We’ve reached the back of this illustrious year of chaos and it’s worth hitting the pause button for a second to deal with everyone’s favorite topic: Data and Metrics.
OK it’s not everyone’s favorite topic but it’s a necessity in this day and age.
You can’t avoid it.
My suggestion is that whether you are a Market Manager, Director of Sales, Program Director, Digital Manager or anyone I’m unintentionally leaving out you should assemble your team and review your existing metrics, prioritize the ones of greatest importance and specifically set and reaffirm the goals for the back of the year.
It is no doubt your teams are swimming in a sea of numbers and as the great Peter Drucker said: “Managements job is to simplify” so it’s time to take on this herculean task.
You can do it…and you need to do it!
Here is an attempt to put perspective on the challenge of prioritizing metrics and give you a nudge in the conversation.
Your mileage may vary.
Any conversation about metrics has to include this disclaimer because every situation is different.
Every market has it’s competitive nuance and metrics can sometimes only tell a part of the story.
There are differences by format types, gender, age and ethnicity that need consideration when thinking of metrics.
Consider the details of your unique circumstance as you ponder the metrics.
Cash Flow and Revenue Projections
This is obviously the big picture set of numbers that is and will always be of most importance for every company, no matter what the size or business.
Surprisingly, that information is not always shared in totality in some market cluster situations and it leaves some team members in the dark and often wondering what the “state of the state” really is.
Everyone should share in the pain and enjoy the gain.
Leaders should consider the best and most efficient process to share this information across departments within their organization so everyone is aligned on the mission.
Winning in the ratings game still matters and there are so many ways to evaluate, frame and sometimes put a spin on the details.
The facts around these results can also vary depending on the differences of PPM versus Diary and what actions you have chosen that support your brand.
When a monthly or quarterly “data dump” occurs bring your respective teams together and decide where you’ve won, where you’ve lost and what actions need to be taken to improve upon your work.
Evaluate all of the critical fundamentals like weekly cume, average daily cume, time spent listening, market PUMM levels etc and consider how seasonality, news events and abnormal listening patterns factor into the current results.
This is a critical factor when consideration is given to making changes with one of your brands.
Success can be a game of inches and consideration also needs to be given to how much audience growth is needed to jump up the ratings point ladder, which we know is ever so critical in a world of competitive ratings compression.
Build the best case you can take to the market to tell your story and win the battle for mind share.
Find new ways to make the case for how clients are achieving great ROI for their advertising spend.
Here’s where the world has continued to evolve and where it can get really crazy to prioritize and make sense of the data and set specific and achievable goals for your team.
Digital teams who are part of content creation and Digital sales teams need Managers who understand how to simplify and manage the data flow.
Remember when the digital metrics evaluation was led primarily by monitoring website traffic, growth and specific user behavior data?
This at it’s core still needs constant nurturing for growth.
Database management and growth was part of the early stage of digital and we can’t forget about goal setting for that important initiative.
Are you making sure that you are providing a meaningful value proposition for the members of your database?
Many stations seem to have given up on growing their database as a result of other “shiny objects” entering the picture.
It is of critical importance as well to evaluate where your performance stands with all of your social media platforms and how you intend to grow your brands footprint.
Defining specific metric and loyalty growth should be agreed upon by all members of the team.
As our business as a necessity becomes omni-channel , the list that falls under digital seems to sprout new tentacles that need to be managed and evaluated.
With Podcasting entering the landscape over the recent years managing subscriber growth is a priority.
Podcasting platforms also allow for granular analysis of how people consume your content, where they get fatigued, devices they utilize, etc so you have an opportunity to find ways to improve your product.
As mobile consumption becomes a continued key area of listening behavior, are you evaluating app downloads and setting particular growth goals for your brands?
Managing your assets includes managing how frequently you promote your assets over the air.
You should treat yourself like a good client when it comes to using inventory to promote these assets.
Because Smart Speakers have grown as a listening destination those metrics need to be managed very closely to grow usage.
Many brands have video as part of their portfolio and this has opened up the importance of not only the number of views you are garnering but also what your completion rates look.
This is another area for you and your team to study audience behavior so you can consistently tweak content for improvement.
In summary, there is too much at stake in every competitive situation to not pause, bring your team together, define priorities and set metric goals for your future success.