Incisive Media is one of the world’s leading business-to-business (B2B) publishers, serving a wide range of financial, business technology and professional services markets globally. In the UK Incisive Media operates a number of highly successful job boards in parallel with their editorial sites.
2013 saw Incisive Media review the way that it used data to inform both their commercial and marketing strategies across their jobsites. Following this internal review the first stage in this development was the implementation of Madgex’s Job Board Insight (JBI) software. This new level of sophisticated management information was designed to help focus and drive sales and associated marketing activity across the range of specialist job sites.
The next stage was to review the existing KPI set, no doubt familiar to all job board owners, and work out what was actually useful to both the sales and marketing teams.
Incisive Media’s objectives at this stage were to:
- Improve efficiencies – time and cost
- Simplify data and reporting capabilities
- Focus sales team activity
- Continue to embed use of data metrics within sales and marketing functions
- Ensure correct labelling and definition of metrics
With so much data available the first challenge was to work out where to start.
Rather than look at other jobsite businesses Incisive Media decided to look at other industry sectors to try and identify similarities. After an initial round of research it was clear that it was not the industry sector or type that was important. So instead Incisive started looking at transaction types and understanding the different ways that can be used to measure the effectiveness of any activity.
The team at Incisive Media also has a wealth of experience designing, implementing, managing and reporting on large ecommerce campaigns within Google so it became clear quite soon in the process that similar metrics should be used, if possible, across the jobsites.
This approach had the advantage in that the data was readily available, simple to report and after a little tweaking of definitions and labelling, easy to act upon.
Job board metrics
All the metrics were created to measure the overall business efficiency of the job board – either individually or combined.
So whilst there is obviously a strong focus on ROI this does not exist in isolation from the other metrics – success is measured across all the metrics.
The final set of metrics that settled upon is:
- ROI per job
- ROI per channel
- ROI overall (site)
- ECPM (Effective yield)
- Jobs per user
- Users per jobs
- Conversion rate
- Transactions per user*
*(usually defined as applications but equally applies to all pre-defined conversions)
ROI became a key metric for both the sales and marketing team enabling activity to be focused where it would be most effective. The sales team were refocused on increasing the value and number of transactions per client which was helped by making better use of an enhanced inventory list. This also had the advantage that it removed the temptation to flood the job boards with a high volume of under-priced jobs as this would impact on ROI and also transactions per user and jobs per user.
The new metrics allow Incisive Media to measure both the overall performance of individual channels and campaigns against a set of dynamic real time success metrics based on historical site performance data. These metrics are then used by the sales team to help them meet short, medium and long term revenue goals based on the financial models created.
The dashboards also used a calculator that would allow them to price test proposal prices etc. before agreeing them with recruitment advertising clients using a simple traffic light system to highlight performance against the KPIs
Once the new levels of data insights were in place, forecasting significantly improved across the business. There is now the capability to factor in extra spend as there are clear expectations about what that investment should generate.
Objective and goal setting for all activity has also improved as it all has to be linked to an agreed outcome which is now more easily measurable.
The new KPI set is also linked to the JBI data across the tier 1 job sites to continually stress test the strategic direction of the sales and marketing operations. The data is now used to inform marketing activity on a monthly, quarterly, half-year and annual basis with a further knock – on benefit being an improvement in budgeting and forecasting.
A secondary benefit is that this data can feed back into the business strategy and product development for both the jobsites and wider Incisive Media business.
These metrics enable Incisive Media to measure both the overall performance of individual channels and campaigns against a set of dynamic real time success metrics based on historical site performance data. These metrics are then used by the sales team to help them meet short, medium and long term revenue goals based on the financial models generated.
- Cost per acquisition has dropped by 30% Jan – Nov 2013
- Marketing spend as a percentage of overall revenue has dropped from average of 20% 2012 to 12% for 2013
- Conversion rate (applications) improved by 6% YOY – improved by 19% Jan – Nov 2013
- Transactions per user has increased 19% Jan – Nov 2013
- 78% increase in ROI 2013 vs 2012 (ROI doubled Jan – Nov 2013)
Learn more about how Job Board Insight can help you leverage your job board data more effectively leading to increased revenues.