Sunday, October 28, 2012

What John Grisham and Baseball Teach Us about Business




Have you read the novel CALICO JOE by John Grisham? You don’t need to be an avid reader, a fan of John Grisham, a fan of legal thrillers, or even a baseball fan to enjoy this book. I promise not to give away the plot or ending, but I highly recommend the book even if you don’t fit into any of the above categories.

Grisham is known as the father of the modern legal thriller genre. His numerous novels feature memorable legal challenges, riveting plots, and engaging characters.

While CALICO JOE is first and foremost a story about baseball, it is much more. It represents the importance of trying things outside of one’s comfort zone. Grisham wrote an incredible story that will remain with all readers long after the book is finished. But why? The answer is because Grisham tried a genre outside of his comfort zone, and the result was an amazing work of fiction far different from his typical legal thrillers.

So how can you apply this lesson to your business? Don’t practice the “this is how we’ve always done things” strategy. Try new strategies. Create a corporate culture where all employees clearly understand that new ideas are encouraged. Innovation should be everyone’s objective.

You never know who will develop the next great iPod or who will revolutionize an industry.

Friday, October 26, 2012

How to Prove the Value of Content Marketing with Multi-Channel Funnels

The following is a guest post contributed by Josh Braaten, Senior Online Marketing Manager at Rasmussen College, Google Analytics enthusiast, and avid content scientist.

Conversion is rarely straightforward, especially for products or services with lengthy or complicated buying cycles. Working for a college has made it clear to me that every consumer is different, and so are their research needs as they navigate their unique buying process. 

It takes a holistic content strategy to address the extensive information needs of potential students, and rarely do blogs and other types of content marketing get the credit they deserve for the role they play in influencing conversion.

Luckily, Google Analytics Multi-Channel Funnels provides marketers with amazing new ways to see how users interact with web content on their path to conversion and to prove the value of content marketing.

Introducing Google Analytics Multi-Content Funnels
Consumers begin any major investment in the awareness/discovery phase, are triggered into a search/consideration phase, and finally end up at their buy/close phase when they take the conversion action. Imagine how your content strategy could perform if you understood how consumers interact with your website content as they navigate their investment decision. 

That’s where the idea of Multi-Content Funnels started. To be clear, Multi-Content Funnels is not a new Google Analytics feature, but rather a specific application of the existing Multi-Channel Funnels reporting features that illustrates the direct and indirect effects of your website content instead of your marketing channels.

Multi-Channel Funnels launched a little over a year ago as a way to help show how users interact with your marketing efforts over multiple visits. By default, these reports are configured to report the relationships between marketing channels (e.g., paid search, social media, email), but we’re going to modify them to demonstrate the value of content marketing.

The key to this type of analysis is being able to use the Landing Page URL data attribute when you create Channel Groupings and Conversion Segments within a Multi-Channel Funnel report. When I first wrote on their inbound marketing benefits, Multi-Channel Funnels didn’t support this deep dive into your website content because they didn’t include landing page in the source data.

Turns out the Google Analytics team had it on the road map and added it to Multi-Channel Funnel reports within the last few months. Content marketers, get ready to geek out with these content-based applications of the Google Analytics Multi-Channel Funnel reports.

Building Content-Based Channel Groupings
The first major application of Multi-Channel Funnels for content marketing is to create Channel Groupings based on your content, which will demonstrate the most common content paths users take to conversion over the course of multiple visits.

Start off by creating a new Channel Grouping within the Top Conversion Paths report. You’ll want to group the major content sections of your website together into channels.

For example, here I’ve created this Channel Grouping that corresponds to the Degrees Catalog section of our website that includes any landing page URL containing “/degrees.”

Creating a Channel Grouping in Multi-Channel Funnels:

I also included channels that correspond to each of the major content sections of the website as I built out this content-based Channel Grouping. This is what the content-based Channel Groupings of a college website looked like when I was done with them:

Content-Based Channel Grouping:
Your own content-based Channel Groupings will likely be different for every website, but each should include major product directories or service listings, blogs, sections that answer specific questions or solve specific problems, whitepapers, ebooks, etc.

Top Content Conversion Paths
Once the content-based Channel Groupings are set up, we’re able to access the Top Conversion Paths report, which instantly becomes the content marketer’s best friend because it shows how many visits it takes before visitors convert, and how they start their website experiences for each visit.

You can use the Channel Groupings that correspond to specific content sections as with the screenshot above, or you can apply even broader Channel Groupings to provide a high-level view of the most common content paths towards conversion by marketing intent, consumer action, or both. 

Channel Groupings Based on Buying Cycle Path
Creating Channel Groupings based on marketing intent and the consumer buying cycle requires a deep understanding of how consumer interact with your website. These Channel Groupings can be created by combining multiple sections of the website when constructing each Channel Grouping, depending on which phase of the buying process they facilitate:

Pairing this information with traffic and conversion data makes it clear where to focus resources for new types of content, content edits, and expansion of existing website content, as well as demonstrates which parts of our content marketing strategy are driving results.

(Fascinating side note: Looking beyond the most popular conversion paths, some degree seekers’ research processes can see them returning to the website 50 times or more before they are confident in their conversion decision. As a student of web analytics, the next question is whether this conversion path is long because it should be, or is it fraught with unnecessary abandonment that can be overcome with improvements to the content?)

A Long Conversion Path:


Determining the Value of Specific Content with Conversion Segments
Channel Groupings are half the fun because they can only help to organize and present data. To determine the value of specific types of content, we need to create custom Conversion Segments to pair with Channel Groupings

Content-Based Conversion Segments in Multi-Channel Funnels:

Custom Conversion Segments are easy to create and work just like any other segments in Google Analytics, however, these also include the ability to segment-based interaction: First interaction, last interaction, any interaction, and assisting interaction.

Custom Conversion Segment Setup:

This segment captures conversions where the last visit on the conversion path landed on the blog. Most of Google Analytics conversion reports are based on the last interaction, but this segment allows you to explicitly specify between first interaction, last interaction, any interaction, and assisting interactions.

As a content marketer, discovering some blogs assist 150 percent more conversions than they produce directly was a powerful revelation, one that was made possible by content-based Channel Groupings and Conversion Segments applied to Google Analytics Multi-Channel Funnels.

The Many Uses of Multi-Channel Funnels for Inbound Marketing
Understanding how consumers interact with your website content is the first step in providing them with the best experience possible – the primary goal of every modern SEO and content marketer. Those who understand and execute content strategy with this knowledge in mind continue to drive highly efficient campaigns.

The Google Analytics Multi-Channel Funnels with content-based segments and groupings, or Multi-Content Funnels as I like to call them, provides you with several new ways to leverage these amazing reports, boost your content marketing efforts, and better serve your current and potential consumers.

How have you used Multi-Channel Funnels in your content strategy?

(Note: Some screenshots were edited to remove site details.)

Thursday, October 25, 2012

Finding Inspiration


As a creative person, my environment plays a large role into how inspired, or uninspired I am on any given day. 

Some days, I can sit at my desk and almost absorb the energy that flows from the various photos of my family and the brightly colored office accessories that surround me. As I drink my morning coffee and check my emails, I feel ready to churn out a productive day's worth of designing. I find myself in a more agreeable mood and even the worst design critique doesn't phase me on those days. 

Other days, however, I feel weighed down by the messy piles of scribbled notes, printouts and to do lists. I stare at my computer screen, expecting it to just work on it's own without my input. Obviously this doesn't make for an effective day, and even the tiniest blip or change to a design can send me into the depths of despair. 

Regardless of how I feel, work still needs to be done, so what do I do about it? I clean house. I toss the papers I don't need. I slowly rewrite my to-do list on a fresh piece of paper. I may even dust the corners of my desk. I open my eyes and take a fresh look at my surroundings and try to appreciate the details about them. I don't think about all the stuff I have to do. I think about all that is happening in the moment. It's usually just the amount of fresh air that I needed to get my footing and get back to designing. 

Are you feeling uninspired or weighed down? Perhaps it's time for you to do a little cleaning and take a step back as well. It sure can't hurt to try.  


Until next time, 

Gail 



MarketMatch is a full-service marketing consulting firm, dedicated to the credit union and community banking community. We utilize knowledge-based strategies to help you FOCUS on the efforts that will generate MOMENTUM and yield the greatest RESULTS for your bottom line.

Upcoming Learn with Google Hangout: Holiday Bidding Strategies on Google Shopping

Entering the busy holiday season, we all need a little help. That’s why we’re shimmying down the chimney with a bag full of goodies to make the web work for your business.

What you used to know as Product Search in the U.S. has just transitioned to a new commercial experience, based on Product Listing Ads, called "Google Shopping." We’re making it easier for retailers of all sizes to compete and acquire customers more efficiently.

In this session you'll hear about best practices for succeeding in the new Google Shopping experience. We'll cover campaign structure and bidding strategies -- from simple to advanced -- with a special focus on holiday products and promotions. We'll also share retailer success stories. And, we'll take a quick look at upcoming features.

Break out the hot cocoa and join us this Monday, October 29th (10am PT/1pm ET) for a Hangout on Air with Jon Venverloh, Head of Platforms for Google Shopping. Visit the Learn with Google page to register and see our whole series.

We look forward to seeing you there!

Posted by: Erin Molnar, Marketing Coordinator, Learn with Google

Mobile App Analytics Updates And Public Beta Launch

With ever-expanding mobile application marketplaces (more than 600,000 apps on Google Play at the time of writing) and a shift in focus to mobile (more than 80 percent of marketers are planning to increase emphasis in mobile initiatives in 2013, according to recent research we conducted with ClickZ) measuring mobile is more important now than ever. With this, we are excited to be moving Google Analytics Mobile App Analytics (initially launched at I/O) out of closed and into open beta. We’ve listened to feedback from more than 5,000 mobile app developers during the closed beta, improved the product, and are now making it available to all developers and marketers. 

In addition to moving into public beta, there are some other exciting updates:

A New Sign-up Flow for all GA users
With the induction of mobile app analytics into the family of digital analytics at GA, we’ve introduced a new and improved sign-up flow that you will see whenever you setup a new entity on GA. In just 3 clicks, you’ll be able to set up your app analytics account, download the SDK, and be well on the way to tracking key metrics and finding valuable insights using our features.

New sign-up flow for Google Analytics
More powerful SDK for both Android and iOS, yet really easy to implement
The mobile app analytics solution is made possible with our new Android and iOS SDKs which have been rebuilt from scratch. They are lightweight, powerful, and super easy to implement. The majority of the mobile app reports are available out of the box after less than 5 minutes of work implementing our new SDK (check out our developer guides for more details).

New App Version Report
Find out about the long-tail of your old app versions. This report gives answers to questions such as:
  • How quickly are users migrating to the latest version of my app?
  • What’s the cannibalization effect among my multiple versions?
  • How many users would be affected if I deprecated an early version of my app?
App Versions report in Mobile App Analytics

A first-class customizable structure called “Custom Dimensions” 
For those of you who are savvy users of “Custom Variables,” consider this feature the next-generation Custom Variables: 
  • You can create your own dimensions by which to segment your hits in every standard or custom GA report.
  • Leverage your own business and customer data as custom dimension values to enable new possibilities for analysis and reporting.
  • Naming and scoping of Custom Dimensions can be configured through the administration UI - no retagging needed!
(Note: we are rolling out Custom Dimensions to everyone over the next few weeks)

Other improvements include: more accurate & up-to-date mobile device library, armv7s ( iOS6) support, support for social interaction tracking, a more accurate Google Play conversion report and more.

With this big step forward for Mobile App Analytics, we still have many more exciting features on the way and planned for the future that will add to the power and functionality of the platform. Look forward to improved integration with other Google properties like Google Play as well as brand-new reports that will provide a better understanding of your user acquisition, engagement, and outcome models.

We hope that our product will give app developers and advertisers a better picture of users’ interactions as well as the end-to-end value of your mobile app. And in the long run, make mobile apps more beautiful and engaging experience for all users.

Happy analyzing!

Posted by JiaJing Wang, Google Analytics Team

Boost your results with Dynamic Search Ads, now available to all

Last October we introduced Dynamic Search Ads, an efficient new way to target relevant searches with ads generated directly from your website. Now, after a year of refinements and successful beta testing, we’re making Dynamic Search Ads available to all advertisers in the next few days.

Boosting Results, Efficiently
Dynamic Search Ads (DSA) generate incremental leads and sales by promoting your business on more commercial queries than you’re reaching today. After all, even well-managed AdWords campaigns containing thousands and thousands of keywords can miss relevant searches, experience delays getting ads written for new products, and get out of sync with what's actually available on your website.


If you’re not already familiar with how Dynamic Search Ads work, you may want to read about the targeting controls available, reporting and optimization features, and support for third-party PPC tracking.

Successful Beta Test
Many of our beta testers set up DSA to run alongside their existing large-scale search campaigns. And DSA delivered.
  • Incremental and efficient results. On average, Dynamic Search Ads boosted beta testers’ traffic and conversion volume from AdWords by 10% and outperformed their non-exact keywords by 10% on clickthrough rate (CTR), cost per click (CPC) and cost per action (CPA).
  • Success. A few examples of successful DSA beta testers include:
    • Jonathan Meager, Marketing Manager at Gear4music (.pdf case study)
    • Matt Wilkinson, Director of Search and Media at Rosetta and Steve Baruch, VP of eCommerce at MSC Industrial Supply (.pdf case study)
    • Larry Cotter, GM at Apartment Home Living (video case study).
We also made numerous product improvements during the beta test including:
  • Bid auto-optimization. Since one of our chief goals for DSA was more results with less work, we devised a system to automatically ratchet bids downward whenever specific queries for an advertiser produce lower conversion rates or user engagement levels. As a result, your ROI for Dynamic Search Ads can improve over time automatically. 
  • Website crawl frequency. Any indexed page with a matched DSA impression will be crawled at least once daily (update: please see clarification below). Pages with more impressions and clicks may be crawled more frequently. So DSA will now better reflect the latest products and inventory conditions on your web site. That means more clicks, higher conversion rates and better ROI.
  • Mobile and tablet support. Given the growing importance of mobile campaigns, we developed full support for DSA on mobile and tablet platforms.
  • Extension support. Dynamic Search Ads support the same ad extensions as other search ads.  
  • Conversion Optimizer compatibility. Once enabled, many beta test participants reported success using the combination of DSA and Conversion Optimizer to simultaneously expand their campaign reach while automatically optimizing bids to meet their average CPA goal.
Get Started
Now any business interested in boosting their AdWords results can try DSA. You can find starting points on creating a DSA campaign and setting up dynamic targets in the AdWords help center.

If you’re interested in learning even more about Dynamic Search Ads, please stay tuned to our blog. More information and an invitation to join us for a Hangout on Air will be coming soon.



Update (10/29/12):
Because of our own prioritization to crawl pages with more impressions and clicks more frequently, as well as other potential limitations on crawl frequency determined by your web host or internet service provider, there may be some indexed pages with a matched DSA impression that are not crawled each day. We’re sorry for any mixup this may have caused.

Are Bankers Ready For The Bank 3.0 Reality?



In an exclusive interview about his newest book, Bank 3.0, Brett King discusses how change occurring in the banking industry is inevitable, speeding up and disruptive. 


From the mobile wallet wars to the impact of social media, tablets and the 'de-banked' and digital consumer, Bank 3.0 shows why banking is no longer a place you go to, but something you do.




A great deal has happened since Brett King wrote Bank 2.0 in 2010. Two years ago, banks were under siege as the foundation of the banking system was close to collapse and the image of the industry as a safe and secure environment was being challenged. The impact of social media was just beginning to be understood by the financial services industry and mobile technology as we know it today was in its infancy. Heck, King even referenced his (now long gone) Blackberry in the first chapter of Bank 2.0.

With Bank 3.0, King discusses how consumers are less likely to view their retail banking provider in terms of capital adequacy, branch network, products and rates. Instead, customers are more likely to determine their banking partners by how easily they can access their accounts when they need to, and how much they trust their provider to execute business on their behalf. For those who read Bank 2.0, King's new book retains some of the foundation and case studies, but updates several areas based on what has occurred (and will be occurring) relative to digital delivery, payments, social media, and the power of 'big data'.

On the eve of the introduction of Bank 3.0 in the U.K. (introduction in the U.S. is scheduled for early November), I interviewed Brett King about his new book and about how he views the banking industry today.

What has occurred in the marketplace that warranted the publishing of Bank 3.0 just 2 years after your successful book, Bank 2.0?

Brett King: The marketplace has changed significantly around how consumers are engaging with their financial institutions. Compared to two years ago, traditional banks are challenged more than ever from a distribution perspective because of the movement to mobile and digital channels, and because they are not well positioned with their current bricks and mortar networks for a positive customer experience. 

The philosophy of banks, with their secure firewalls, operational structure and compliance mindset, is counter to how any other industry engages with customers in the digital space. Since Bank 2.0, the competitive environment has also changed a great deal, with partnerships being developed, alternative players and new bank start-ups being introduced, underbanked segments emerging, and social media merging with bank service engagement. People are beginning to take a functional and utility view of banking, which is why I say in the subtitle of the new book, 'banking is no longer a place you go to, but something you do'.




In Bank 3.0, you discuss that despite these marketplace and behavioral changes, traditional banks in the U.S. have made only minor changes to their distribution models. Where do you see bank branch distribution going in the near and mid-term?


Brett King: We have already seen a number of new players enter the market, especially in the payments space such as Isis, Square, PayPal, Google Wallet, etc. In addition, prepaid cards have become much more popular and represent the fastest growing deposit product in the U.S. This is significant since most bankers do not consider the product to be 'real banking'. From the consumer's perspective, however, prepaid cards are real banking. This is the mistake traditional bookstores and movie distributors made when new distribution alternatives emerged. They didn't take the challenge seriously. Bankers need to realize that prepaid cards are changing the way people are viewing bank relationships on the grassroots level. 

Finally, as transactions continue to migrate to online and mobile channels, we will see more and more banks reconfigure their traditional branches to reflect the new digital reality, with many banks also starting to close unproductive (and economically deficient) branches. These trends will only escalate going forward due to the costs of delivery and the reduced revenue potential.





No new U.S. bank charters have been issued in the recent past. What challenges are faced by start-ups like Movenbank related to regulations and other outdated barriers to entry?

Brett King: The challenges we've had have not been from regulators, but from the risk and compliance areas of the financial organizations we are trying to partner with. In fact, we've met with the Fed, the Treasury and the CFPB and they have all been overwhelmingly supportive of what we are doing. They understand the changes occurring in the marketplace, and have liked the financial literacy built into our product, our engagement model and the value we bring to the overall banking experience.

Alternatively, the banks themselves are having difficulty innovating . . . moving from the way they have done things in the past, using paper applications, signature cards, etc. to using web signatures and online authentication (which is much safer).

Do you see the cost of mobile innovation discussed in Bank 3.0 being an additional 'market disrupter' impacting the ability for smaller institutions to succeed and ultimately survive?

Brett King: The problem is that there are so many start-ups in the financial services and payments space that are impacting the way people view financial services that significant technology projects need to be undertaken by traditional banks just to keep pace. Investing in a technology layer, combined with the new costs of compliance, will be a challenge for smaller institutions. That doesn't eliminate the potential for smaller organizations to collaborate or to build partnerships to respond to market realities, but I don't see this happening.

With the rapid acceptance of tablets, how do you see tablets changing the way people do banking and the services banks may provide leveraging this technology?

Brett King: As we have seen in the retail space already, mobile will change the context of banking including where and how a consumer conducts business. For instance, the process of buying a home and securing a mortgage becomes much different when the shopping for the mortgage is done online significantly before a customer enters a branch (if they do so at all). A tablet can also provide a rich user experience due to the real estate of this device compared to a smartphone and the tactile capabilities compared to online interaction.

Turning this around, if a customer can get this experience on a tablet, why can't that level of experience be replicated at the ATM, as part of online banking and even in the branch? In the end, I think the growth in tablets will force banks to build enhanced customer experiences across all channels.



You have a section in your book dedicated to the impact of social media in financial services. How do you see social media changing banking in the future?

Brett King: Currently social media is impacting banking in a couple ways, including servicing and social dialogue. Customers are increasingly expecting to be able to reach their bank regarding service issues using Facebook or Twitter and get a response immediately. Many banks are falling short in this area, not providing adequate support for 24/7 social channel access.

In addition, consumers are using social media to follow and engage in dialogue about brands (both positively and negatively). If a brand performs well, this can lead to advocacy which in turn can lead to referrals and new business. This positive dialogue becomes critical in restoring trust in an individual bank's brand.



At the end of each chapter in your book, you provide key lessons and recommendations for banks willing to embrace change and take advantage of market opportunities. What is the biggest risk facing traditional banks as they move forward?

Brett King: The biggest risk facing traditional banks is the distribution and cultural bias towards physical branches. The difficulty in unwinding this investment is extremely difficult due the vast scale of branch networks. How do you turn such a ship in such a short time when you are so used to doing things in a certain manner? Leasing and rental contracts present a hurdle, but changing the branch-based culture at most banks may be a bigger challenge.

Your book contains dozens of case studies and references to financial institutions around the world that are innovating and developing new ways to engage with customers. Where is the greatest banking innovation occurring today?

Brett King: The countries that I believe are the best at this would include Australia, many of the Latin American countries like Brazil, some of the countries in the EU including some of the Danish banks and Swedish banks. In my opinion, the U.S. is definitely at a disadvantage due to their over investing in branch networks. The non-banks and new start-ups provide the best examples of innovation in the states."


Commonwealth Bank of Australia - Kaching Facebook Banking


Bank 3.0 is about the transition from banking dependent on a physical structure to banking that can be done at a time and place most convenient to the customer. It is about a new form of engagement and experience that harnesses the power of the internet without sacrificing the 'human touch'. It is about leveraging the potential of big data for better 1:1 interactions and more powerful marketing. 

Brett King's newest book emphasizes that consumer behavior is changing faster than ever before and that banks need to decide if they will embrace the change or be a victim of the change. Innovation and experimentation are no longer an option. They are the only way to do business.

Bank 3.0 was released today in the U.K. and is scheduled to be released in the U.S. in early November. In addition, Brett King mentioned that he will be offering free copies of his new book to Twitter followers over the next couple weeks on a first tweet, first served basis. Brett's Twitter handle is @BrettKing.