Data   Insights   Action

Which of your measurements are truly being managed?

“What gets measured gets managed.”  I’ve heard this phrase a lot over the years, and I agree with it. But I’ve seen a mismatch between which measurements companies think they are managing, and which ones that are actually being managed.

At most companies, once a year during the performance review process, goals are pushed down through the ranks for the upcoming year. These are meant to align everyone’s objectives and ensure a common path is taken. This is great – in theory.

During this process, many metrics are set up with achievement goals for each. In marketing, one of the major measurements is the dollar value of the marketing funnel. It’s straightforward, and all seems well enough. However, I’ve seen this go terribly awry when an attempt is made to focus the business on a subsection of the customer base.

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Here are our predictions of the top 3 trends in Analytics Technology:

Trend 1:  Proliferation of BI Tools

The number of business intelligence (BI) tools has exploded over the past several years.  The saturation of this market can make it confusing and difficult to choose the right technology for your organization.  With so many options out there, how does one start to narrow down the options? Cloud-based versus on-site vs. hybrid?  BI tools with a business process focus, that may be either embedded within, or linked closely to other applications (such as CRM and marketing automation software)? Niche BI that solves a specific use case? It’s important to note that there isn’t one correct answer.  A holistic view of your company’s business objectives and goals is needed in order to find the best BI tool to drive results in your environment.

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A Case Study by Immortology & Go2Market Analytics

Situation

The Museum of Life + Science is a venerable NC institution. For over 65 years, it has entertained and enriched generations of children. By continually improving and adding exhibits, the Museum relied upon a build it and they will come strategy for attracting visitors (a very expensive way to grow attendance). After a $14 million investment in new science exhibits, a dinosaur trail and live animal habitats, the Museum experienced a huge uptick in paid visitations as expected. Unfortunately, these numbers started to drop just three years after the last improvement – and it would be another four years until the next capital infusion. By the time we came on board, visitation numbers were on a 15-month decline and dropping precipitously. To complicate matters, the Museum had a small marketing budget and several nearby children’s museums were investing heavily in new exhibits and advertising. If nothing was done soon, the Museum’s revenue from paid attendance – it’s lifeblood – would drop to unsupportable levels.

Data + Insights

Analysis of visitor and member data allowed us to identify the most valuable visitors.  We developed a quantitative-based segmentation of members, focusing on the top two segments in terms of support of the museum and depth and breadth of engagement. By overlaying the profiles of these distinct segments with third-party market data, we were able to pinpoint where prospects just like them lived within a 30-mile radius of the Museum. Qualitative and quantitative research of high-fit members and non-members revealed a key insight. When we asked prospects to describe the ideal place to spend a day with their children, they said: “a place with a variety of engaging activities, live animals, plenty of indoor and outdoor spaces that reward their curiosity and teaches our kids something.” Without realizing it they had perfectly described the Museum.

To be successful, the creative would need to powerfully bridge the gap between what moms want and what the Museum offers which, wonderfully, is the same thing.

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I challenge you to honestly ask yourself, and perhaps 5 of your colleagues, the following questions:

  • How many unique customers do we have?
  • Which customers are most valuable, and what do they look like (spend, margin, firmographics/ demographics)?
  • What are the buying patterns of products (and services) of these best customers?
  • Are our partners growing same customer revenue year over year, and acquiring the right mix of new customers?
  • What is our share of wallet (by customer) and share of market (by geography)?

If you struggle to answer any of the above questions, or it would take a several days and a lot of manual work, then your organization probably needs to get basic reporting under control.   If you can answer them all honestly and easily, STOP READING NOW!

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Over and over we hear one common theme from our clients and business partners:  “Our organization spends too much time pulling data together for reporting.”  You know the problem all too well – multiple systems, data feeds look different each time, the numbers don’t add up.  Wouldn’t it be great if your operations team could spend their time reviewing and analyzing reports, determining where the trouble spots in your business are and will be, rather than taking a week putting a report together which is already old news?  It becomes a pattern that is difficult to break.  With the start of 2015, make it your resolution to end this vicious cycle!

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