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The question and answer we included come from an actual interview that Fortune magazine did with billionaire Tilman Fertitta. Yes, no sales team is perfect, and you can always get better at any of these areas, but this graph will help you to identify the “low hanging fruit” where you can invest a little bit of effort to get a large ROI.
Success Metrics. In my Oct 2011 post, Best Social Media Metrics , I'd created four metrics to quantify this value. I believe the best way to measure success is to measure the above four metrics (actual interaction/action/outcome). It can be a brand metric, say Likelihood to Recommend. It is not that hard.
Previously, executives often relied on “squishy metrics” to prove they were generating revenue, reducing costs, optimizing CapEx or OpEx, or retaining customers. I think a lot of business leaders see AI on the cover of a magazine, read a brief article about it, and never really grasp why or how it could benefit the business.
Ramon Ray , tech evangelist and founder of Smart Hustle Magazine, wrote about how to best present your data to a wide audience. Each brings new insights needed to make better business decisions and increase ROI – insights from the past, future, and prescribing possible outcomes. When necessary, provide recommendations.
When this contribution is put against the marketing spend in the particular channel, it produces a reading on the highly coveted return on investment (ROI). ROI gives a standard interpretation of whether a marketing activity was profitable and to compare efficiency across media channels or campaigns. When can you give us the ROI?”.
A Facebook employee (FBe) gave a talk about measuring ROI/Value of Facebook campaigns. FBe's recommendation was (paraphrasing a 35 min talk): Don't invent new metrics, use online versions of Reach and GRPs to measure success. So to imply the ROI in Step 4 is sub-optimal. It is a lovely emotional video (really was!).
. + Traffic Trends Key Metrics Analysis. Onsite Behavior Key Metrics Analysis. I tend to use Hitwise a lot less, or not at all, because it is a very hard to use, it is slow, the UX/UI, metrics and reports have not really evolved over the years. Traffic Trends Key Metrics Analysis. Visitor/Audience Type Profile Analysis.
A thing three that shares optimally aligned See-Think-Do-Care metrics! There is a ton of pressure to show ROI, in 24 hours (!!). Not just your largest addressable audience , that leads to the omni-present spray-and-pray advertising on TV and in magazines. But, let's start with the core intent of my post. Thing One.
Given the two points above, that’s okay—there are good ways to direct data exploration toward ROI. A series of debates in literature, editorials, lectures, magazine articles, film, etc., Overall, this list describes what prevents organizations from obtaining ROI on data science projects. Let’s roll the clock back ~65 years.
Many used some data, but they unfortunately used silly data strategies/metrics. And silly simply because as soon as the strategy/success metric being obsessed about was mentioned, it was clear they would fail. It is a really good metric. There are many spectacular reasons for why Like (and +1s, Followers) is a horrible metric.
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