Marketing Analytics: How to Create an Effective Measurement Plan? | Lachezar Arabadzhiev | Skillshare

Marketing Analytics: How to Create an Effective Measurement Plan?

Lachezar Arabadzhiev, Founder and CEO @SkildLabs

Marketing Analytics: How to Create an Effective Measurement Plan?

Lachezar Arabadzhiev, Founder and CEO @SkildLabs

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8 Lessons (16m)
    • 1. Introduction

      1:14
    • 2. What is a measurement plan?

      1:45
    • 3. Step 1: Identification

      1:44
    • 4. Step 2: Alignment

      4:05
    • 5. Step 3: Association

      3:02
    • 6. Step 4: Segmentation

      1:19
    • 7. Step 5: Implementation

      2:17
    • 8. Final Thoughts

      0:59
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About This Class

Do you work in an organization where measuring outcomes and achieving goals is critical to your business success? Today, almost everybody does, but with the abundance of adtech providers, ever-changing tracking frameworks and privacy laws, communicating your business goals to your marketing and implementation teams has become quite the challenge.

My name is Lachezar, I am a performance analytics and audience strategy professional, and I am also the Founder and CEO of SkildLabs. In this 20-minute class, I want to equip you with the tools and concepts needed to build an effective measurement plan for your business or clients. We are going to deep dive into a 5-step measurement planning process, from setting up business goals and translating them into actionable KPIs to writing implementation instructions for your technical team and applying segments and audience for additional context. Here is an overview of what the class covers:

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After completing the class, you will also get a measurement plan template that you can use for your own personal projects or at your workplace! 

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SkildLabs is an online learning experience builder, which aims to empower learners within your organization and grow your business through the power of education.

Meet Your Teacher

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Lachezar Arabadzhiev

Founder and CEO @SkildLabs

Teacher

Hey there! I'm Lachezar Arabadzhiev and for the past five years I have helped companies harness the power of data in a variety of ways to drive business growth and innovation. I began my career as a digital marketer at Microsoft, but soon transitioned to the audience and analytics world, where I had the opportunity to work with major brands including Air Canada, RBC, Walmart, Kimberly-Clark, Nintendo, Mazda and HSBC. 

Throughout all that time, I always loved teaching and developing learning programs for my fellow colleagues and friends. That passion materialized in early 2021 in the form of a brand new company that I was luckily enough to start.

I am currently the founder and CEO of SkildLabs, where I help companies and individuals build better learning experiences th... See full profile

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Transcripts

1. Introduction: Do you work in an organization? Where measuring outcomes and achieving goals is critical to your business success. Today, almost everybody does, but with the abundance of AdTech providers, ever changing frameworks and privacy laws, communicating your business goals, to your marketing and implementation teams has become quite the challenge. My name is, Lachezar are and I'm a performance analytics and audience strategy professional. And I'm also the founder and CEO of SkildLabs, which help businesses build better learning experiences with the power of education, in professional experience, I've helped many enterprise clients, build robust measurement frameworks and understand how to accurately track marketing performance. In this course, I want to equip you with the tools and concepts needed to build an effective measurement plan for your business and clients. We're going to deep dive into a five-step measurement planning process from setting business goals and translating them into actionable KPIs to reading implementation instructions for your technical teams and applying segments and audiences for additional context. I'm super excited that you have decided to take this course. So let's get into it. 2. What is a measurement plan?: Now, what exactly is a measurement plan? A measurement plan is a detailed document that allows you to align your business goals with your marketing objectives in order to accurately measure success. In other words, your measurement plan is the blueprint of any marketing activity you're planning to write. Nowadays, a lot of marketing professionals make the mistake of assuming that measurement is the same as reporting. However, that is not the case. Even though closely related reporting is in fact the product of a well-executed measurement plane. Let's take a look at the building blocks of a measurement plan. There are five major components which we're going to explore in detail in the next section. Number 1, identification. This is where you outline your core business goals. Number two, aligning your business goals with the most suitable marketing KPIs. In short, we refer to this step as alignment. Number 3, creating clear DPIs and associating them with the correct metrics. Also known as association. Number 4, segmentation. This is where we slice our measurement plan by playing different segments in audiences. And last, but often the most error-prone part implementation. This last step is about compiling a technical implementation workflow for your team so they can configure the right triggers in variables. Completing all five steps would ensure that you, your team members, and other relevant stakeholders have the same understanding of how success is being defined for your marketing activity. 3. Step 1: Identification: No matter how complex your business or offering is, it is always a good idea to start by outlining your business goals. What does your business want to achieve? For instance, let's imagine that you're running a global car manufacturing company which has ambitious financial goals and wants to rapidly scale by running marketing campaigns. A few key goals would probably focus on vehicle sales, but not necessarily all of them. Here are a few examples, increasing total sales of all vehicles by 20% on a year-over-year basis. Growing market share, specifically the SUV category by 50 percent again. And lastly, building awareness and brand recognition measured also an IRR basis. As you can see, the first two goals are fairly straightforward and easy to quantify in terms of percentage increases. But the last one is quite difficult to conceptualize right away. Because brand equity is a combination of multiple elements and without a doubt, is a long-term goal. However, that is wine. We build measurement plants, so we can go from top-level goals to granular KPIs and metrics that can help us see real performance. There are many frameworks that can help you guide your goal-setting in identification. But as a good practice, I personally use smart goals. A smart goal framework was formulated in 1981 by George Dornan, Arthur Miller, and James Cunningham. The acronym smart stands for Specific, measurable, Achievable, Relevant. And lastly, but more importantly, time-bound, which is essentially what a useful goal should really be. 4. Step 2: Alignment: You can think of the alignment step as your way to break down the business goals into more actionable marketing Key Performance Indicators, or KPIs for short. Often, those KPIs are intuitively easy to select. For example, if you have an e-commerce store with a single product, your sales goals would translate into KPI's such as increased online transactions or perhaps decrease in cart abandonment. However, when we have more traditional or complex businesses where the transactions have an offline, then you will have to be extra careful with the KPIs you're selecting. In these situations, we tend to use what is called a proxy metric or measure. A proxy metric correlates to the action you want to measure. But he's not necessarily that particular action. Let's go back to our car manufacturing example and applying a proxy measure to see how it really works in practice. As most auto manufacturers, the product is not sold completely online, and it requires the user to go to a dealership and purchase the vehicle in-person. Therefore, are business goal cannot be directly translated. And Joe marketing KPI that released our website or digital property. However, there are a lot of different touch points on our website that correlate with the willingness of a user or a potential customer to purchase a vehicle. Here are the three key ones. Test drives booked online. If a potential customer wants to book a test drive, then we can assume that they're more likely to purchase a vehicle and are already passed the awareness and consideration stages of their buyer journey. This is a fairly good indicator that is signaling a potential purchase. Another KPI is the so-called Building price. Almost all auto manufacturers websites allowing you to build a car and customize the look, feel, and functionalities of the. Once you complete the building price, you're able to print out or see your custom selection. This is another proxy measure that allows us to see that people are interested in purchasing. Even though not as definitive as a test drive, we can assume that the potential customer is still researching and not necessarily of made their choice. The last key proxy measure is increasing calls made to dealerships. This is more of a secondary marketing KPI that tells us the potential customer needs more information. And he's calling the dealership directly to inquire about a particular model. We're perhaps a promotion. As you can see, we've managed to translate the business school into relatable and relevant marketing KPIs. The marketing managers or executives on your team can understand and easily measure. Let's take a look at the second business goal, growing market share in the SUV category. This one is a bit more specific, but we can apply the same logic that we applied with goal one. With just a slight twist. Our measurement can still focus on Test Drives booked, and building price completions. But specifying that those can only when the user selected an SUV. Our last goal and perhaps the toughest to interpret for a lot of organizations is building awareness and brand recognition. As we mentioned already, comes in a lot of shapes and forms, which makes it tougher to quantify. But there's still a lot of smart ways to do so. In our case, we have picked increasing brand recall for our videos, increasing searches for our brand name on Google and Bing. And of course, social media mentions across different social platform. That being said, remember, the measurement planning is like peeling an onion. You do it one layer at a time. So you can go beyond the outside appearance, which might not always look as good or be useful. Therefore, by lining your business goals, which are marketing KPIs, you can begin to see a more tangible picture. 5. Step 3: Association: And the association step, we further define what are the specific metrics or convergence associated with the marketing KPIs are going to be using. For example, within marketing KPI, number one, we have increased test drives booked online. What does that translate? When it comes to specific convergence that we're going to probably using in our PPE platforms for web analytics. That will probably be the book test drive. Thank You page. Now let's unpack this a little bit because it is a bit tricky. When you book a test drive online, you normally go through an application forum that might have a few steps to collect valuable information, your contact details, availability, and et cetera, and the end of the forum. An indication of your successful completion is often a thank you page, which is what our conversion is going to be. Later on, this information will be extremely valuable to your implementation team, who will be placing marketing tags on that very page. Now let's take a look at the third within business school number one, we have increased calls made to dealerships, which sounds pretty straightforward, but in the context of a website, you would really have to translate that into ways the specific metrics that will reflect a coal. In this scenario, we can pick the button that indicates colon your landing page. Once a user clicks it, the phone number of the dealership populates and they're able to call directly. However, be mindful that most of the coals are going to come from mobile because this functionality is available on desktop but rarely used. Oftentimes, we tend to trust the labels of the marketing KPIs without knowing what's the actual metric that is triggering that API. And that is important to note because based on their measurement plan, business stakeholders and senior leaders are going to be making decisions. We're going to skip business goal number two as a little bit later. We're going to dissect it in a more detailed fashion. For now, let's shift gears and go to business school. Number three, in other words, our awareness and brand-building goals in there, we have increased brand recall by video, increased branded searches, and increased branded social media presence. This of course, is not as easily quantifiable as all other goals. Therefore, we have to be extra careful. Well, let's look at brand recall first. In order to do brain recall, we would have to create it a study that has control and an experimental group and that is normally done by your data science team. However, there has to be a specific metric that you're going to judge. Success baseline. And in this case, we've picked cost per lifted user. Depending on your study, you could have different metrics. But at least here you will see what is the cost to get a person to recall your video that perhaps if the cost is too high, you might find that that's not an efficient channel for your business. Same goes for increased branded searches and also social media. Mencius. 6. Step 4: Segmentation: Including Segmentation, your measurement plan, whether that's related to geography or audience segments, can help you add an extra layer of contexts for your business stakeholders. Let's use goal number 2 as an example. Or manufacturing company is trying to grow market share. In this category, we've identified there are two KPIs that we're going to stick with, test drives and build in price. However, as a large car manufacturer, the marketing activities that you're planning to run can potentially be global. Therefore, we want to make sure that we can see performance per region against our KPIs. And a scenario, I've split each KPI by three different segments. National, one regional, and 14. You might have a situation where within your national campaign the results are great and you're hitting all your targets. However, your foreign segment might be struggling and bringing no growth at all. If you were to look at your KPIs in aggregate, you would never notice where the growth is coming from. And that is why segmentation is critical. Considering the broader picture, the same methodology can be applied with different audiences that are important to your business. In that way, you can easily identify which audiences are dragging you down and which ones are providing significant growth. 7. Step 5: Implementation: We're nearing the end of our measurement planning journey with step 5, implementation. By the time you reach an implementation stage, you'll have a clear understanding of your business goals, marketing, KPIs, metrics, and the segmentation approach. The last touch is writing a brief instruction to your technical team of what specific triggers or tags need to be placed on the digital properties where you'll be running the marketing tip. If you're familiar with web analytics or paid media campaigns, you probably know that there's a lot of different tags in infrastructure that needs to be placed to ensure users are being tracked correctly. Facebook has a Facebook Pixel, Google has a floodlight, and Google Analytics as the Google goal. Within your organization, you might already have an ad operations team for an assign implementation specialists. There's going to take care of this step. So no need to worry too much about it. Just be aware that this tip exists and is important when communicating with technical teams. Now, let's see what am instruction might look like. Once again, we're going to look at business goal number 2 and zoom in on marketing. Kpi number 1, increased test drives book for SUVs. This sounds familiar and almost identical to our business goal number 1. However, we're narrowing it down to SUVs only in technical language. Here is where we have to communicate to our implementation t. Firstly, your implementation team will have to create an event trigger that fires specifically on the book, a test drive incubator. So far so good. Nothing new really. However, Step 2, they will have to assign a custom variable so the event fires only when a SCV model is fit. In that way, your conversion will only be recorded when an SUV model is selected by the user. Do you see it now, if we had left the custom variable out of the equation, our conversion in key metric would have over-reported on the total number of test drives booked. This could have lead to a wrong business decision-making and potentially negatively impacted your company. This might have been an obvious thing to you, but often it is not as evident to your teammates. This is why putting together instructions in communicating effectively, which were technical team is important. 8. Final Thoughts: Well done on completing the five steps of effective measurement planning. I hope you enjoyed the course. And as they say, it's not about the destination, it's about the journey. When building measurement plants, remember that context matters and he's important to adapt based on the circumstances of your marketing infrastructure and teams knowledge in the noisy world of data, analytics and technology, being able to put together a cohesive measurement structure is an incredible skill for your personal development and also for your organization. By defining what success is, you're one step closer to being able to clearly understand and achieve your business goals as an additional resource. That is course, I've attached a detailed template of the measurement planning process that we went through. Feel free to download it and take a look at how it could be applied in your organization. In the meantime, you can connect with me on LinkedIn and reach out if you have any questions.