented down your audience some more, and the metric there would be video of you that could say anything from you, finish the journey to check this thing out, whatever it might be. So I go home and then a few days later, probably at work, cause that’s how people operate.
I decided I want to check out the Watchers and see what’s available. So now I’m becoming familiar with the Watchers, and I do this by searching. So that would be looking at click to web or click through rate how many people saw my head or my piece of content and clicked through to the website. So then I leave it a while and now I’ve been to the website.

I’m trapped and unserved content from the cookie in my browser about the watches that I’ve seen. That’s remarketing it takes me to, it takes me into a niche audience. And I’m sending the right content to the right people at the right time. They’re now interested, or I’m not interested, have been through a couple of journeys.

And it’s time for me to make some kind of decision. So before I do the purchase one last time I looked at another search. I look at the reviews, I find the best, best price. And you might want to, if you’re selling products, be not only on your website, but you might want to be an affiliate sites besotted with things like price check that might wait for you there.

You’re looking at things like click to web, looking at dwell time, how long they spent on maybe your social media device and the video. Did I purchase? Hooray. And the metric is return on actual Spain R a is that tells me how much I’ll spend to not campaign and how much revenue I’ve made from the campaign.

So I’ve done that. I’ve reviewed, bought. And the next day I get another piece of content that says, have you heard about our other products in the insurance industry? They figured that closing a deal out on us, a piece of insurance to sell someone another piece of insurance within 15 days. So think about how you can show people other content.

That is part of your brand that lets them do and another purchase a week later. So I’ve had time to look at the product and engage with it of I’ve used it. I get a lost piece of content that asked me to rate it, and it would be a review. I’m adding some little stars to Google, perhaps if you’d like to do it that way.

Giving some validation as to why you think this is the best watch in the market for you. And now we are looking at reviews and we’re looking at metrics like brand affinity as well. So each need state from hub, knowing that I needed a watch to wanting a watch and to purchasing a watch, it invokes a different action from me and with a different action.

You’re looking at different KPIs. None of these relates to me being a fan. The action is the metric and the action is the KPI. So think about need States and think about what you would be doing in each need stage to realize the customer’s choice. Make the content relevant to each need state and track the appropriate action that is the KPI to look at it.

Be sure that you know how to look for and track them, and what return you think you would like on each of them. It’ll take a while in the first couple of times, you may not know the return. But after a few of these trials, you’ll understand the metrics that make the most sense and the values you need to attach to them.

It does get a bit more complicated than that, but perhaps the next time a client says, I need more fans suggest perhaps that they need sales. Otherwise they won’t be any products for the fans to buy. An example of a metric that might mean something or not is bounce rate on a website. Tradition says that a high bounce rate is a terrible thing.

But what is the niece? They tell me they use it. If your campaign is about awareness and your search and social is so good that you take them to a page that explains to them everything they need to know about a product and they leave, they don’t might’ve done its job. If they come back as a return visitor, which is another metric you can look at and purchase.

That’s amazing. Also, if you have a one-page brochure site, the bounce rates going to be 100% but it doesn’t matter cause it can’t be anything else than that. So matrix and the way that they viewed can be different depending on need States, depending on the way you set things up, depending on how your website looks and what it’s full.

So think about what you want, what you want the customer to do, and then track to see if they do it. So in summary, check your needs States. Plan accordingly, and Metro metrics and KPIs to tell you how it’s going. And once you’ve done all this, iterate.

That’s it for this week. Thanks so much for listening. Please subscribe and share with your friends and we will chat again and next Wednesday have a great week.