A ClickZ/ZAAZ interactive tool can help you evaluate what initiatives deserve funding now and what you should be put on the backburner.
In many columns I've written over the past four years, I've discussed the many opportunities to improve a Web site. The real issue is determining where opportunities exist and what initiatives to pursue.
Resources and time have always been in short supply compared to the opportunities and initiatives people want to roll out for any Web site. In a slowing economy, this is more of an issue than ever.
How many ideas for improving your Web site have been tossed around? What percentage of those will get accomplished in the next 30, 80, or 180 days? Most likely, the number of opportunities greatly outweighs the number that can actually be accomplished over the coming months. If this isn't the case, you aren't looking hard enough!
In previous columns, my colleague Shane Atchison and I have outlined the power of assigning dollar values to different site behaviors and monetizing the Web channel to better understand the impact of different online interactions with your business.
The ClickZ/ZAAZ Optimization Calculator allows you to forecast a potential ROI (define) with just a few easy entry fields. After you read this column, you will want to click here and bookmark the calculator page. There are a lot of different ways to determine how to monetize visitor interactions, but this is one way that we use internally at our agency to help our clients prioritize opportunities. But the process can obviously get much more complex.
Now let's get into how to use the tool, which has three key sections:
Remember, you don't need to be exact on the values or percentage lift, but try to be consistent with your estimates. This is a tool to determine the estimated impact. You'll find that you sometimes estimate too high and sometimes too low. At least you're drawing a line in the sand and aiming for something.
Use this tool as a way to prioritize your opportunities, forecast the impact of initiatives, and of course measure the impact of actual tests or changes you make to your site. Share this with your team and commit to using it for all initiatives as they are being prioritized and after they launch.
Keep track of your wins and losses. Talk about the financial impact of initiatives you roll out rather than jumping to the next project, just happy you finished the previous one.
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As president of the Americas regions for the digital agency POSSIBLE, Jason is responsible for leading the long-term stability and growth of the region. Jason has 20-plus years experience in digital strategy. He is a long-time advocate of using data to inform digital strategies to help clients attract, convert, and retain customers. Jason supports our clients and employees in driving new engagements and delivering great work that works.
Jason speaks frequently about helping marketers take advantage of data to make smarter business decisions and improve the success of their organizations. He is the co-author of Actionable Web Analytics: Using Data to Make Smart Business Decisions.
Follow him on Twitter @JasonBurby.
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