We live in a world where data is amassed at an incredible rate – nearly 2.5 quintillion (2,500,000,000,000,000,000!) bytes of data every day and rising. Businesses are currently floating in an ocean of data and at times it’s easy to feel like you’re sinking more than swimming. Understanding which data is actually important and what it means for the big picture becomes even more complicated when there’s so much data available. But adding context and analyzing the relationship between different data sets can transform information into actionable insights. Recognizing patterns and trends can guide us to make better decisions and help us reach our long-term goals more efficiently.
In the digital world, web analytics are a good indicator of how well your site is performing. Back in the days of Web 1.0, many webmasters relied on the number of “hits” to gauge the success of their sites, and the hits were then proudly displayed in the site footer as either an odometer or digital clock. Thankfully, times have changed significantly since then and web analytics (and design) have greatly improved. Site metrics are now much more robust, allowing us to understand not only how many people are coming to the site, but what they do when they get there.
More recently, social media has been a game changer for brands on the web. Websites are no longer the only game in town – brands now have multiple touchpoints across the owned and earned digital media that form their online ecosystem.
With all these additional properties comes even more analytics data. Now brands trying to assess their digital performance are left with different silos of data and a giant stack of individual reports with no clear attribution to the bottom line. This barrage of siloed analytics leaves many questions: What’s an important KPI for this channel? What’s a good value for this metric? How does this compare to my competitors? How is my performance in a given channel affecting my other digital channels?
Enter the FlowScore
At THINK, we understand the challenges clients face when trying to assess the state of their digital presence. To this end, THINK created the FlowScore, a dashboard framework and toolset for full lifecycle analytics. Don’t think of the FlowScore as another set of metrics to add to the pile, but rather a distillation of data from your brand’s digital properties into a digestible set of scores that are easily comparable across both competitors and your own past performance.
The FlowScore examines ecosystem performance across 5 main categories:
Attraction – How are visitors reaching your site?
Engagement – How do visitors interact with your site?
Appeal – How do visitors interact with your brand on social media?
Benefit – How does your online presence affect a visitor’s opinion of the company?
Impact – How does the site drive visitors to complete desired actions?
The FlowScore examines these 5 categories using two sets of data – internal and external. The competitive benchmark utilizes external data to compare your digital performance against your competitors. Your data is normalized into a 0-100 score that makes comparing performance across channels and competitors more intuitive. We also take a broader look at your digital ecosystem performance using internal data to help you gauge progress against your biggest competitor – yourself.
The importance of measuring your performance can’t be understated. Adding a feedback loop into your internal processes can help you to iterate on your success and see greater future results. The FlowScore gets its name from a psychological state called “flow” where an individual becomes completely immersed in focus while performing an activity. The FlowScore aims to help clients achieve this flow state by turning digital analytics data into actionable insights based on a comprehensive set of core metrics.
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