Beyond traditional web analytics

The number of conversations and interactions on social media is exponential. As a result, social media monitoring, tracking and analysis has become essential for managing an organization’s brand in order to better identify opportunities and manage threats. Research from McKinsey and MIT indicate organizations engaged in social media realize competitive advantage and performance improvements. The study concludes that approaching social media strategically can support business processes by helping navigate external environments to build stronger links with customers, vendors and employees.

Market Directions uses the best tools available on the market to carry out quantitative and qualitative analyses of the conversation around your brand to monitor and measure the performance of social media with precision. We take a structured approach to research with a framework that captures insights that match your business needs, tracks results over time, and then benchmarks your performance relative to your history, competitors, peers, customers, your industry and the market.

What good is it to know that your click through rates have grown by six percent, when your competitors may have grown by 15%.  Competitive analysis must rely on the collection of data on two or more cases, ideally according to a common framework that can help explain observed similarities and differences reliance.

Benchmarking is a powerful analytical tool that drives incremental improvements. Benchmarking services from Market Directions uses proven methodology and industry-leading tools to quantify--- your standings against competitors’, the industry, vendors and markets.

Our framework includes:

  1. Goal and Objective Definition
    • First we ask:
      • How will data be used?
      • Who will use the data?
      • What do you already know?
      • What do you already have in place?
    • Market:
      • What Industry do you compete in?
      • Who are your customers?
        • Who is the decision maker for purchase?
        • Who are the influencers?
      • Who are your competitors?
      • Who are your vendors and partners?
    • Are there Gaps in knowledge and understanding?
      • Is more research required?
        • Traditional research, i.e. survey
      • Customer Personas
      • Customer Segments
    • You are trying to influence an organization rather than a single person; your online presence still needs to be engaging, relevant, and easy to use because the people in those organizations will visit. Your site should exist to ensure that Visitors to the site can complete the tasks they came to the site for.
    • Is user testing required to understand how a customer navigates yours and your competitor’s sites?
      • Our user tests consist of sample of your audience assigned a task, they perform the task on your site and competitors.
      • Task is video and audio recorded for analysis
  1. Monitoring
    • In order to monitor sites we use software programs where we identify keywords and phrases that customers and the industry use to search for the products, services and information you offer.
    • This is tracked and monitored on relevant platforms such as Facebook, twitter, LinkedIn, etc.
    • Websites monitored with software programs that are enabled to measure analytics of outside sites:
      • Competitors
      • Suppliers
    • Customer Behavior
      • Where was the customer/visitor before your site?
      • Where is the customer after your site?
    • What are the trends for both you and your competitors?
  2. Data Collection
    • First understand Foundation Metrics
      • Foundation Metrics = Google Analytics
        • Visits, Bounce Rate, Page Views, Pages/Visit, Avg. Time on Site, and % New Visits
      • Share of Visits
      • Share of Search
      • Key Traffic Drivers
      • New key term discovery
      • Sentiment – Positive or Negative Comments
      • Demographics and Location
      • Engagement Metrics
      • Task Completion Rate
        • Identify the convertible
      • Visitor Loyalty and Recency
      • Competitors Best practices Benchmark
      • Visibility & Brand Awareness Benchmark
  1. Analysis or Reporting
    • There is a paradox to data collection: a lack of it means you cannot make complete decisions, and with a lot of data, recipients are overwhelmed and can delay action until the data is understood or accepted. That is why time is spent with setting objectives and gaining consensus with the organization that data presented is measuring what it is supposed to measure.
    • Create Dashboards
    • Provide data that is understandable and interruptible by audience
    • Disseminate Information
      • Competitive = obtaining a position of strength
      • Intelligence = creating actionable insights
    • Consistent across segments
      • Competitors v vendors v current platforms
    • Consistent along time frames
    • Adjust as required
    • Static v Dynamic
    • Use qualitative data to understand why
    • Use quantitative data to count, measure and predict
    • SWOT specific to online

A great indicator of marketing’s business acumen is the degree to which others in the organization rely on the data marketing provides to make decisions. To understand your business you have to have a deep intimate understanding of your customers. One of marketing’s primary missions is to own this customer understanding, conveying it to the rest of the organization. Achieving this level of understanding requires data.

This is why a firm such as Market Directions is an ideal partner with organizations that want to embrace the social media and web tools available to measure and track customer and competitor behavior. We are expert in research and marketing, with a background in finance and technology. We understand those languages and are equipped with providing both areas within your organization the rationale and assurance to be comfortable with the data and conclusions discovered.

Learning how to use online monitoring tools and craft them into meaningful insights requires skill and intuition. Market Directions saw this need for clients as a next step in innovating our market research portfolio. Improving our range of solutions and expertise across client’s business issues, with a key emphasis on innovation, insight integration we have been helping clients in measuring their digital impact for over five years.

We support each client’s unique needs with extensive, flexible and customizable solutions and our committed to their success, because their success if ours too.