I’ve just got back from How to Get Better at Data-Driven Marketing at Google campus with Will Critchlow (Founder and CMO, Distilled), (Liam Reynolds (Founder, True Up), and Paul Joyce (CEO & Co-Founder, Geckoboard) and wanted to pass on the few bits of learning.
- They are all nice chaps to a man
- The difference between leading metrics and latent metrics.
- The concept of only using a single metric
The rest was pretty standard beginner stuff and a bit of a sales pitch, which is probably to be expected for a £7 event. Still there was no mention of MVT or things like regression or cohort analysis, which was a shame.
Latent vs Leading Metrics
Leading metrics are the pretty much real-time metrics you can measure that lead to the prediction of metrics witch will happen down the line as a result.
E.g Number of people engaging with a webinar campaign would be leading metric, while revenue gained down the line as a result of this activity would be the metric with latency.
Using a Single Metric
Paul Joyce suggested that the ultimate incarnation of his philosophy on metrics was to only have one metric. He emphasised very much that it has to b the CORRECT metric, as metrics observed by staff WILL affect there behavior. But he also admitted at geckoboard they use two metrics, one leading and one latent.
End of the day
At the end of the event, I felt a bit like I could have answered all the questions myself, which is either big headed of me or a reflection of the novice level of the attendee’s which is no bad thing.