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Measuring ROI with the Digital Analytics Model


If you’re ready to take your digital strategy seriously, you need to know if you’re succeeding, as soon as possible.

But how do you tell?

The Digital Analytics Model is a simple structure for helping you uncover Key Performance Indicators for every objective that your Digital Ecosystem is helping you achieve.

And like all parts of your Digital Strategy, it isn’t set in stone! Review your Digital Analytics Model as often as you review your whole Digital Ecosystem, to make sure you’re always tracking what’s important to you.
 

The Digital Analytics Model

It's time to set goals, measure and report your way to the top.

When approaching your Digital Analytics Model - our name for the information we gather to plan our what to measure in the Digital Ecosystem and how to measure it - it's important to look at your business objectives and how you’re going to measure them.

That's why we've created a simple worksheet for you to do just that. We’re going to help you knuckle down and find what you’re really trying to achieve in your business. Objectives, Digital Goals, KPIs, Targets and Segments may seem like scary words - but trust us, it’s how we do business and we’ve never looked back.

If you follow this model across all your business objectives and related goals, you’ll know exactly what success will look like and when you want to achieve it. This model makes putting together an action plan super simple.

It looks at four key areas:

  • Business Objective  - what are you really trying to achieve?
  • Digital Goal - How will you achieve this in your Digital Ecosystem?
  • Measure Success - What will you look at to measure this goal? What’s the target number and in what timeframe?
  • Segments - What would help us to understand this data better?


Today, we're going to tackle the final point...segments.
 

How to decide on your segments

Most people know what objectives, goals and KPIs are, even if you don’t use them very often, but the Segments column could be a new beast!

What exactly is a 'segment'?

A segment describes your visitors, by their attributes, their behaviour, or both. It’s a way of “slicing up” your KPI to get a better understanding of how or why you got the results you got.
 

How do segments fit into the rest of the model?

In your Digital Analytics Model, you should list a handful of segments that will provide the most value in understanding your KPIs. By default, the template applies the segments to the “Digital Goal” (so you’d be analysing each KPI for that goal by all of the segments), but you can also choose segments that will apply to individual KPIs.
 

How to decide on your segments?

Of course, depending on where you get your numbers from, there are almost infinite possible segments to choose from! So how do you know which ones are best for that goal or KPI?

Try the “Hypothesis Method”.

First, think about the KPI you’ll want to analyse. What do you think you’ll observe when you report on this in 3, 6 or 12 months time? What types of visitors do you expect will perform better or worse? What kind of behaviour in your Digital Ecosystem would encourage a better result?

You don’t need to be certain - that’s why it’s just a hypothesis! By writing these types of visitors or behaviour down as a “segment”, you’ll be able to set up automated reports from the beginning that will let you test your expectations straight away.

Still not sure where to start? We love talking numbers. If you’d like assistance with your Digital Analytics Model, implementing tracking for any of the KPIs or segments you identify, or with your digital strategy as a whole, we look forward to hearing from you on 1300 721 481.

 


 

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