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Digital Marketing Certified - CHAPTER 8 - The Information | Analytics

MAN OF PRESTIGE

Release Date: 10/14/2022

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Welcome to Man of Prestige.     For Full experience visit us on YouTube & Facebook   Man of Prestige YouTube -   Facebook -     LOLA and OLA YouTube -   Facebook -   Blog -     Created by myEmpirePRO   FREE Books  Marriage & Relationships →   Smart Real Estate Wholesaling →   Digital Marketing →     My name is OLA and I am your host.   I truly believe that the state of our society and the family structure is a function of the emotional and mental health of the men of our society. But this has...

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Welcome to Man of Prestige.     For Full experience visit us on YouTube & Facebook   Man of Prestige YouTube -   Facebook -     LOLA and OLA YouTube -   Facebook -   Blog -     Created by myEmpirePRO   FREE Books  Marriage & Relationships →   Smart Real Estate Wholesaling →   Digital Marketing →     My name is OLA and I am your host.   I truly believe that the state of our society and the family structure is a function of the emotional and mental health of the men of our society. But this has...

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Welcome to Man of Prestige.     For Full experience visit us on YouTube & Facebook   Man of Prestige YouTube -   Facebook -     LOLA and OLA YouTube -   Facebook -   Blog -     Created by myEmpirePRO   FREE Books  Marriage & Relationships →   Smart Real Estate Wholesaling →   Digital Marketing →   My name is OLA and I am your host.   I truly believe that the state of our society and the family structure is a function of the emotional and mental health of the men of our society. But this has evolved...

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CHAPTER 8 The Information - About two years into my digital marketing journey, I discovered high ticket offers as a strategy.  I will explain what it means to you in a second. But first, understand it’s probably going to be the defining demarcation between suffering and thriving for your bottomline.

--> READ THE BLOG POST HERE
https://myempirepro.com/digital-marketing-certified-chapter-8-the-information-analytics/

--> WATCH VIDEO VERSION HERE
https://youtu.be/ijOaROfMK7U

I had managed to become a top digital sales producer on a few platforms but it also felt like I was working too hard to make $30 commissions.  To be honest, I was a little spoiled. I was waking up quite often to $219 commission notifications; sometimes more and sometimes less.

Till today, I still get random sales commission notifications from work I did years ago.  But I wanted more. I came from the real estate world where I cashed up to $82,000 in one deal.  I knew I had to bring 10X that type of value in order to make that type of money on one single transaction.

So I decided to create an offer with a $4,997 price point for the community I had built and sold a $47 offer to.

There are about ‘107’ $47 in one $4,997. Even though I had packaged an offer with 1,000X value, I still had a little fear whispering in my left ear.

In fact, one of the first feedback I got while delivering the sales presentation was extremely discouraging.  It was a random guy in the chat who called me a joke. “Who is the sucker that will pay you $4,997 for this crap?” It was scary.

However, that same presentation created 5 sales. Let’s do some quick math. 5 sales of a $4,997 offer is equal to $24,985 from one sales presentation.  

And the shocking part about that was this. These new customers told me in their application interview that they had seen the $47 offer but it was too cheap for them to even take it seriously.

Inside the last chapter, we explored data in so many ways as related to running your business in a digital age.  You learned that every activity and process is an opportunity to collect data right?  

How far did it go with respect to an objective? But how far should it go?  We covered all these different metrics and data to collect and why we collect them.  From a visit to a lead and eventually to sales.

We also touched on “views” as a metric when it comes to videos.  Videos are powerful ways of connecting with web users.  So it is important to collect data as these users watch videos in order to optimize the performance of these videos.

To an extent, digital marketing professionals and business owners do need to be obsessed with collecting data for optimization. But you also learned that modesty is necessary because what’s the point of collecting a bunch of data that will never be analyzed, much less used to optimize campaign performance.

Anytime a user visits one of your web properties, value is being created, transferred and distributed. In fact, money is being spent even before people actually initiate transactions as they consume content that ultimately influences transaction initiations.

So since each little mini-steps informs and influences subsequent steps in the user behavior, you learned that we need to be collecting data to measure in order to optimize for the ultimate goal.  

All clicks matter when it comes to digital marketing. But all views, pageviews, actions and user behaviors matter even more.  So we must collect these numbers (data)  because you never know which one is going to turn to a $19,000 sale… or a $42 sale and everything in between.  

In addition to collecting these data, we need to analyze and convert them to meaningful “information”.  You would think that I have the confidence to try new things after that 100x revenue story I just shared with you right? Nothing could be further from the truth. I’ve also had enough experiences of losing everything because I tried new things.

The negative traumatic memories are a more impactful stronghold on the human mind. I’ve had to question my own documented abilities and success stories (millions of dollars in production) many times because of fewer bad results. So it’s not as simple as that success story might have made it seem.

While I really enjoy the passion I feel from digital marketing activities, I started to feel exhausted with the amount of hours I was unnecessarily spending on minimum wage technical activities.  I started craving for opportunities to deliver big results which I knew I was capable of doing in exchange for bigger fees especially knowing that I had done it before. I can’t call this experiment.

But I was also afraid of creating a new offer that could distract me from what was already working.  Distraction is real and it can cost significantly more than what you are thinking when I say that. It’s a variable that’s often underrated.  I feel like I am still a victim of distraction in business.  Like I said, I am a little traumatized.

As a creative mind, ideas come to me all the time and I truly believe my personal net worth would be 100 times of what it is right now if I had been able to control my creative urges a little more.

I get bored easily. And boredom can be a sign of a healthy business. Do you feel me on how much of an oxymoron that is?

So I am terrified of trying new ideas when business is working well for me even though the ideas never stop flowing.  Some of these ideas could potentially 100x my revenue even with less effort but because I went broke a few times trying new things; it’s a real struggle.

As best practices in marketing, you have to test your way to the results you are looking to achieve.  All the data being collected should be collected as you test variables against itself at least in 2 variations at any stop in the user or customer experience.

For example, the fear that tends to overwhelm me when it’s time to test all these ideas that I get is easily mitigated once I think about them as opportunities to test for.  It starts to feel like fun.  In fact, testing new ideas and variations are highly recommended.

The issues come when there is no structure to guide certain levels of creative chaos.  But that problem is finally solved when you master the art and science of converting data into “information”.  You can then use the information to decide on scaling the new idea or killing it.

So in my story, all I had to do was to generate a certain fraction or percentage of my traffic (we also call this visits) towards my $47 offer and whatever is left of the generated traffic towards the $4,997 offer for a period of time until I’ve generated a minimum of 100 visits in total.  The idea of the 100 visits is to statistically have enough samples to make a call of the winning variation.  The higher the sample-visits, the better.

 

In the case of this example, you collected the clicks data which is 100 visits. Some analytic tools might call this 100 users or 100 clicks.  You also collected 2 additional pieces of data; 2 sales of the $4,997 offer and 19 sales of the $47 offer.

Up until this point, it’s all data. But after analyzing these data points, we found that 2 sales at $4,997 is equal to $9,994 for the bottomline and 19 sales at $47 is equal to $893. With this “information”, we can make a business decision accordingly.

This activity of converting data points to meaningful information for the purpose of intelligent business decisions is called analytics.  With analytics and the information you get, you can be more objective in your approach to testing new ideas for viability and therefore reduce the overall emotions in the outcome of your digital marketing campaigns.

Remember that digital marketing is all about a user or prospect journey from the first moment they land on your website until they convert to a customer.  One of the many opportunities that digital marketing presents is the ability to track, monitor and measure the user behavior throughout that experience in order to use it to optimize.

While the idea is to optimize for maximized profit ultimately, the  purpose also by default is to make the experience soothing for the user.  You want to be able to deliver value not just with whatever the core product is, but also with the experience.

You can analyze and you can report elaborately and also visually.  Business decision makers at enterprise level will most likely not have time to be digging through so many data points that today's digital analytic tools are able to collect.  So these visual representations after analysis are necessary.

Data collection, which is what we covered in last chapter, is more about the “information in quantity” which are quite also useless by themselves for business decisions.  But once it is analyzed and converted to information in reports, it's about “quality information”.  It can be reviewed quickly by stakeholders.

95% of businesses are still failing within their first 5 years.  One of the many reasons for this is an ever evolving consumer pattern. Things get older very quickly in the digital age.  With digital marketing analytics, there are patterns revealed earlier enough to pivot before it impacts the business negatively.

If you haven't noticed yet, I've used the title of this chapter to simplify the understanding of digital marketing analytics.  Analytics is simply a fancy way to describe analysis and reporting of user behavior data as useful, meaningful and business decision making "information."

There are 3 types of analysis that we are generally concerned about overall.  Some of these terminologies may change and evolve as you continue your digital marketing journey.  However, the concept is evergreen.

And the 3 types of analysis are Acquisition, Behavior and Conversion (ABC).  User data is being collected and analyzed in all of these 3 segments of a user's journey on your online properties such as your website (your main hub) or one of your main nodes such as your YouTube channel or Facebook page.

  1. Acquisition - This is all the data set collected as a measure of how users were initially attracted to your online properties.  It measures how many users, new users and the number of sessions they initiated.  As we covered earlier, a user can visit your online properties multiple times.  Each time is referred to as a session.
  2. Behavior - This is the data set that tracks and measures the users’ behavior of your online properties.  It's analyzed, reported and used to optimize for higher engagement which is indication that they are getting the value they came there for. 

In this phase, the bounce rate (which is the rate at which users are viewing only one page in a session, an indication of low engagement), the number of pages viewed per session on average and the average session duration (which is how long they are spending on your properties) are measured.  As you can see, it gets into a little more analysis of the user behavior. 

  1. Conversion - Then we have the measurement of the rate at which certain predetermined goals are achieved and desired actions are taken.  We have goals and actions such as leads generation and sales generation of course.

For example at press time, I have pulled out more recent data for the last 30 days of our Google Analytics.  

We've acquired 1,042 users of which 1,020 are new users.  1,031 sessions were initiated.  Let's quickly take a closer look before I get into the "behavior" segment.

When you look at the difference between 1,042 users and 1,020 new users, that means only 22 users were repeat users.  Already, I don't like that number.  At least, I want as close as possible to half of our total users to be repeat and revisiting users.

Hopefully, the readers that this book attracts will help us accomplish that.  We will be implementing additional measures to improve that number and I will be sharing more inside myEmpirePRO Inner Circle training.

Also, only 1,031 sessions were initiated.  That's barely more than one page viewed by each user.  There is art and there is science to improve on engagement.  But the point of this lesson is showcased in the next set of analysis; "Behavior".

In that segment, the reports indicate a 74.48% bounce rate, 1.61 pages per session and an average session duration of 1 minute and 2 seconds (00:01:02).  

With regards to “conversion” such as leads or sales generation,  can we use you as an example?  When you acquired this book, you became a lead for our business.  At the very minimum, you gave us your contact information as indication of interest in digital marketing either as a career or 7 figure side-hustle.  What do all these mean?

Well... we have a little more confirmation of our first analysis which is the fact that we need to improve on our engagement level on www.myEmpirePRO.com   

The reality (and I promise... not an excuse) is that we have been working on this book and a pivot into teaching more of digital marketing as a 6 figure career and 7 figure side-hustle.  We expect a sharp increase as we release more in-depth training and success stories and we will be sharing.  

The main point of this chapter is to highlight the transition from last chapter which was about learning these data-points and metrics into using analytics to convert them to business intelligence.  And I've just demonstrated that in real time with our own main hub; www.myEmpirePRO.com  

As your first step to setting up analytics for collecting, analyzing and reporting on user behavior data, you obviously need a main hub commonly known as a website.  You also need the website to be self hosted.  It's just a lot more unreliable to use free blogs.

I also recommend that you build this website on a content management system (CMS) called WordPress.  There is a very strong reason why WordPress powers 43% of websites online right now.  One of the reasons is that it is easy to set up, plug and play.

With WordPress, you can add and remove features as it automatically updates for free.  In this time and digital age, you should already expect that software and apps need regular updates.  I'm sure that you notice the same phenomenon on your smartphone mobile apps.  Sometimes, it stops you and makes you update before continuing to use.

WordPress is the material and structure for your online property.  While WordPress is a free CMS, the online property (kinda’ like a land in real life) and its digital and easy to reference address (like www.myEmpirePRO.com) is not free.  But they are extremely affordable.

For as low as $5 per month, you can be hosted online.  Go to www.myEmpirePRO.com/hosting and set up your WordPress powered website right away.  It's quite user-friendly and that’s in addition to the fact that you can chat with live support if you need help.

 

They will also help you with setting up the Google Search Console for tracking and optimizing organic traffic and Google Analytics features so that you too can start collecting and analyzing user behavior data.

If you'd rather spend money than time on user and customer acquisition to your website and online properties, you might want to check out this third party analytics tool at www.myEmpirePRO.com/clickmagick I think they offer a free trial.  Don't quote me.

All of these tools are self explanatory and easy to use especially if you read this book multiple times; 10-15 times.  It’s necessary in order to create mastery.

And like I said earlier, we are teaching digital marketing as a 6 figure 9-5 career and also as a 7 figure side-hustle opportunity.  It's wild-open and anyone can participate either as an employee (21+ job opportunities at various levels) for businesses as a digital marketing analyst or 7 figure creator or messenger as an entrepreneur.

In the next chapter, we will be addressing a major problem. According to ahref.com, 90% of online content and websites gets no traffic; ghost-land.  No one comes to these websites.

Hopefully you execute today what you've learned by setting up your very own WordPress powered professional hub online.  But the worst thing that can happen is to not figure out how to be in that top 10% that's getting all the online traffic and generating all the money.

If you are not generating consistent traffic of users to your website, there is no data to collect much less to analyze, report and use to optimize.  It's all useless and a waste of resources.

So we will be diving into the four categories of online traffic channels and then we will break them down to the different "sources" and media.  We will talk about the pros and the cons of each one.  But we also have to reference them to the resources you already have available.

One of the major issues with people that try to implement digital marketing is when they don't realize that they already participate in one shape or form.  I am calling that out and we will leverage your existing activities and sources of traffic online.  Then we can build on top of it.

We will also cover the pros and cons of free and paid traffic generation. Some people will hurt their chances of success going after paid traffic and the same is true for some that will chase after free traffic.  We will be breaking that down as we've done with the book up till this point.