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The Need For Speed

Discussion in 'General Entrepreneur Discussion' started by Andy Black, Feb 28, 2015.

  1. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    The Need For Speed

    (Excuse the dry academic look of this post. I do this much better with a flipchart. One day (yeah right) I'll redo this as a video of me with said flipchart.)


    # Actual Performance vs Indicators of Performance

    Actual performance for your business is likely revenue, cost, profit, ROI.

    Some Key Performance Indicators (KPIs) for paid search are:
    • Estimated Impression Pool (available searches)
    • Impression Share
    • Impressions
    • Avg Pos
    • Clicks
    • CTR
    • Conversions
    • Conversion Rate
    • Average-Life-Time-Value
    These are INDICATORS of performance, not ACTUAL performance.



    # Metrics vs Dimensions

    The numbers gathered above are often called metrics, and calculated metrics.

    Dimensions could be product, location, device, network, day of week, hour of day.

    You filter or aggregate by dimensions.



    # Converting Data into Profit

    Use a continuous cycle of improvement:

    [​IMG]


    ...and convert Data into $$$ as below:

    [​IMG]


    Observe...

    Notice something about the "Measure -> Report -> Analyse -> Act" cycle?

    [​IMG]

    At the Measure step, the results from the previous cycle is the data for the next cycle.

    This is VERY important.

    Being “data driven” and “results focused” means the same thing.

    It’s why they say “you can’t manage what you can’t measure”.

    Be damn careful what you measure, because that’s what you’ll be working to improve.

    (BTW... I hate the "data driven" mentality. "Data informed" should be more like it.)



    Conclusion

    Marketing can be seen as a "knowledge based" project.

    A common bottleneck is knowledge acquisition.

    The way to overcome it is to be agile... both agile in development and agile in marketing.

    That means speeding up your iterations... cycling through the loop faster.


    LAUNCH AND LEARN

    (Just move faster dammit! )
     
  2. Bila
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    Bila Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Great post ... Thanks
     
    Andy Black likes this.
  3. Karen
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    Karen Contributor Read Millionaire Fastlane Summit Attendee

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    Great perspective! Totally agree on the importance of agile iterative approach... the level descriptions are spot on! Didn't come across something similar before eventhough I tried to scrum my life ;)
     
    Andy Black likes this.
  4. RazorCut
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    RazorCut Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Amen to that. It's exactly what I concluded in my current business plan yesterday. Need to quadruple the output so I can gain the data faster thus increase the speed of knowledge acquisition.

    I need a faster bike.

    Thanks @Andy Black
     
    Last edited by a moderator: May 6, 2018
  5. Spandan
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    Spandan New Contributor

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    Thanks for taking the time to find this thread for me, @Andy Black !
    This thread clears my perspective.
     
    Andy Black likes this.
  6. Timmy1990
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    Timmy1990 I Will Not Stop! Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Great stuff. Now pinned to my pin board at home.
     
    Andy Black likes this.

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