Our industry has access to an incredible amount of data. You can get a report created to answer any question you may have. Information is everywhere. But it often seems to me that we are more like Old Hollywood than New Media. (William Goldman’s quote is now decades old. He would probably now say that Marvel Entertainment does know things…)
Let’s start with the most important metric: “How much money do I make if I give a visitor X versus Y?”
We ask this question about…
- landing pages
- cross sales
- emails to former members
- discount offers
Our industry’s reporting tools are sorta OK for conversion but not money. There is no easy ability to find out how much money you make when showing different experiences to different consumers. No simple way to know that the results are true and trustworthy. It’s holding us back. It keeps us guessing rather than knowing.
It seems like we are lost in a sea of information and what we really need is knowledge. It a frustrating experience, like suffering dehydration in a boat floating in the ocean. The water is everywhere around – so close you can touch it – but it’s salt water. Salty water needs to go through a process to become drinkable. Just like information needs to go through a process to become knowledge. We need more of that process in our industry.
Lack of knowledge is also extremely expensive. Consumers are spending less everyday because our industry’s reporting and testing tools can’t tell us the best way to sell. Not knowing shrinks the size of the total market. It makes everyone’s slice smaller.
How can we develop our knowledge as an industry? Hop in the comment section and share your ideas.