Monday, September 29, 2014

Diving into Data (Web Analytics) looking for key Insights / Advice of Avinash.

Diving into Data (Web Analytics) looking for insights.
Advice of Avinash:

New Nirvana Rule: Never report a metric (even God’s favorite KPI) without segmenting it to give deep insights into what that metric is really hiding behind it.
The power of segmenting a metric is that you peek behind the curtain and find out more about the metric. These are the benefits that you will gain:
1.    It is impossible to segment any metric without putting in the effort to understand what we are reporting and the business value that the metric represents. This is hard work but what does not kill you makes you stronger. :~)
2.    Segmenting allows you to quickly hone in on areas of deeper dive from which will emerge key insights that will drive real and meaningful action.
3.    Our senior executives and decision makers don’t understand all the complexity and magic that is a web experience, showing them segmented trends is a extremely effective communication tool (and the best part is you barely have to talk, the picture will tell the story).
4.    You will earn a big fat bonus and promotion.

KPI Attributes:
1) What is good for Jane it might not be good for John. Every web business is unique !!
2) Do not go for perfection: Good is enough !!
3) Critical few baby, critical few !! Few KPIs:Most common: 3. Maximum: 4 KPI for each website analysis.
4) KPI Lifecycle (Half of KPI will die in one year), because your competitor become stronger. So apply Lean Six Sigma Process (Define, Measure, Analyse, Action, Improve or Eliminate). If your KPI do not give you insight, kill it, be brutal and kill it, and then define a new better KPI .

Each KPI must be:
1) Uncomplex
2) Relevant
3) Timely
4) Instantly useful

Do Not forget of Conversion Trinity
1) Relevant
2) Value
3) Call to action