Are you Data Driven?

vinny655
Sep 16, 2022
2 min read

#eCommerce Free download # 3 Metrics that matter -for #DTC #marketplaces and #retailmedia Another guide built by Colin Lewis and I with over 10 years working together with brands and retailers. It is a weekly/daily question in our work.

Having metrics is great - knowing what to do with it is another days writing. Data-driven marketing can help in several ways, including keeping score of all major marketing activities such as:

• Brand and customer metrics, such as top-of-mind awareness, prompted/unprompted, customer churn rate, customer lifetime-value, net promoter score, revenue per customer

• Financial metrics, such as revenue per customer, profit per customer, average transaction value, market share

• Performance or campaign metrics, such as customer acquisition cost, cost-per-click, conversion rate, website bounce rate, cart abandonment rate, new customer sign-ups, media mentions, number of new blog posts

• Insight metrics relating to attribution, A/B testing.

For those in #CLV fear not, it is not forgotten! AS with all metrics, The challenge is to translate marketing activities into financial results that affect the bottom line.

There are nuances to the world of metrics, data and visualisations.

Adam Candlish Director at Data Leaders ™ points out:

‘Visualisation can turn data into useable into information but: • Many visualisations don't take data and turn it into something useable. In fact, anyone familiar with “fake news” will be more than away that data can be used to twist facts.

• Whilst visualisations are not required to make data usable. visualisation *can* turn data into useable into information but this is not required to make data usable.”

However, Clarity is important. Everyone needs to understand the language.

As Marketing Director, Roger Evans writes – using the Giles Brandreth quote:

"Knowledge is knowing that tomato is a fruit. Wisdom is not putting it into fruit salad"!

With this in mind, where do we start with metrics? Let’s start with eCommerce, Marketplaces and Retail Media:

Below is a complete list of metrics for you to use in eCommerce, Marketplaces and Retail Media to get your on your data driven journey.

We wish you luck.

#brands #retailers #attribution #metrics #marketingstrategy #brandsrategy #retail #omnichannel #multichannel #datadriven #profit