Customer Centric Organization, Value Proposition Management, Segmentation

I just finished read a great book:
Angel Customers and Demon Customers: Discover Which is Which and Turbo-Charge Your Stock by - Larry Selden and Geoffrey Colvin

The theme of this book is about how to identify your customers, based on the profitability achieved from these customers. A financial modeling tool based on the customer segments further allows you to identify the good customers (with whom you have profitable business) and bad customers (who despite of their business bring a loss to your company). Although the book is written about overall products, using the same principles to segment your online customers should bring a positive change to your business.

If you are a person whose group is tasked with making money from existing customers this is a must read for you. I have some notes to share, but this is powerful material in a very concise format. I highly recommend reading the book.

My notes
•With the organization the accountability should be switched from being in-charge of a territory/product segment to being in-charge of a customer segment. This results in accountability and profits related to each customer segment and thus putting the resources to be responsible for making a segment profitable.
•Setting accountability around customer segment also makes organization flexible and allows manager to serve customers need in better way and reduces the costs for the organization.
•On a very high-level the customers can be segmented as Profitable OR Non-Profitable, High Potential – Low Potential.
•KPI: Spread = (Return on Invested Capital – Cost of Capital)
•Three principles the a customer centric company should follow:
Principle #1: Think of your company not as a group of products or services or functions or territories, but as a portfolio of customers.
Principle #2: Every company’s portfolio of customer can and must be managed to produce superior returns for shareowners – meaning a consistently better than average share price appreciation – not just to produce earnings per share or EBITDA or revenue growth or customer satisfaction or anything else.
Principle #3: Companies enhance customer profitability and drive their stock by creating, communicating and executing competitively dominant customer value proposition.
• Capital today travels around the globe instantly, continually, relentlessly seeking its best use. Every company now gets a daily report card in the form of its share price, on how it’s doing when compared its competition to attract capital.
•There is first mover advantaged to be gained for a company that organizes itself to be customer centric before its competition.
•Customer centric is good news and bad news. Bad news as it requires a lot of hard systematic work. Good news because your competitors also face the same challenge and hence your effectiveness determines the advantages you could gain being ahead of your competition. Remember, customers are where the money comes from.
•In essence customer centric is shift from products made, functions carried out, and territories served to how profitable customer segments are.
•New technology requires companies to shift corporate power and redesign business process as they face the inevitability of putting customers at center.
•Capitalizing on customer data is creating value from what you already have.
•“Good will” is the most valuable of intangible assets in the value of the acquired companies, profitable or high potential customers.
•Rate you readiness(for customer centric business):
-A premium P/E multiple as the measure of success.
-Value proposition management.
-Creating a customer centric enterprise.
•Common excuses that employees pose when making changes to organization structure:
-The privacy issues are too tough.
-We are in regulated industry.
-We’ve already got a lot of customer focused initiatives.
-We’re under too much short term earning pressure to do it now.
•Metrics: Shareholder value, Customer Acquisition Cost, Number of Customers, Churn Rate.
•When calculating the profit from customers it’s not the actual profit but the economic profit from each customer.
•If you can’t earn more than the return on your invested capital your business is failing. Thus increased revenues are not always equal to shareholder value. Also, wasting money on efforts to attract and retain unprofitable customers does harm to the bottom-line of the business.
•4 Factors that determine your P/E
-Return on invested capital
-Capital Cost
-Investments
-Spread Duration
•You have reached the premium P/E Sweet Spot if:
-Return on invested capital > 25%
-Capital Cost < 12%
-Investment (in excess of depreciation)>70% of earnings
-Spread duration>Ten Years
•Why is being customer centered so important?
-Customers are the only source of revenue and profits
-Knowing each customer’s profitability, and the reasons for it, is critically important to creating value propositions that drive success.
-Understanding customer’s different needs and behaviors is central to serving them most profitably.
-Obtaining and analyzing this information used to be overwhelmingly difficult but now it’s practical.
•In a product centered company, a manger has an answer – a product – and is seeking customers with the right question. In a customer-centered company, a manager has customers with specific needs and is seeking winning value proposition for them.
•Top management must be continually vigilant so that in creating customer segment business units, it doesn’t simply replace product, territory, or functional silos with a new variation, since customer segments are always changing and customers often move from one segment to another.
•In customer centric company, product managers are still accountable for product P&L, properly calculated with all appropriate customer cost, as noted above. That’s because they must be incentivized to supply their internal customers at reasonable cost, and they must be responsible for earning a satisfactory return on the company’s investment in products. They remain company’s product experts, a necessary and vital role.
•Some of the objections that managers usually have with making changes to the organization structure are:
-May cause corporate identity crisis.
-Feasibility of Customer Centric model
-Doubtful about the cost of the IT change
-Objection with the disruptive changes
-What about other high priority tasks
-Low confidence in the change initiative
-Passive resistance.
•At a certain point adding incremental segments adds costs and wipes out the gains from the economic profit.
•Competitively superior customer segmentation is a five step process:
-Grouping all customers into deciles by profitability
-Studying customer behavior within these profitability deciles to begin to understand why some customers are more profitable than others.
-Using this understanding, defining needs based segments.
-Dividing each of these segments into profitability deciles.
-Based on experience over time, redefining or subdividing segments.
•Model on Value Proposition Management:
Creation
-Synthesizing customer segment knowledge
-Hypothesis formulation
-Hypothesis testing and verification
Communication
-Communicating winning value proposition to organization and customers
Execution
-Scaling successful experiments
-Knowledge accumulation from the whole experience.
•Six foundation stones to become truly customer centered:
-Mind set
-Preliminary data
-Customer centered people
-A service culture
-Explicit recognition of customer segments
-Committed leadership
•Changes in three dimension
Technical
From:
-Tracking product P&L
-Product development
-Developing product strategy
-Calculating product net present value
-Product Sales
-Managing Product Life Cycle
-Running Product business reviews
To
-Tracking customer P&L
-Customer needs assessments
-Developing customer value
-Developing customer value propositions
-Calculating customer net present value
-Relationship management
-Managing customer life cycle
-Running customer business reviews

Political
From:
-Strategy driven by product organization
-Products and territories are dominant in resource allocation
-Function heads or product business unit heads are best compensated
-Incentives reward product profitability
-CEO successor comes from functional area or product business unit.

To:
-Strategy driven by customer segment CEOs
-Customer segments are dominant in resource allocation
-Best performing customer segment heads are best compensated
-Incentives reward customer profitability
-CEO successor comes from customer business unit

Cultural
From:
-Products matter most
-Internal efficiency leads to success
-Product data is key
-Employees want to be functional or product innovation stars
-Customers are demanding and an annoyance
-All customers are created equal

To:
-Customer experiences matter most
-Engaging customers lead to success
-Customer data is key
-Employees want to be on teams that win with customers
-We value making a difference in customer experience
-High Profit and high potential customers deserve a superior experience.

•Better way to do M&A
-To see if an acquisition will succeed or fail, look at the balance sheet, not just the income statement.
-In most mergers, the acquirer is buying customers
-In most companies, the distribution of customer profitability is much wider than manager’s suspect.
-Corporate acquirers are buying customers in bulk rather than one by one, so they should logically get a discount; instead they usually pay a premium.
-Buying profitable customers at premium prices can be far superior to buying a company.




Here are the basic questions I gathered by reading this book. I am going to get answers to these questions so that I can understand the customer segmentation needs better.

1)Who in the company owns the customers?
2)Who is responsible for the profitability of any given customer/segment?
3)How significantly does the company differentiate its interaction with different customers?
4)What is the revenue per customer segment and how profitable those customers are? (rather than just looking at the overall revenue figures)
5)Are you product managers looking at the profitability of individual customer segments to make changes to the products and services? This ensures that you make money from all customer segments.
6)What is net promoter score of your products?
7)What is your customer acquisition channel? Are there different possibilities to it? Can you change the acquisition process?
8)How much should we spend on attracting, serving and knowing the customers?
9)How can we make an unprofitable customer a profitable customer?
10)What if we spend less on service?
11)Are we better off attracting customers who spend a little every year for many years, or customers spend a lot for a few years and leave?
12)What is the value of a particular customer, or customer segment?
13)Can a customer’s value really be calculated?
14)If the customer value can be calculated how can we affect the value?
15)Which customers of current or potential are attractive and which not?
16)How can we attract additional valuable customers?
17)How much share holder value does a customer create? (Spread/# of customers)
18)Can your customers pay for employee training (indirectly) for developing new products and services?
19)What customers get discounts? Are you willing to encourage them buying other products on discount? How are you going facilitate this?
20)What customers cover your fixed operational cost and whom do you bank on for covering incremental costs?
21)Do the unprofitable customers bring some value to your company? Is this value helping the perception of profitable customers?
22)How is the current, new, lost customer segment is contributing to your portfolio (the hard numbers)
23)Are we gaining the kinds of customers we want to gain?
24)Are our current customers responding to our value propositions in the way we want, or do we have to make changes?
25)Are we losing valuable customers?
26)Who are your “best” customers?
-How do you define best?
-What is the economic profitability (in $) and return on invested capital (in %) of your best account?
-How do you set your profitability target for each account?
-Who are your worst accounts? What are their profitability levels?
-What is the minimum required profitability per account?
27)How do you define the level of your customer knowledge?
-How do your products and services affect your accounts strategy?
-How do your products and services affect your accounts revenue, asset and income?
-How strong is the senior management relationship between your company and your accounts? CEO to CEO?
-Who are the real decision makers in each customer organization?
-What is your company’s share of wallet with your accounts?
-Who are your major competitors? What are their killer value propositions?
-If you were to increase your prices by 10 percent, how many customers would you lose?
28)Do you segment your customers?
-What is your basis for customer segmentation – industry geography, size, other?
-How are you serving each segment differently from the others?
-What profitability goals per segment do you set?
-What are the benefits of serving segments differently – improved profitability? Something else?
29)How do you target new accounts?
-Why do you target those accounts?
-How will you serve each one of them differently from the others?
-What will be the results of serving them differently?
-How do you decide how much of your resources to invest in target segments?
30)What are your churn rates by customer segments?
-What are the top reasons for the churn? How do you win back lost accounts?
-Do segments constitute a certain concentration of products and services? Why?
31)Which accounts are in each decile by revenue and profitability?
-What are the noticeable similarities and differences between customers in the different deciles?
-What percentages of your accounts contribute 80% of your profitability? Or revenue?
32)What are you churn rates by decile?
-What are the top reasons for churn in each decile? What do you do to win back lost accounts?
-Do top deciles constitute a certain concentration of products or services? Why?
33)What can be done to increase your retention rate?
-What are the differences in retention among profitability deciles?
-Are the business units structured to retain profitable customers for long time?
34)How much do you know about your customers purchasing behavior?
-What is their frequency of visit?
-What is their conversion rate?
-What is their average spend per transaction?
-What was their total spend with you during the past five years?
-What is the size of their wallet? What percentage is spent with you?
-Do they prefer your value propositions over your competitors? And if so why?
-If you were to increase your price by 10 percent, how many customers would you lose?
35)How are you segmenting your customers?
-What is your basis for customer segmentation – needs, lifestyle, geography, other?
-How are you serving each segment differently from others?
-What are the benefits of serving segments differently – improved profitability? Something else?
36)What is your customer segment profitability?
-What is customer’s or segments frequency of transaction, transaction amount, longevity, recency, etc?
-What do you do to affect customer’s behavior? How do you monitor the changes?
-What are the differences in profitability between customers or segments?
37)What aren’t more customers buying our high margin services?

A note to my fellow knowledge workers

The following are some lines selected from the book: The Essential Drucker by management guru Peter F. Drucker. In this book Drucker tries to give the managers, executives and professionals of tomorrow the understanding of both the society and economy they inherit, and the tools to perform the tasks with which the next society and the next economy will confront.

The Knowledge Worker

Effectiveness must be learned
•The knowledge worker is, first of all, expected to get the right things done. And this means simply that the knowledge worker is expected to be effective.
•High intelligence is common enough among knowledge workers. Imagination is far from rare. The level of knowledge tends to be high. But there seems a little correlation between a man’s effectiveness and his intelligence, his imagination, or his knowledge.
•Intelligence, imagination and knowledge are essential resources, but only effectiveness converts them into results.
Why we need effectiveness?
•Effectiveness is specific technology of knowledge worker within an organization.
•Knowledge worker, the person who puts to work what he has between his ears rather than brawn of his muscles or the skill of his hands.
•Working on the right things is what makes the knowledge work effective. This is not capable of being measured by any of the yardsticks for manual work.
•Knowledge workers cannot be supervised closely or in detail. They can only be helped. But they must direct themselves, and they must do so toward performance and contribution, that is towards effectiveness.
•One can indeed never be sure what the knowledge worker thinks and yet thinking is his or her specific work; it is knowledge workers “doing”
•The motivation of knowledge worker depends on him being effective, on him being able to achieve. If effectiveness is lacking in his work, his commitment to work and to contribution will soon wither, and he will become time server going through motions from nine-to-five.
•The greatest wisdom not applied to action and behavior is meaningless data.

Who is an executive?
•Every knowledge worker in modern organization is an “executive” if, by virtue of his position or knowledge, he or she is responsible for a contribution that affects the capacity of organization to perform and to obtain results.
•He may be overridden; he may be demoted or fired. But so long as he has the job, the goal, the standards, and the contributions are in his keeping.
•Knowledge work is not defined by quantity. Neither is knowledge work defined by its cost. Knowledge work is defined by its results.
•Throughout every one of our knowledge organizations, we have people who manage no one yet are executives.
•Peter Drucker has called “executives” those knowledge workers, managers or individual professionals who are expected by virtue of their position or their knowledge to make decisions in normal course of their work that have impact on performance and result of the whole.
•Executives should plan, organize, integrate, motivate and measure.

Executive realities: Unless the executives work at being effective, the realities of their situation will push them into futility.
•The executive’s time tends to belong to everybody else.
•Executives are forced to keep on “operating” unless they take positive action to change the reality in which they live and work.
•Third reality is pushing the executives toward ineffectiveness is that he is within an “organization”. This means that he is effective only if and when other people make use of what he contributes. Each has to be able to use what others produce.
What happens inside an organization is efforts and cost. To speak of “profit center” in a business as we are wont to do is polite euphemism. There are only effort centers. The less an organization has to do produce results, the better it does its job.

An organization is an organ of the society and fulfills itself by the contribution it makes to the outside environment.

Outside changes to an organization have to be perceived they cannot be counted, defined, or predicted.

The promise of effectiveness
•A senior executive, we are told, should have extraordinary abilities as an analyst and as a decision maker. He or she should be good at working with people and at understanding organization and power relations, be good at mathematics and have artistic insights and creative imagination.
•If one cannot increase the supply of a resource, one must increase its yield. And effectiveness is one tool to make the resources of ability and knowledge yield more and better results.

Can effectiveness be learned?
•A knowledge worker who by definition has no authority other than that of knowledge must himself be effective – or else his nothing.
•The most effective knowledge worker depends on people with the organization to get things done.
•Their effectiveness therefore determines in the last analysis whether a knowledge worker contributes and achieves results, or whether he is pure “cost center” or at best a court jester.
•Effectiveness, in other words, is a habit; that is, a complex of practices. And practices can always be learned.

Focus on contribution
•The effective person focuses on contribution. He looks up from his work and outward towards goals. He asks, “What can I contribute that will significantly affect the performance and the results of the institution I serve?” His stress is on responsibility.
•The great majority of people tend to focus downward. They are occupied with efforts rather than the results. They worry over what the organization and their superiors “owe” them and should do for them. And they are conscious above all of the authority they “should have.” As a result, they render themselves ineffectual.

Own Commitment
•To ask, “what can I contribute?” is to look for the unused potential in the job. And what is considered excellent performance in a good many positions if often but a pale shadow of the job’s full potential of contribution.
•Knowledge workers who do not ask themselves, “what can I contribute?” are only likely to aim too low, they are likely to aim at the wrong things. Above all, they may define their contribution too narrowly.
•The next generation of knowledge workers should take for granted what the hard work and dedication of this generation has accomplished. They should then, stand the baseline for the generation after them.
•The most common cause for failure is inability or unwillingness to change the demands of a new position. The knowledge worker who keeps on doing what he has done successfully before he moved is almost bound to fail.

Contribution of knowledge
•Knowledge workers do not produce a “thing”. They produce ideas, information, and concepts. The knowledge worker, moreover, is usually a specialist. In fact, he can, as a rule, be effective only if he has learned to do one thing very well, that is, if he has specialized.
•It is to enable the specialist to make himself and his specialty effective. This means that he must think through who is to use his output and what the user needs to know and to understand to be able to make productive the fragment the specialist produces.
•Effective people fine themselves asking other people in the organization, their superiors, their subordinates, but above all, their colleagues in other areas, “what contribution from me do you require to make your contribution to the organization? When do you need this, how do you need it, and in what form?

The right human relations
•The focus on contribution by itself supplies the four basic requirements of effective human relations
-Communications
-Teamwork
-Self development
-Development of others
•The harder the superior tries to say something to his subordinate, the more likely is that the subordinate will mishear. He will hear what he expects to hear rather than what is being said.
•What are contributions for which this organization and I, your superior, should hold you accountable? What should we expect of you? What is the best utilization of your knowledge and your ability?
•The focus on contribution leads to communications sideways and thereby makes team work possible. The question, who has to use my output for it to become effective? Immediately shows up the important people who should be communicated about the work.
•What is the most important contribution I can make to the performance of this organization? As in effect, what self-development do I need? What knowledge and skill do I have to acquire to make the contribution I should be making? What strengths do I have to put to work? What standards do I have to set for myself?
•The executive who focuses on contribution also stimulates others to develop themselves, whether they are subordinates, colleagues, or superiors. They grow according to what they consider to be achievement and attainment.

Know your strengths and values
•Workers, especially knowledge workers outlive any employer, and will have to be prepared for more than one job, more than one assignment, more than one career
What are my strengths?
•Concentrate on your strengths. Place yourself where your strengths can produce performance and results.
•Work on improving your strengths.
•Identify where intellectual arrogance causes disabling ignorance.
•Remedy your bad habits – things you do or fail to do that inhibit your effectiveness and performance. They quickly show up in the feedback analysis.
•Waste as little effort as possible on improving areas of low competence.
•Do not try to change yourself- it is unlikely to be successful. But work, and hard, to improve the way you perform. And try not to do work of any kind in a way in which you do not perform, or perform poorly.

What are my values?
•Organizations have to have values. But so do people. To be effective in an organization, one’s own values must be compatible with the organization’s values.

Where do I belong?
•Successful careers are not “planned”. They are the careers of people who are prepared for the opportunity because they know their strengths, the way they work, and their values.

Know your time
•Effective knowledge workers do not start with their tasks. They start with their time. And they do not start out with planning. They start by finding out where their time actually goes. Then they attempt to manage their time and to cut back unproductive demands on their name.
•3 step process for analyzing time:
-Recording time
-Managing time
-Consolidating time
•Everything requires time. It is the only truly universal condition. All work takes place in time and uses up time. Yet most people time for granted this unique, irreplaceable, and necessary resource. Nothing else, perhaps, distinguishes effective executives as much as their tender loving care of time.
•Effective person therefore knows that to manage his time, he first has to know where it actually goes.

Time diagnosis
•The first step toward effectiveness is therefore to record actual time-use. The specific method in which the record is put together need not be of concern.
•One has to find the nonproductive, time-wasting activities and get rid of them if one possibly can.
•First one tries to identify and eliminate the things that need not be done at all, the things that are purely waste of time without any results whatever.
•All one has to do is to learn to say no if an activity contributes nothing to one’s own organization, to oneself, or to the organization for which it is to be performed.
•The next question is, which of the activities on my time log could be done by somebody else just as well, if not better?
•Delegation, as the term is customarily used, is a misnomer in the situation. But getting rid of anything that can be done by somebody else so that one does not have to delegate but can really get to one’s own work- that is a major improvement in effectiveness.
•Common cause of time-waste is largely under the executives control and can be eliminated by him. This is the time of others he himself wastes.
•What do I do that wasters your time without contributing to your effectiveness? Is one question one should ask directly?

Pruning time wasters
•The first organizational time-waster results from lack of system or foresight.
•Time-waste often results from overstaffing.
•Another common time-waster is malorganization. Its symptom is an excess of meetings.
•The last major time waster is malfunction in information.

Effective decision making process
•The clear realization that the problem was generic and could only be solved through a decision that established a rule, a principle.
•The definition of the specifications that the answer to the problem has to satisfy, that is, of the “boundary conditions”
•The thing through what is “right”, that is, the solution that will fully satisfy the specification before attention is given to the compromises, adaptations, and concessions needed to make decision acceptable.
•The building into the decision of the action to carry it out.
•The feedback that test the validity and effectiveness of the decision against the actual course of events.

Four type of occurrences
•Is this a generic situation or an exception? Is this something that underlies a great many occurrences? Or is the occurrence a unique event that needs to be dealt with as such? The generic always has to be answered through a rule, a principle. The exceptional can only be handled as such as it comes.
•There is first the truly generic, of which the individual occurrence is only a symptom.
•Then there is the problem that, while a unique event for the individual institution, is actually generic. For these, however one has to look to the experience of others.
•Next there is the truly exceptional, the truly unique event. Truly unique events are rare, however. Whenever one appears, one has to ask, is this true exception or only the first manifestation of new genus? And this, the early manifestation of new generic problem, is the fourth and last category of events with which the decision process deals.
•By far the most common mistake is to treat a generic situation as if it were a series of unique events, that is, to be pragmatic when, one lacks the generic understanding and principle. This inevitably leads to frustration and futility.

Specification of decisions
•The second major element in the decision process is clear specification as to what the decision has to accomplish.
•What are the objectives the decision has to reach? What are the minimum goals it has to attain? What are the conditions it has to satisfy?
•The effective person knows that a decision that does not satisfy the boundary conditions is ineffectual and inappropriate.

What is right?
•One has to start out with what is right rather than what is acceptable (let alone who is right) precisely because one always has to compromise in the end. But if one does not know what to satisfy the specifications and boundary conditions, one cannot distinguish between the right compromise and the wrong compromise- and will end up by making wrong compromise.
•For there are two different kinds of compromise. One kind is expressed in the old proverb, Half a loaf is better than no bread. The other kind is expressed in the story of the judgment of Solomon, which was clearly based on the realization that half a baby is worse than no baby at all. In the first instance boundary conditions are still being satisfied. The purpose of bread is to provide food and half a loaf is still food. Half a baby, however, does not satisfy the boundary conditions. For half a baby is not half of a living and growing child. It is a corpse in two pieces.

Converting into Actions
•Converting the decision into action is the fourth major element in the decision process. While thinking through the boundary conditions is the most difficult step in decision-making, conversion the decision into effective action is usually the most time consuming one. Yet decision will not become effective unless the action commitments have been built into the decision from the start.
•Converting a decision in to action requires answering several distinct questions: Who has to know this decision? What action has to be taken? Who is to take it? And what does the action have to be so that the people who have to do it can do it?

Feedback
•Finally, a feedback has to be built into the decision to provide continual testing, against actual events, of the expectations that underlie the decision.
•Futility is that lot of feedback processes just don’t function correctly.
Opinion rather than fact
•A decision is a judgment. It is a choice between alternatives. It is rarely a choice between right and wrong. It is at best a choice between “almost right” and “probably wrong” – but much more often a choice between two course of action neither of which provably more nearly right than the other.
•The effective person therefore, asks, what do we have to know to test the validity of this hypothesis? What would the facts have to be to make this opinion tenable? And he makes it a habit - himself and in the people with whom he works – to think through and spell out what needs to be looked at, studied, and tested.
•The effective decision maker assumes that the traditional measurement is not the right measurement. Otherwise, there would generally be no need for decision; a simple adjustment would do. The traditional measurement reflects yesterday’s decision. That there is need for a new one normally indicates that the measurement is no longer relevant.

Develop disagreement
•What does this fellow have to see if his position were, after all, tenable, rational, and intelligent?

Is a decision really necessary?
•One has to make a decision when a condition is likely to degenerate if nothing is done.
•Act if on balance the benefits greatly outweigh cost and risk.
•Act or do not act, but do not hedge or compromise.
•There is no inherent reason why medicines should taste horrible but effective ones usually do. Similarly, there is no inherent reason why decisions should be distasteful – but most effective ones are.
•Cowards way: All the coward achieves is to die a thousand deaths where the brave man dies but one.

Functioning Communication:
•Functioning Communication is
-Communication is perception
-Communication is expectation
-Communication makes demand
-Communication and information are different and indeed largely opposite – yet interdependent.
•Before we can communicate, we must, know what the recipient expects to see and hear.
•Where communication is perception, information is logic. As such, information is purely formal and has no meaning. It is impersonal rather than interpersonal.
•Information is always encoded. To be received, let alone to be used, the code must be known and understood by the recipient. This requires prior agreement, that is, some communication.

Web Analytics: An Hour A Day

I just finished reading an awesome book. It is Web Analytics: An Hour a Day written by Avinash Kaushik. I must say I have become a fan of Avinash he has not only mentioned the calendar wise training in the book but most importantly focused on conveying the message that no two organizations are alike and hence putting some thought before buy, implementing, analyzing and acting is always a must!

Another thing commendable about the author is that Avniash has decided to give all the proceeds from this book to a charity.

I created a cheatsheet, but I think that if you are a newbie to web analytics you will be better off by reading the book and not only getting the information on what questions should be asked but also knowing what is the thought process you have to develop. All the credit for notes goes to the author, I have merely created a gist for myself so that I can refer to my reading in future without having to read the book.

The URL to the cheatsheet is:
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Web Analytics:An Hour A Day Cheatsheet
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Here are the questions that I gathered about the website I analyze, after reading this book:

Fundamental Web Analytics:What are the top exit pages on your website? Does your business model mean that exit pages are bad?
Fundamental Web Analytics:What is the Website Engagement (sessions/unique visitors)? Does having multiple sessions per unique visitors mean that your website is good or means its bad?
Fundamental Web Analytics:What does Gartner or Forrester report say on the screen resolution trends for websites in your vertical?
Fundamental Web Analytics:Where are the visitors clicking on your website? (Find out using Site Overlay or the Click Map in your tool) Fundamental Web Analytics:Where are the various visitor segments clicking on? (Find out using Site Overlay or Click Map in your tool)
Fundamental Web Analytics:Survey: Ask your visitors what is their purpose behind visiting your website?
Fundamental Web Analytics:What are the success rates for different tasks? (Do you have an explicit way to record this or you are just using page views? Use Site Catalyst custom event)
Fundamental Web Analytics:To find conversion events related to your website ask the question why does your website exist?
Fundamental Web Analytics:Web Logs are the only data capture mechanism that will capture and store the visits and behavior of search enginge robots on your website
Fundamental Web Analytics:To measure page on first and last page can you write a function that calculates time on-load event rather than exit?
Fundamental Web Analytics:Do you have any Prizm Database paratmeters?
Fundamental Web Analytics:Are you using Panel Based (ComScore), ISP Based (hitwise) or Search engine based data to enhance your competitive intellegence?
Fundamental Web Analytics:What does Google Trend and Microsoft AdLab data tell you about the keywords?
Fundamental Web Analytics:Was a usuablity test performed on your new launch? If yes, get in touch with the Usability Engineer and find more on objectives and questions.
Fundamental Web Analytics:Did you check for the American Customer Satisfaction Index for your vertical? Www.theacsi.org also check iperception benchmarks
Fundamental Web Analytics:To find basic KPI for your website ask the questions How is the website doing in terms of delivering for the customers?
Fundamental Web Analytics:Do you have web link validator? You can find that on www.relsoftware.com/wlv/. Run this projgram weekly and report to web dev about pages missing links
Fundamental Web Analytics:Which Pages are missing page tags?
Core Web Analytics Concepts For determining the cookie and domains related ask the question what is the identity of your website?
Core Web Analytics Concepts:What can URL tell you about your Site Structure? If nothing then Can you pass custom variable to differentiate in the Site Sections?
Core Web Analytics Concepts:What are all the query string parameters possible on your website?
Core Web Analytics Concepts:What do each of the query string parameters on your website convey?
Core Web Analytics Concepts:What are the various possibilities for each of the query string parameters on your website?
Core Web Analytics Concepts:Which Query string parameters make the page a unique page?
Core Web Analytics Concepts:What cookies are being set by your websites/webservers? And What is the information stored in the cookies?
Core Web Analytics Concepts:What is the cookie churn (deletion rate)? Or simply how many visitors have persistent cookie enabled?
Fundamental Metrics:How many Unique Visitors do you have? (Or simply put, cookies)
Fundamental Metrics:How many Daily Visitors, Weekly Visitors and Monthly Visitors do you have?
Fundamental Metrics:What was the avg time on site or session duration? (you may further slice and dice according to visitor segments)
Fundamental Metrics:What is the distribution of visits where session duration is 0 seconds? (Can you slice this data to filter single access visits from it?)
Fundamental Metrics:What is Average Session Duration for visitors coming from different search engines?
Fundamental Metrics:What are the number of daily page views?
Standard Reports:How is the bounce rate caluclated in your web analytics package?
Standard Reports:What is the bounce rate for various campaigns that you have? (conveys if the effective campaign sent across quality traffic)
Standard Reports:What is the bounce rate for the different entry pages?
Standard Reports:Where to visitors with high bounce rate come from?
Standard Reports:What are the refferring sites and URLs to your website?
Standard Reports:What are the search key phrases that people are using to get to your website?
Standard Reports:What are the search key phrases by search engine?
Standard Reports:What are visitors (visits), % visitors, total page views, page views per visit, avgerage time on site, bounce rates for search key phrases?
Content Quality and Navigation:What are the top Entry pages?
Content Quality and Navigation:What are top viewed pages?
Content Quality and Navigation:Do you have content density or click map tool installed and configured?
Content Quality and Navigation:What types of path analysis reports are your running?
Content Quality and Navigation:How visitors behave on the top pages of your website, and whether content on these pages is working (especiqally links)
e-Commerce Foundational Reports:What are the Revenue, Purchase Units and Average Selling Price for the different product categories?
e-Commerce Foundational Reports:What is the week over week trend for the Revenue, Purchase Units and Averahe Selling Price for product categories?
e-Commerce Foundational Reports:What do changing trend have to say about the promotions that your company is running? Is the promotion working?
e-Commerce Foundational Reports:What are your monthly conversion rates segmented by acquisition strategies? (email campaign, SEM/PPC, Ambient Traffic, Overall)
e-Commerce Foundational Reports:What are the periodic goals for your website business and how did you rank against the forecast? (month conversions, unique visitors etc)
e-Commerce Foundational Reports:How do you measure the upsell or cross sell activity?
e-Commerce Foundational Reports:What is the trending for the upsell or cross sell activity over time? Is it still as effective when you started? What is the Life Time Value of your customer?
support site Foundational Reports:What options are your visitors using on your support site (internal search engine, top FAQ pages, product downloads, links from forums etc)
support site Foundational Reports:What is the percent of clicks on links below the threshold (and are any of these links important)?
support site Foundational Reports:Survey: Problem resoultion rate: What percent of survey respondents were able to resolve the problem they had?
support site Foundational Reports:Survey: Timeliness: What percent were satisfied with the time it took them to resolve their problem?
support site Foundational Reports:Survey: Likelihood to recommend: What percent are so satisfied that they are likely to recommend your support website to others?
support Site Foundational Reports:Are you using page level surveys? Who is accountable for the action on the feedback received on the surveys?
Search Optimization:What are your top external search keywords?
Search Optimization:What are your top internal search keywords?
Search Optimization:What are your top successful internal search keywords?
Search Optimization:What are your top failed internal search keywords?
Search Optimization:What is the Internal Search usage trend
Search Optimization:What does the Site Overlay for Internal Search Keywords look like?
Search Optimization:What is exit rate from the search result page?
Search Engine Optimization:What are the various types of links that your website links to?
Search Engine Optimization:What Press Release sites and Social Media sites do you link to?
Search Engine Optimization:Do all of your pages have relevant page titles?
Search Engine Optimization:Do all your images use Alt tags?
Search Engine Optimization:Does your website have a site map to facilitate the crawling?
Search Engine Optimization:Does each page of your website have a site map url?
Search Engine Optimization:What is the inclusion ratio for your website?
Search Engine Optimization:How many inbound links does your website have?
Search Engine Optimization:What is your ranking for your top search keywords?
Search Engine Optimization:Are you getting more Organic traffic? Is it good traffic?
Search Engine Optimization:What is the conversion rate for the organic referral traffic? How does it compare with PPC?
PPC:What are the trends for campaign, keyword group and keywords level? (evaluated metrics such as impressions, average pos, ctr, cpc, campaign cost)
email marketing fundamental:What are your business objectives and how email fits into the stratgey?
email marketing fundamental:What is the core criteria for email?
email marketing fundamental:What are the number emails sents?
email marketing fundamental:What were the number of bounce?
email marketing fundamental:How many emails were opened?
email marketing fundamental:How many users unsubscribed?
email marketing fundamental:What does the conversion funnel for email look like?
email marketing fundamental:What were the outcomes (conversions)?
email marketing fundamental:What was the revenue and average order value for each campaign?
email marketing fundamental:What was revenue per email? (total order value/emails delivered)
email marketing advanced:What is the campaign site bounce rate?
email marketing advanced:How many visits to purchase did you get?
Multi-channel marketing:Can you pass the cookie information to call center? If yes then you can tie your call data to web analytics data
Multi-channel marketing:Do you have vanity URLs?
Multi-channel marketing:Do you track conversions with coupon codes?
Testing:What are the most important pages on your website and who owns those pages?
Testing:What are the global elements you can test? (e.g. what kind of headers work on your site)
Testing:What are the various call to action you could test?
Testing:Do your call to actions create urgency?
Testing:Does your website has landing pages for most important key phrases?
Testing:Can you test for the quantity of copy on your pages (more words or fewer words)?
Testing:Can you test for the formatting of your copy (short or long pages or paragraphs etc)?
Testing:Did you run a test for People images vs product box shots?
Testing:Did you run a test with lots of white space on the site vs a heavy image drive site?
Testing:Did you run a test with new compleltely flash/ajax drive site vs. a text oriented site?
Testing:Did you run a test with Logos vs. no logos?
Testing:Did you run a test with endorsing brands vs not endorsing them?
Testing:Did you define the hypothesis before defining the scenarios?
Testing:What is the business problem or challenge this is solving for?
Testing:What is the hypothesis?
Testing:Who is going to be in test?
Testing:What percent of traffic?
Testing:What groups of people who come from Google?
Testing:What behavior on the site will trigger test?
Testing:What are the key metrics that will indicate success?
Testing:What are the current numbers for those metrics?
Testing:What are the goals for this test for each metric? By hom much should the metrics improve for us to declare victory?
Testing:What changes will be implemented if the test is a success?
Testing:Who needs to be notified?
Testing:What might be other next steps based on test findings?
General:What are competitors doing and what can we learn from the?
Dashboard:How a change in metric will improve the company's botton line? Keep only those metrics and related data on the dashboard
Competitive Intelligence:How many visits did your competitors have? (Use ComScore Hitwise to find this)
Competitive Intelligence:Get data from Alexa about your website and competitors website
Competitive Intelligence:Get the ad center forecast for your company and competitors (http://adlab.msn.com/Demographics-Prediction/DPUI.aspx)
Rich Experiences:What is the reason for RIA's existence?
Rich Experiences:What problem are we solving for the customer?
Rich Experiences:What are the actions that a customer will typically take?
Rich Experiences:What are success metrics?
Path Analysis:Before using the path analysis tools ask the question if the path is a structured path?
PPC:Are you getting traffic that you could get for free?

Sources for getting data on market research and competitive intelligence

73.6% Of All Statistics Are Made Up - Anonymous

I have read a couple of books and white papers on customer data analysis and all of them stress on how it is important to have a data driven organization and both qualitative and quantitative data are important for making decisions.

Obviously, no one here can afford performing research on every possible business factor. Also, some of the data may not be easily available, especially your competitors data. The last reason would be that there is good reason for a third party to rank you in your vertical.

Now that I have given a few good reason why to trust reports and white papers published by well known analysts, I thought it will be helpful to give you a list of sources who publish such analysis.

Not all of the research material is free. Subscriptions are required for most of them and I think they are totally worth it.

The list (in alphabetical order) is as follows:
1) Burton Group IT
2) Comscore
3) Consumer Electronic Association
4) Directions on Microsoft
5) eMarketer Market Research
eMarketer.com
6) Evans Data
7) Forrester Research
8) Frost and Sullivan
9) Future Image
10) Gartner
11) Gigaom
12) IDC
13) Informa Research Services
14) InfoTrend
15) Instat
16) Jon Peddie Research
17) Marketing Profs
18) NPD
19) Park Associates
20) Pew Research Center
21) Sirius Research
22) Strategy Analytics
23) The diffusion group
24) Wainhous Research


And a few more!
Aberdeen Group
Ambient Insight Research
Book industry study group
Byte Level
CMS Watch/Real Story group
Generator Research
Juniper Research
Light Reading
MWD Advisers
Natixis Securities
Online Banking Report
Patricia Seybold Group
The Conference Board
The Neilsen Company
Tower Group
Ward Group
Wintergreen

The key thing to realize is that there is an ocean of research available and you will have to find friends with same interests and then keep an eye for interesting things to share.

Web Analytics Association: Key Metrics and KPIs

I am a few days away from posting the next cheat sheet for one of the newer books on web analytics.

But I wanted to post something which I found in the book. This is a document published by the Web Analytics Association and which states the Key Metrics and KPIs.

Web Analytics Association ket metrics and KPIs

Call to Action

I just finished reading Call To Action secret formulas to improve online results written by Bryan Eisenberg and Jeffrey Eisenberg.

This is an excellent book that goes into aspects of usability and business together. Some of the chapters also talk about sales and marketing.

I have created another cheat sheet which is more from of a perspective of being a web analyst. All the work listed in the spreadsheet are the ideas from the book. I also wanted to mention that my cheat sheet is list of few useful questions and notes, but the book has lots of tips which I havent included in my cheat sheet because they would be more from a Usability engineer perspective or a person in a position who can make the business decision to make the change. So I highly recommend reading the book if you are a small medium business and can make changes to your website after discussions with a small group of business owners and developers.

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Here is the link to the cheat sheet:
Call To Action Cheat Sheet
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Here are the questions that I have about the website I work on after reading this book:
Improving Conversion:Who are the owners of metrics and KPIs and what actions are they responsible for?
Improving Conversion:Did you survey the high abandonement but conversion hungry pages?
Improving Conversion:Did you consider rephrasing some of the content to drive urgency? "Limited Time Offer!"
Improving Conversion:Did you provide pointers to get complete information?
Improving Conversion:Do you present the information on your web-pages in a consistent fashion?
Improving Conversion:Whats most relevant to the customer?
Improving Conversion:What to do with the traffic once it lands on the website?
Improving Conversion:How to get the visitor to take the first action and click deeper?
Improving Conversion:How to induce visitors to click to the next step and the next?
Formulating Segment/Control Group:Who needs to be persuaded? When you know whom you need to persuade, you can create personas that allow you to design meaningful navigation scenarios.
Formulating Segment/Control Group:What actions this person need to take? Not all actions will be direct functions of your sales process;many will be actions your personas need to take to satisfy their buying decision process
Formulating Segment/Control Group:How will you most effectively persuade that person? Knowing "who" and "what" helps you create persuasive copy and content
Critical factor - knowledge:How difficult is it for pospective buyers to understand the nature of your product or service, or the procedures for buying? What do they need to know?
Critical factor - Need:How urgent is the need for your product or service? How fast are prospects likely to make their decisions to buy?
Critical factor - Need:Will the need be satisfied by one-time purchase or is the need on-going?
Critical factor - Risk:How risky, especially with respect to issues of finance, is the sale?
Critical factor - Con census:Just how many people do you have to pursuade? An inidvidual or a group?
Advertsing inkling:What will people perceive as valuable enough to pay for?
Advertsing inkling:Why can you provide it better than the competition?
For small phrases below google ads:Who are your customers?
For small phrases below google ads:What do they really need?
For small phrases below google ads:What benefits (no features) of your product or service satisfy the real needs of your customers?
For small phrases below google ads:What about your product or services is unique, and how can you answer the customers question: "Why should I buy from you?"
For small phrases below google ads:What other options does a customer have to buying your product or service (including doing nothing at all)? Are they better options or worse?
For small phrases below google ads:How does a s customer make a decision to buy products or services like yours?
For small phrases below google ads:What does your customer need to know before he or she will buy from you?
For small phrases below google ads:How does your customer perceive not only your product, but also your company compared to your competition?
For small phrases below google ads:What is the process a customer goes through before buying your products or services?
For small phrases below google ads:What is the value of your product or service to the client?
For small phrases below google ads:What would a customer say if a colleage asked him or her to recommed your product or service?
Improving Conversion:What is the Pop-up count on your website?
Improving Conversion:Do you display the contact center number and other self service help options prominently?
Page Design:Is the look and feel professional?
Page Design:Is the navigation obvious, simple and consistent through the website?
Page Design:Is your USP clearly stated and strong?
Page Design:Is your information architecture constructed from the visitor's point of view?
Page Design:Does your navigation anticipate and clearly support all resonable path choices?
Page Design:Does the layout reflect knowledge of eye-scanning patterns and "sweet spots"?
Page Design:Does the choice of page elements reflect knowledge of how visitors use text versus graphics online as opposed to in print?
Page Design:Are the graphics and the text appropriate and well-chosen/written?
Page Design:Does the page reflect principles of good usability?
Page Design:Does the page utilize expert sales principles that encourage a buying decision?
Page Design:Does the page utilize knowledge about consumer psychology and the different personality types?
Page Design:Does the page make use of knowledge about online buying behaviour?
Page Design:Does the page inspire trust and build rapport?
Page Design:Is your contact information easy to find?
Page Design:Is help available? Is it user centric?
Page Design:How many help channels do you provide?
Page Design:Are the smallest details, such as fonts and colors, chosen with an understanding and knowledge of what maximizes sales?
Page Design:Does the page delight visitors and inspire them to go deeper into the website? Does it actually guide them in doing so?
Page Design:Can your visitors resize pages and adjust their screen resolutions without distorting the content?
Page Design:They can chose how large or small text appears on their screen, is your content strutured to accommodate this?
Page Design:They can decide wheter or not they want to display pictures, is your content telling the complete story without pictures?
Page Design:They can choose wheter or not they want to see color, is your content optimized for monochrome?
Page Design:They can see your content on variety of devices, is your content optimized for that?
Page Design:How do you ask your visitors to read your content Skim or Scan?
Search Keywords Keywords equate directly to the customers need. Do you know what that need is and how does your product fulfill that need?
Email Campaign:What actions do prospective customers need to take that will lead to them buying decisions?
Email Campaign:Who has to be persuaded to take actions?
Email Campaign:How do we persuade them to take action?

Web Analytics Demystified

I am returning to the blog after some time now. I read through Eric Peterson's Web Analytics Demystified and I am attaching the cheat sheet I made for myself after reading the book.

Please note that this attached spreadsheet is just a list of useful things but I highly recommend reading the book as Eric has done a wonderful job of giving details not only about KPIs but also how they should be interpreted. I would also like to mention that contents in the spreadsheet are adapted from Web Analytics Demystified so all the credit for the work goes to Eric. I have just re-iterated his work as per my interpretation.

This "Cheat Sheet" will help you if you are already on the hot seat and need a list of questions you should be answering using your web analytics package.

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Link to the spreadsheet:
Web Analytics Demystified Cheat Sheet

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Here are the questions that I gathered as an analyst
Type: Question
Technology: How do visitors connect to your web site?
Technology: What is the weight of your landing page?
Survey: What is your gender?
Survey: When were you born?
Survey: Family income level?
Survey: Presence of children in the household?
Survey: Preferences?
Survey: Indicated likelihood to purchase?
Content Organization: What are the number of visits to a content group?
Content Organization: What are number of unique visitors, broken down by day and month?
Content Organization: What is the average time spent viewing the content group?
Content Organization: What are some type of content usage analysis, such as what content groups led visitors to this particular group, and what content groups they were likely to visit after the current group?
Process Measurement: What are multiple step processes in terms of steps in the process?
Process Measurement: What are the pages involved in the process?
Process Measurement: What is the drop off rate from step to step?
Visitor Segmentation: Do different segments of visitors behave differently in terms of the pages or products they view?
Visitor Segmentation: Do different segments of visitors spend more time on your web site or return more or less frequently than others?
Visitor Segmentation: Are different segments of visitors converting at higher or lower rates than others?
Visitor Segmentation: How long does it take, on average, to move a visitor from a lower value group to a higher-value group and can that time be influenced by making changes to web site?
Visitor Segmentation: Has the visitor converted before or this is the first time?
Visitor Segmentation: Registered or Unregistered?
Visitor Segmentation: High and Low Life Time Value?
Campaign Analysis: What is the conversion goal?
Campaign Analysis: What is the number of campaign response?
Campaign Analysis: What is the number of campaign conversions?
Campaign Analysis: What is the campaign conversion rate?
Campaign Analysis: What are the campaign entry pages?
Campaign Analysis: What are the campaign goal pages?
Campaign Analysis: What are the products purchased?
Campaign Analysis: What are the conversion goals? Are they multiple steps? First register and then buy
Campaign Analysis: What are the groups the campaigns can be organized in?
Commerce Measurement: How many cart adds?
Commerce Measurement: How many checkouts?
Commerce Measurement: What is the browse to buy ratio?
Commerce Measurement: Most abandoned products?
Commerce Measurement: Who is making the purchase? What segment?
Commerce Measurement: What are most bought products?
Commerce Measurement: When are people buying?
Commerce Measurement: Where do people buying products come from?
Commerce Measurement: How did the customers make a purchase?
Commerce Measurement: What are the most popular product categories sold?
Commerce Measurement: What are the internal search terms?
Commerce Measurement: Can you measure the cross selling activities?
Measuring Reach What are the page views, visits and unique visitors?
Measuring Reach How the spikes from average trend can explain other activity going on the web site?
Measuring Reach: What are the Year over Year change for the
Measuring Reach: How many new visitors do you have in a calendar day, week, month or year?
Measuring Reach: Do you reach new people more effectively on weekends, early in the week or later in the week?
Measuring Reach: Are new visitors more likely to visit during the daytime or in the evening?
Measuring Reach: Do new visitors react to new marketing materials immediately or is there lag time between media drops and new visitor response?
Measuring Reach: What is ratio of new to returning visitors?
Measuring Reach: What is ratio of new visitor to total visitors?
Measuring Reach: What are the pages with top entries?
Measuring Reach: What are the pages with top exits?
Measuring Reach: What is the geographic distribution of your visitors?
Measuring Reach: What is the geographic reach of your market?
Measuring Reach: What are the traffic trends to error pages? - Monitor Weekly
Measuring Reach: What are the error pages? - Monitor Weekly
Measuring Reach: What is the email campaign Open rate?
Measuring Reach: What is the rough email campaign Open rate?
Email Campaign: What is the number of total sends?
Email Campaign: What is the number of successful sends?
Email Campaign: What is the number of Hard Bounces?
Email Campaign: What is the number of Soft Bounces?
Email Campaign: What is the number of messages MIA?
Email Campaign: What is the number of Tracked Opens?
Email Campaign: What is the number of Estimated Opens?
Email Campaign: What is the number of Tracked Clickthroughs?
Email Campaign: What is the number of Forwards and Referrals?
Measuring Acquisition: What are average visits/visitors?
Measuring Acquisition: What are the average Page Views/Visit
Measuring Acquisition: What are the average Page Views/Visitors
Measuring Acquisition: What is the Page Slips ratio for your key acquisition pages?
Measuring Acquisition: What is the Page Stick ratio for your key acquisition pages?
Measuring Acquisition: What is the Cost per Visitor?
Measuring Acquisition: What is the Heavy User Share?
Measuring Acquisition: What is is the Content "Focus"? For new sections and new properties?
Measuring Acquisition: Whats the percentage of visits below 90 seconds to total visits?
Measuring Acquisition: What is the Response Rate of your campaign?
Measuring Acquisition: What is Cost per Acuisition of your campaign?
Measuring Acquisition: What is Cost per Click for your campaign?
Measuring Acquisition: What is the Cost per Respondent that you can spend? - Look at the algorithm in comments in the metric tab
Measuring Acquisition: What are the referring sources?
Measuring Acquisition: What are the search engines?
Measuring Acquisition: Are visitors coming from Organic or Paid searches?
Measuring Acquisition: What are the search keywords and phrases?
Measuring Conversion: What is the conversion rate?
Measuring Conversion: What is the "Rolling" Campaign Return On Investment?
Measuring Conversion: What is the "Total" Campaign Return On Investment?
Measuring Conversion: What is the Abandonment Rate at each step?
Measuring Conversion: How does the Conversion Funnel Look like? (Usage of Abandonment Rate and calculating for the complete flow)
Measuring Conversion: What is the Averag Order Value?
Measuring Conversion: What is the Conversion Rate for New Customers?
Measuring Conversion: What is the Conversion Rate for Repeat Customers?
Measuring Conversion: What is the ratio Sales per Visitor?
Measuring Conversion: What is ratio of search result to no result?
Measuring Retention: What is the Ratio of Daily to Monthly Returning Visitors?
Measuring Retention: What is the Frequency of Visit?
Measuring Retention: What is the Retained visitor conversion rate?
Measuring Retention: What is the Retention Rate for visitors?



I am going to read Call to Action: Secret Formulas to Improve Online Results written by Brian and Jeffrey Eisenberg and will be back on the blog after I have a cheat sheet made for the book.