SES Toronto – Measuring Success in a Web 2.0 World
- Heather Dougherty, Director, Research, Hitwise
- Bret Grinslade, GPM for Website and Media Analytics, Microsoft
- Adam S. Goldberg, Chief Innovation Officer, Clearsaleing
- Mike Grehan, Global KDM Officer, Acronym Media
The Highlights: The Kevin Ryan Show
Ok I have to say that this panel was hilarious. Kevin Ryan did not hold back especially when it came to Microsoft and bloggers. I will be sprinkling his comments in throughout the post.
On Making Choices:
Kevin Ryan to Bret Grinslade of Microsoft: Two bucks a share, all you had to do was up it and you could’ve had Yahoo!, what happened?
Grinslade: No comment.
On Investing in Analytics: People not Technology Will Make Or Break You
Mike Grehan: At the end of the day, we’re really big about analytics. I live by the mantra from the 90/10 rule, for every 10 dollars you spend on a tool, spend 90$ on good staff using the data. It’s about the people hwo are sitting behind the tool and making sense of the data. Setting objectives is important. Jim Stern who has written books about internet marketing, he once said he could “measure the movment of a mouse across of your monitor” but why would you want to do that? So analytics could be based on garbage in, garbage out, if they don’t know either piece of the puzzle.
Common Pitfalls of Advertisers Trying to Get Numbers
Bret Grinslade: Some of it is technological, like having different servers. There are issues. I think because the internet is data driven, people want those numbers to match up. But that’s not the point, you want to measure marketing, end goals etc. From a broader perspective in offline marketing, which regular people call marketing.
Ryan: Do they call Chinese food, Chinese food in China?
Focusing On the Right Thing
Brett Grinslade: We have campaigns where we have a bunch of spend, and then we run a $15 million ad campaign on TV. We pretend the metrics within digital media space is isolated. In the end, the common thread are the people. The key words are not by products, they are proxies for people’s intent. You should know who comes to your website and why.
We’re focusing more on the details to understand the audience instead of analyzing each piece of behaviour. You need to have layers:
- the operations around managing keywords,
- business strategy to manage short term goals,
- At the CEO level, you need a business plan, growth phase
Each of those layers needs a different type of information. It’s not as simple as matching
On The Context of Feedback
Kevin Ryan: Is attitudinal a made up word? What do you mean by it?
Brett Grinsdale: You have to be able to understand the perceptions of consumers analyzing data, even in rich media. If you track comments, then it matters if out of 1000 comments how many of them said you suck, or have a good product.
Ryan: “Are you talking about Vista? I’m a Vista user, now I’m a prozac user as well”
On Trends and Forecasting
Heather Dougherty: Let’s use Social Media as an example, since everyone talks about it. In the last panel Dustin said something about how search shows intent because people are telling you what they’re looking for. Social Media is about expression.
Victoria’s Secret has one of the biggest allegiance on Facebook . Now marketers need to recognize that dialog and start giving back. So in the group, members get coupons and elitist feelings. Marketers need to give assets and engage them.
On Brand Advocacy
Heather Doughty: At the end of the day it’s about the bottom line, which gets Executive’s attention. Back then it was hard to find them, so it was attitudinal. Now they are really easy to find, they make it public and you can pick them out easily.
On Filtering Feedback
Kevin Ryan: The internet has given everyone a voice and they’ve used it to bitch about your product and services. What do youpay attention to, and what do you ignore?
Mike Grehan: Voice of the customer, it’s very important to do this buzz monitoring and understand the attitude, what it is that they are saying. I think there’s a lot to go on sentiment analysis. People are talking, but what are they saying. You can go looking everywhere.
On Blogger Accountability
Ryan: So you just roll with it? It’s really hard to figure out what to pay attention to and keeping with the measuring theme, you’re measuring the opinion of “Some guy in his parents’ basement who doesn’t even have a right to his own opinion. Go live in the real world and come talk to me.”
Mike Grehan: Companies have to listen now, it’s not a broadcasting model anymore. Get the cues that give the meaning.
Andrew Goodman: You don’t have to go far. Rotten tomatoes is one. We’re still left with the idea of who do we trust on ratings? Users challenging other users is how you discover localized truth.
Brett Grinsdale: There are things that are easy to track, like profit. Not all traffic is created equal. So I have 10,000 more visitors this week doesn’t mean you have met your business goals. So from my point of view, you want to understand these metrics. So if you run a small hotel you can’t ignore TripAdvisor. So you can’t ignore those forums. You have different strategy. Some people want a do-it-all dash board.
Ryan: I have a vista dashboard, it’s still loading, I started in in January.
Selected Audience Questions
Question: I have broken down my linked in contacts into different categories, I have about ten thousand contacts-
Ryan: Sir, we need to get you a hobby.
Ryan: Don’t the linked in people get kind of pissed at being used like this?
Mike Grehan: The next guy who tries to head hunt me off of linked in, I’m going to go around to their house with an ax.
Ryan: The opinions expressed here by Mike Grehan are not the opinions of SES Canada
Questions: Is there methodology in terms of classifying your network?
Adam Goldberg: You want to track every type of advertising that you have: Influerncers, Introducers and Closers.
Question: It’s been about 45 minutes and we still haven’t gotten into measuring success in a 2.0 world…
Kevin Ryan: Sir, we have another 45 minutes, we’re getting there and you have to ease people into that you can’t just drop this on them.
At one point, I asked a question, making sure to point out that I do not live in my parent’s basement, and Kevin Ryan said he actually has heard of “The Foush” and that it was a good blog! Thanks Kevin!!