Blog, Business Owners, Internet Marketing Strategies
Identify Your Exact Marketing Persona in 3 Minutes: Part 2
Before you dive in, make sure you’re caught of with Part 1 of this series. You can read it here. I left off with with an awesome, detailed description of how you can create a killer report through Google Analytics to identify your exact marketing persona in 3 minutes flat. But now I want to go one step further… and that’s where Part 2 comes in.
In search of the unicorns
A unicorn, in this case, will be a segment to which your marketing persona belongs. It drives a substantially better performance in one of your performance metrics. They might be hard to find, but they are incredibly valuable and will help target your unique audience. Here is how you’ll find them:
There are 2 hacks here. One is analytical and the second is more technical. The first one is to choose the right metrics that actually mean something for your website from a business point of view.
When we first created the report, remember that we chose three metrics: sessions, transactions, and revenue. Those metrics as standalone units won’t tell you much besides a general direction about your money maker segments in terms of volumes.
They won’t show you unicorns or prove high performance or profitability. In order to find high performing/profitable unicorns, you’ll have to use those metrics to create a calculated metric that will distinguish between high performing segments and low ones.
For an eCommerce business, these calculated metrics could be: Conversion rate, Revenue per transactions, Revenue per session. The last combines the previous two; if you think of it, it is like a weighted average in terms of money. Based on your business KPIs (key performance indicators), you can decide what is a most important metric for you.
For example, if your business goal is to achieve monthly customer base growth, conversion rate would usually be the metric you should focus on as it represents the segment that converts your website visitors to customers at the fastest rate. But if your goal is more profit-oriented, you better focus on revenue per transaction or revenue per session.
Create your ultimate combo view
So at this point you just generated a report of five dimensions and got something like this:
Now you have several ways to look at the data:
- You can create one giant combo of all the dimensions you see. For that, sort one of your calculated metrics from Z to A to see who your unicorns are. Take a look at the segment of 25–34 males from Florida who are in the In-market for “Dating Services” and the affinity category of “Travel Buffs.” In this example they are the top converting or most profitable (depends on your KPIs and calculated metrics).
- You can play with the column filters to find out, for instance, who your top segment is, like the 25–34 female New Yorkers.
- Another thing you can do is create combos with the help of Excel’s “concatenate” function. Create the basic All Dimensions combo just like in the chart above with several smaller ones that will contain fewer dimensions combined. After that, you can download/export the report to excel and use Pivot Tables to run more manipulations on the data and find more unicorns. For example, search for unicorns in every country or state, search for unicorns among the highest volume segment (more than X transactions or more than X sessions), and so on.
Once you determine which way you want to look at the data and really analyze for your unicorns, you should feel a little something like this…
Lots of good stuff here, so let’s recap that
By using Google Analytics’ spreadsheet add-on, you can pull Google Analytics data and classify it by up to 7 dimensions.
There are 3 dimensions that segment your users/ customers by online purchase behavior or by interests: In-Market Segment, Affinity Category, Other Category (respectively).
On the metrics tab, you should choose metrics that are relevant to your business’ KPIs and create calculated metrics that will let you sort and present the data in a way that unicorn segments stand out.
To enhance your analysis and find more segmented unicorns, export the spreadsheet to excel and use a Pivot Table.
And there you have it! But I understand this can be a lot to take in – especially if it’s your first time with this method. So if you have any questions, drop a comment below. You’re one step closer to identifying your marketing persona!