About a month ago I shared some thoughts about what a VP of E-Commerce should be doing in these tough economic times. In case you missed that post, the 5 items I listed were:
1. Be aggressive...and smart.
2. Focus on what matters most...your customers.
3. Measure what matters most...because you cannot manage what you cannot measure.
4. Accuracy, precision, reliability and validity of your measurements is critical to success.
5. Resist the urge to be penny wise and pound foolish.
2. Focus on what matters most...your customers.
3. Measure what matters most...because you cannot manage what you cannot measure.
4. Accuracy, precision, reliability and validity of your measurements is critical to success.
5. Resist the urge to be penny wise and pound foolish.
Since then the markets have dropped over 20%, we have seen a huge number of companies announcing layoffs and losses. So. lets continue the list.
6. Rely on metrics, not only on your expert opinions, your instincts and loud complainers. In any times, but especially in tough times with limited budgets and resources, we need to make sure we are focused on improving the things that will have the most impact on our business. Not on the things that have the loudest complainer or are an expert's favorite.
7. Make sure your metrics are valid. They need to measure what is important. Often measurements like conversion rate can be very misleading. We need to understand what we are measuring and why it is important.
8. Make sure your metrics are sensitive. They must be able to detect change. Simple scales (such as 5 point scales) are often not sensitive enough to detect change.
9. Make sure your metrics are precise. They must be exact. When we are fighting for every visitor, every customer and every dollar, we need precision in our measurements.
10. Make sure your measurements are accurate. Our measurements need to be correct. Garbage in leads to garbage out. Measurements that are not accurate can lead us down the wrong path with a false sense of security.
7. Make sure your metrics are valid. They need to measure what is important. Often measurements like conversion rate can be very misleading. We need to understand what we are measuring and why it is important.
8. Make sure your metrics are sensitive. They must be able to detect change. Simple scales (such as 5 point scales) are often not sensitive enough to detect change.
9. Make sure your metrics are precise. They must be exact. When we are fighting for every visitor, every customer and every dollar, we need precision in our measurements.
10. Make sure your measurements are accurate. Our measurements need to be correct. Garbage in leads to garbage out. Measurements that are not accurate can lead us down the wrong path with a false sense of security.
Oh, and I almost forgot. Don't look at your 401k statement - it will make you sad.
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