Jason Burby is the Chief Analytics and Optimization Officer for ZAAZ, a web business consultancy implementing data-driven business initiatives for long-term clients across the U.S.
He's currently presenting on Website Monetization at the Internet Marketing Conference.
Jason started by presenting a couple of common problem with monetization, one being that:
We have many ideas to change the web site but it's hard to figure out what will add value. And we have no ways to prioritize them.
This means we have inefficiencies and low ROI.
The Process for Success is:
1. Define your goals. Set business metrics. Assign dollar value. Answer: What's the value of getting the lead?
2. Reports. Behavioural and analytics is a small piece of the pie. We need to understand everything we can.
3. Analysis shows us what's working and what's not. Prioritize the opportunities based on impact.
4. Optimization and action. Put the data to work and take advantage of the data. Use analytics, surveys, data, anything you can to make good decisions.
Most companies bounced between 2 and 3, and eventually stop looking at the data because they haven't set proper goals.
Jason is in the middle of telling the audience about the different types of data touchpoints: Attitudinal data, blogosphere, transactional data, analytics, etc. His main point is that we need to bring it together to analyze and understand what's going on.
Why? Because people behave differently with each touchpoint. You must assign a dollar value to different site behaviours so that you can understand the value of the channel this month vs. last month, quantify the value of the overall channel, and maximize the opportunities.
The big question of the day is:
How many of you have truly been able to quantify overall value of the web channel to our business?