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Tips & Tactics for Growing Your Company Multichannel Magic FREE Email Newsletter
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Transforming Information into Growth & Profitability
(Learn and implement the step-by-step process for defining and using metrics to develop a sustainable growth strategy unique to your organization) Are your analytics keeping secrets that could help (or harm) your business? Do you ever get the feeling that maybe you are missing or forgetting something? It starts nagging at you and continues until it interferes with your every thought. If you don’t have a comprehensive analytics program that you have audited yourself, you should always have that nagging feeling. You see, there is a fly in the analytic ointment. The systems that capture the data used to present dashboards and reports are as perfect as the people who designed and use them. In other words, they are flawed. The problem begins with the programmers who are very good at creating code to make computers do what they say. Unfortunately, they aren’t the best marketing, operations, or accounting people. They miss things when they create reports that are crucial to sound management decisions. Sometimes they take shortcuts and modify a custom report created for a specific user into one for everyone’s use. The nuances needed for the original company may not apply to your business. Information is captured, compiled, and dumped into the report fields. You end up with bucket data that may be misinformation. Next time you are at the beach, lake, or even a creek, use a light colored bucket to scoop up some water. Look at it. Did you get a bucket of clear water or are there other things floating around? Your standard package reports are the same way. They include much of what you want, but there may be other things sneaking in, skewing the information. The problems continue with you. The second stage of data corruption occurs when you start using the system. There are things that you need it to do that are not pre-programmed, so you develop work-arounds (procedures that work around your system’s limitations.) For example, your system may not have a process for sending replacement items when customers receive damaged product. You fix this by creating a RPL payment code so you can ship the item without charging the customer. The problem is that your standard reports will overstate the number of orders and possibly the sales dollars. It is impossible to make an order management system work for all the nuances of your business without being creative. And that creativity skews the information within the system. The good news is you still have access to the valuable data in your system if you know what to look for and how to use it. Why some analytics are better than others Companies trying to quantify their business spend billions of dollars each month. Some buy the latest software hoping that it will find nuggets of information hidden in a sea of data. Others use their existing systems and churn out endless reports trying to find the one that best meets their needs. But, something seems to be missing from both groups. The best analytics include actionable information to improve sales, service, and profitability. If the metrics you review everyday are not used (or usable), then it is a waste of time to generate and distribute them. They have no benefit for your organization. For example, it is interesting to look at the web metrics that show how many visitors came to your site. It can even be addictive and lead to benchmarking and goal setting. One marketing meeting I attended included a discussion of 90-day goals. One suggestion was to get 1,000,000,000 unique visitors in a month. Oh, the questions that came to mind:
A better idea is to combine the visitor and order information so you can calculate your conversion rate. Then you can test different marketing concepts so you can improve. The proxy challenge is still an issue, but if you track your rate, you can see trends. And, you will know how your various marketing approaches affect it. Why do you need the Multichannel Analytics Intensive Workshop? It teaches you how to transform your information into growth and profitability without going through a lot of trial and error. It provides a systematic approach to capturing and analyzing your data. Now, I know that sounds a little scary (especially if you aren’t a geek), but it isn’t, because you are not doing it by yourself. You have detailed instructions and access to someone who had done it before (MANY times.) You can use your email support to ask questions when needed. If you are doing it by yourself, who are you going to call? When I began my job as Chief Operating Officer at Ballard Designs, Inc, I had a problem. Actually, I had lots of them with a new job, new staff, unfamiliar order management system, and a directive to aggressively grow the business. I knew that I had to get up to speed quickly, before the peak season passed, or there would be another static growth year. I dug into the data with a vengeance looking for trends, anomalies, and usable information. When nuggets of information appeared, good or bad, they were shared with the entire management team. Ideas began to flow. Sales started to increase and costs decreased. First, it was a trickle, then a flood. We sustained double digit, profitable growth during my tenure. How did we do it? By using the information buried in our database to target customers, match service with expectations, and eliminate unnecessary expenses. It all started with the development of an executive information system. Once we had it in place, we knew at a glance if our vital signs were good, if there were challenges lurking underneath the surface, and what we could expect from our marketing efforts. It was an early warning system that allowed us to resolve issues before they became crises. Wouldn’t you like to have a similar system for your business? One that is specifically designed for your company to capture unique data idiosyncrasies? You will have it when you complete the Multichannel Analytics Intensive Workshop. I’m sure you have additional questions. Some may be answered below. If not, please email me at dellis@wilsonellisconsulting.com. What type of return should I expect? What if we start the workshop and then realize that we can't complete it now? I am not technically oriented. I don't speak geek and benchmarking scares me. Can I still do it? What if we need more email support than the 20 included in the workshop? This sound great, but we are moving into our busy season. Can we do it later? We already have the marketing or operations information. Do we have to do the complete workshop? We don't have easy access to all of our information. Will it still work for us? Why should we sign up now instead of later? Why can't we just hire you to do it for us? Once you sign up for the Multichannel Analytics Intensive Workshop, you will receive a copy of The New Rules of Multichannel Marketing and the Audit Your Operations & Establish Benchmarks worksheets. They are introductory materials to give you an idea of some of the information we will be covering. Then every 7-14 days, you will receive additional materials with detailed instructions. They will include how to use the information captured. There is also a special email address so you can ask questions if you reach a stumbling block. After the initial benchmarks are established, they are monitored on a regular basis. (The review schedule is determined during the analysis process.) Additional tweaking may be necessary to fine-tune your reporting. The workshop includes the how-to information needed to build a foundation for a successful benchmarking program that integrates marketing and operations. Specific metrics include: - New Buyer Acquisition Rates - Customer Retention Rates - Acquisition Costs - Fulfillment Costs - Customer Lifespan - Average Lifetime Value - Order Dynamics - Website Analytics Your foundation begins with the information that is readily available and expands as we develop the program. It is a three-stage process. The first stage includes completion of the workshop. The second stage is monitoring the metrics on a regular basis for three months to fine-tune your analytics. The third stage is self-directed. It is the on-going review and application of information to improve growth and profitability. In addition to the detailed instructions, you get:
The workshop stage takes 6-10 weeks depending on the depth and accessibility of your data. It is immediately followed by a 3 month tweaking stage to fine-tune your analytics. The next stage is monitoring. It is ongoing because you are developing a program for the management of your business. Marketing, operations, and IT managers should participate in the process. Additional personnel may be needed at various stages. It depends on whether you are participating in the comprehensive program or departmental focused analytics. The comprehensive workshop is $999. Departmental workshops are $699 for Marketing; $499 for operations. The information provided in this workshop would cost thousands of dollars to obtain if you hire a consultant or do it yourself through trial and error. It is the compilation of years of experience as a direct marketing executive and consultant. What type of return should I expect? If you complete the program, your marketing and operational costs will decrease and your customers’ value will increase. It is hard to declare a specific amount because it is dependent on your level of commitment and information availability. Suffice it to say, your initial investment will be returned and then some. The greatest risk is not developing a benchmarking program. Whether you use the workshop or develop your own strategy, do it! It is guaranteed to improve your business. What if we start the workshop and then realize we can’t complete it now? We will reschedule your start date so you will receive the materials as you can complete them. It is very important that the workshop follow the planned schedule. Momentum improves during the process. I am not technically oriented. I don’t speak geek and benchmarking scares me. Can I still do it? Yes, yes, yes! We will walk you through the steps without technical jargon. If you can use Excel, you can successfully complete this program. What if we need more email support than the 20 included in the workshop? It is available at an additional cost. Phone support is also available, but not included. This sounds great, but we are moving into our busy season. Can we do it later? Yes, you can. But, before you delay, you need to know that some information cannot be captured retroactively. The metrics you get now will help you plan for your next peak season. If you let us know your time constraints, we will work with you to insure that you get what you need. There is also a pricing issue. The introductory price is only available for this session. We already have the marketing or operations information. Do we have to do the complete workshop? We offer marketing and operations workshops individually because we realize that sometimes you already have one area completed. Other times, it isn’t possible to get the teams together. If possible, we strongly recommend that your departmental teams work with each other on the comprehensive program. It improves your results exponentially. We don’t have easy access to all of our information. Will it still work for us? Yes. We start with what you have available and build from there. Why should we sign up now instead of later?
Why can’t we just hire you to do it for us? You can. And, we will be glad to provide a proposal. Email me at dellis@wilsonellisconsulting.com for more information. However, there are a few challenges you should consider before outsourcing this project. It will cost a lot more money and your return will be less. We can analyze your information, provide a detailed report with recommendations, and set up an executive information system. It will help you manage your company, customers, and costs. The problem is that there is one thing missing – YOU! Your understanding of your customers, products, and corporate culture is a key piece to this project. Information management is part science and part art. When someone from the outside (whether it is us or other consultants) conducts an analytical audit, the intuitive knowledge (the art part) is absent. This is not to say that it won’t be beneficial. It will. But, it will be even better, if you do it yourself. If you want to pay electronically by check or credit card, just click on the “Buy Now” button for your session of choice. If you prefer to mail a check, please email admin@wilsonellisconsulting.com. Include your name, company name, address, telephone number, and the session information. We will send you an invoice.
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