Getting the best insights from Engagement Value
How to use Engagement Value
Lars Birkholm Petersen, Co-Founder, Altola, Inc. and Sitecore Honorary MVP
Hi and welcome to another Sitecore Session. My name is Lars Petersen, VP of business optimization at Sitecore. Today I'm going to talk about Engagement Value and how to use Engagement Value to optimize digital performance toward your strategic objectives. If you haven't already created your Engagement Value Scale, then make sure to watch the other Sitecore Session, where we detail how to get started and how to create the Engagement Value Scale. If you have created your Engagement Value Scale and you're ready to start using Engagement Value, then a good way to start is to looking at how Engagement Value can help you evaluate the overall state, the overall performance, of your digital channels. It can be a matter of evaluating different channels, to find which are most valuable in terms of conversion
Evaluating campaigns is also important. Here you can specifically look at different marketing initiatives and understand which of those initiatives are most valuable for your organization. You can also use it to evaluate profiles. The profile is the individual. How engaged are they? Do you have many that are not engaged? That would be a good opportunity for further optimization, versus those that are super-engaged; you can give them a better experience and treat them differently.
Finally, another example is looking specifically at the content. What content is very valuable and what is the content where you have a lot of visits, but not necessarily the same amount of value?
Now let's take a look at these, and specifically three different examples. The first example is looking at visits,the overall performance on your website. We can see the visits here, the blue bars at the bottom. Now we can see over time how many visits we are getting. Very traditional, very typical for many organizations. Once we overlay this with the efficiency, thevalue per visit, then we can understand at what times are we really delivering high efficiency, in terms of converting the visits into the goals that matter for the business.
Another example is looking at the different channels that drive visits to the website. Here, we can better determine which channels contribute the most value. We can also understand which different channels are bringing most visits in. And we can begin to look at those channels that are most efficient in value per visit, in terms of converting those visits into our most important digital goals.
Looking at channels, we can begin to understand the value from all our different channels and specifically we can compare the visits to the efficiency. For instance, we get a lot of visits from direct, we get fewer visits from referral, but when we look at the efficiency, we can actually see direct is not really converting to our goals. That would be a prime subject for optimizing for visitors coming from direct. In terms of referrals: very high efficiency. Now we want to dive in and find out which referrals are most efficient, so we can increase the traffic coming from those referrals, because they are very valuable for our organization.
A third example is looking specifically at content. Of course, when you use different digital analytics tools and look at the content, you typically have pages listed like this. You have visits, average visit duration, bounce rate, page viewed per visit, and so forth.
Once you begin to use value and use the value per visit, then you can understand the efficiency of the content toward converting and engaging the visitor to watch your most critical business objectives. In this case, you can see home is very highly trafficked and has a value per visit of 2.66. Compare that to the benchmark that is less trafficked, but actually has a very high value per visit of 19.51. What you can use that for is to drive more traffic through the benchmark page because it's very engaging content.
Acting on insight
Those are three different examples of how Engagement Value can be used, but there's more. Once you have set up Engagement Value, you can leverage the different capabilities within the Sitecore Experience Platform to really better understand what leads to value. Another example is using the path analyzer, and the path analyzer is very visual. Here we use Engagement Value, and we use algorithms to determine what are the most effective parts, the most efficient parts, and the ones that have most value. In fact, we have made it super simple for you.
Looking at all these different dots, which are actually pages, and parts for your website, you can look for the colors. Green, big green, means it's very efficient and it's high value. Red, not that good, it's low efficiency and that where you should focus on optimizing, and also focusing on driving more visits to the very successful parts, because that will increase your strategic objective.
Another example of how Engagement Value is used is the experience profile. Within Sitecore, we capture the first anonymous interaction and we build an enormous profile. Now you better understand the different interactions that visitors have with your brand.
Attractor, Converter, and Inert pages
Now for each individual experience profile, you can see what is the specific Engagement Value and what's the value per visit of this profile. You can use that to better optimize and leverage those that are highly engaged versus those that are less engaged. Finally, you have all the data. You can extract the data and you can put them into other models. An example of a model that we typically use is our MOM model—and MOM is because we know that if we want the truth, we have to ask mom. MOM in this case is the Marketing Optimization Matrix, where we group, for instance, different pages based on visits and value points. Now we understand which are the Attractors, bringing in a lot of visits, but are not effective in turning them into valuable visits that are converting to our goals.
We also have the Convertors that are converting visitors to our goals but are less-trafficked pages. Where we aim to be is, of course, the Heroes, where we have both. And then there are the Inerts, which are really constant—that is, not that much visited and not bring that much value. What you can use this for is to better optimize for the pages that are the Attractors, use testing personalization to move them into the Heroes part here. For the Convertors, it's a matter of increasing traffic so you get more traffic through those pages and essentially make them Heroes.
Those are different examples of how Engagement Value can be used to optimize your different digital performance, to watch your most important strategic objectives. If you have any questions, any comments, feel free to reach out to me or watch any of the other Sitecore sessions. Thank you so much for watching.