Build measurement plan and beat your competition

To begin with, we should know what measurement plan is and how it can used to grow up our business in market place. Measurement plan is considered as a starting point of identifying your key business elements that matches your business objectives in organization. Therefore, establishing goals and measures at the start of the project ensures quantifiable ways to evaluate the success of a marketing project., this in turn, will lead to establish company’s positioning brand within the market context and sketch out a roadmap in order for you to achieve your end goals.

On the other hand, one of the biggest challenges of web analytics is the process and mechanism about how to collect data, interpret data and to establish actions from analysis to be adopted in creating measurement plan. In the same time If the collection of these data is not planned properly and addressed in right way, there will not be a proper base for data-driven decision making.  As Abraham Lincoln said: "If I had eight hours to chop down a tree, I'd spend six hours sharpening my axe”.

Define Your Measurement Plan

Get the right people together and decide what to measure. This will be different for each organization. And you need to start with a plan that matches your business objectives.

There are 5 steps to defining the measurement plan

1- Document your business objectives: Why do we as a business, exist? So look at your business, what service or products do you provide and why.  

2- Identify the strategies and tactics to support the objectives. Each business will have their own set of strategies but they will be closely related to five common types:

• E commerce: selling products or services
• Lead generation: collecting potential leads
• Content Publishers: Encouraging engagement and frequent visitation
• Online Information or support: help users find what they need
• Branding: driving awareness, engagement and loyalty

3-Choose the metrics that will be the Key Performance Indicators (KPI)

These are measurements of your strategies and tactics and these are the numbers that you will review daily to understand your business performance. Examples might be revenue generation, average order value or how many times an in-store coupon is printed or an online coupon is used.  To measure your user engagement, you might review recency and frequency metrics or the sharing of the content on your blog.

 

   

4- Decide how you’ll need to segment your data

• We might want to segment our data by marketing channel such as search, display, email and social. This is so we can measure our effectiveness through the particular channel.
• We might segment our customer by type. Say new or repeat customers and what channels may be driving loyalty.
• We might be concerned at geography of site visitors to see if some locations are performing better than others.
• The segments you choose can be the same or different across your website objectives. It just depends on what your business is doing and which strategies are being used to reach those business objectives

5- Choose what your targets will be for your KPIs.

Finally, you will want to add some context to your KPIs and what you are measuring in order to better understand performance. Your business leadership should provide targets for each of your KPIs. This allows you to look at the data and understand how well or poorly your business is doing.