And That is The Point I Reach for my Cellphone…
Registration is well under way for Datamann’s annual catalog seminar, which we host for the VT/NH Marketing Group. This has become the largest one-day catalog event in the country. This year’s event is Thursday March 30 in Concord, NH. (There is a link to the registration at the end of this posting.)
At last year’s seminar, I surveyed the attendees, asking one – only one – survey question: “What topic do you most want discussed next year”? The top two topics requested were:
- marketing analytics (how to use your data);
- merchandise analysis.
As I was planning the 2017 event, I realized I was too vague in defining what I meant by “marketing analytics”. I needed to know what the attendees thought it meant. So last summer, I contacted all of the attendees that had checked off this topic on their survey and asked for additional clarification of what they needed related to Marketing Analytics.
Almost every reply included a reference to some problem unique to that marketer such as determining the impact of seasonality, LTV by channel, or creating extended personas.
But, there was common ground too. Almost every response I received included a reference to wanting to know one of the following:
- What are the most important metrics/cutting edge KPIs we need to be following to run our business?
- “What metrics does everyone else look at”?
Almost everyone asked for the same thing, in one way or another – what were the metrics that everyone else was using, and what is the “best” method of calculating it?
I saw this as a problem.
Everyone is looking for a short cut. They want a list of the best “metrics” to look at (“you know, the ones that your best clients use)”. They want to reduce their business to a dashboard that refreshes in real-time, telling them exactly what the response rate is for today’s allocation of a mailing that was sent 12 weeks ago.
They want that list for one of two reasons. First, they believe there is some elusive statistic, which if they were aware of, and tracked it, they could fundamentally change their business. They just haven’t discovered it yet.
Second, they want it for that all-important weekly sales meeting where the CMO, CFO and CEO all ask “how are we doing”? They want to say “based on the most advanced, cutting-edge methods of performance measurement, we are doing fine”. Sales and response may be 20% below plan, but they are hoping that there is some magic “metric” they can throw on the table that shows they are doing their job above average.
That is, of course, if they can get anyone’s attention long enough to make that declaration.
One respondent had a very interesting comment, but for a reason different than he probably intended. He wrote “I’d like to learn what are the best practices in data visualization. Most marketing analysts are great at assembling piles of data, but don’t know what to do with it after that. The problem with data visualization is the fine line between representing the data in a simple yet effective way, but making it sophisticated, inspiring and able to hold the attention of a room for more than 8 seconds before they reach for their cell phone. I’ve sat in on some best practice presentations on data visualization in the past and am always amazed at how lacking it is in examples of best practice. More often than not it is all gum flapping about why it is important to show context and how it is both an art and a science…and that is the point when I reach for my cell phone…”
His comment summed up another problem. Mailers want the short-cut, but they also need a way to communicate it – so that everyone understands. And they want specifics – not more generalizations about “showing content”.
Years ago, when I worked at Potpourri, it was a family-owned business. Everyone spoke the same “catalog” language, meaning everyone knew what I meant when I referred to SPB (sales per book) and CPNC (cost per new customer). Plus, everyone at Potpourri at the time was focused on one thing – the catalog.
Then I went to work at Brookstone, where I was the only cataloger, and I was competing with 200 stores for the attention of upper management. No one understood me when I referred to SPB or CPNC. Even when I explained these metrics, and showed the math, there was no inherent understanding by upper management. Additionally, since these guys all thought they were God’s gift to retailing and accounting, they assumed I must be the one who did not know what I was talking about.
Consultants know something that most mailers don’t appreciate. We realize that every client is different. The metrics that are important for one mailer may be meaningless to another, depending upon whether they are in a growth mode, they are mature, they are big or little, etc. Further, there are no “averages” for response rate or conversion rate. Clients don’t want to hear that. They want concrete benchmark numbers and metrics to which they can compare themselves.
This is NOT what I want to present at the seminar. I could have found a dozen speakers that would stand before you and give their list of the 38 Irrefutable Most Important Catalog/Ecommerce Business Metrics to run your business. I could have found dozens of vendors that would talk to you about the importance of big data (“sign up today here at the seminar, and get 10% off your Big Data starter kit”).
I want this seminar to give you something different. I do not want you reaching for your cellphone after you get the list of 5 important metrics. I want to challenge you to think.
So, if you are signing up for our seminar because you are hoping/expecting to get a list of the five most important metrics to add to your dashboard to increase productivity by 20% as you run your company, well, you are going to be disappointed. That’s not what you’ll get.
Instead, the three speakers are providing a combination of insight, options and a mirror. You don’t need more metrics (beyond a few basic ones I’m going to discuss). You don’t need fancy reporting. You need to simply take an overall view of your business. You need insight into your merchandise and what your customer thinks of it – which Frank Oliver will be presenting with his merchandise analysis.
Kevin Hillstrom’s business simulation is the mirror. Kevin will not be presenting hundreds of ideas and having hundreds of people say ‘no, won’t work, next idea please’. He is flipping the script … and put accountability on you instead. His business simulation will have you making decisions, and seeing whether your decisions work or don’t work. You’ll see that you already have enough information to make good decisions; you are simply not using information with confidence.
You’ll be looking into the mirror, realizing that the fate of your company does not reside with data, or metrics, or Tableau, but with your decision to take action.
Our seminar last year sold out a full month before the event, so please plan on registering early. Seating will again be limited.
To register for the seminar, click here to visit the VT/NH Marketing Group’s website.
Registration costs for this all day event:
- $135 for VT/NH Marketing Group members
- $200 for non-members
- Registrations are accepted until March 28, 2017
The Marriott Courtyard/Grappone Conference Center, Concord, NH is located at 70 Constitution Ave in Concord, NH – just north of the intersection of I-89 and I-93. Special room rates of $119 are available for attendees of the seminar for the night of March 29, if you book your room with the Marriott by March 1, 2017. You must mention your attendance at the seminar to receive the special rates, or reserve your room directly at this special link: http://cwp.marriott.com/mhtcn/vtnhmarketinggroup/
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by Bill LaPierre
VP – Business Intelligence and Analytics
Datamann – 800-451-4263 x235