Technical Site Audit Checklist: 2015 Edition

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Technical Site Audit Checklist: 2015 Edition Posted: 18 Jan 2015 04:13 PM PST Posted by GeoffKenyon Back in 2011, I wrote a technical site audit checklist, and while it was thorough, there have been a lot of additions to what is encompassed in a site audit. I have gone through and updated that old checklist for 2015. Some of the biggest changes were the addition of sections for mobile, international, and site speed. This checklist should help you put together a thorough site audit and determine what is holding back the organic performance of your site. At the end of your audit, don't write a document that says what's wrong with the website. Instead, create a document that says what needs to be done. Then explain why these actions need to be taken and why they are important. What I've found to really helpful is to provide a prioritized list along with your document of all the actions that you would like them to implement. This list can be handed off to a dev or content team to be implemented easily. These teams can refer to your more thorough document as needed. Quick overview Check indexed pages   Do a site: search. How many pages are returned? (This can be way off so don't put too much stock in this). Is the homepage showing up as the first result?  If the homepage isn't showing up as the first result, there could be issues, like a penalty or poor site architecture/internal linking, affecting the site. This may be less of a concern as Google's John Mueller recently said that your homepage doesn't need to be listed first. Review the number of organic landing pages in Google Analytics Does this match with the number of results in a site: search? This is often the best view of how many pages are in a search engine's index that search engines find valuable. Search for the brand and branded terms Is the homepage showing up at the top, or are correct pages showing up? If the proper pages aren't showing up as the first result, there could be issues, like a penalty, in play. Check Google's cache for key pages Is the content showing up? Are navigation links present? Are there links that aren't visible on the site? PRO Tip: Don't forget to check the text-only version of the cached page. Here is a bookmarklet to help you do that. Do a mobile search for your brand and key landing pages Does your listing have the "mobile friendly" label? Are your landing pages mobile friendly? If the answer is no to either of these, it may be costing you organic visits. On-page optimization Title tags are optimized Title tags should be optimized and unique. Your brand name should be included in your title tag to improve click-through rates. Title tags are about 55-60 characters (512 pixels) to be fully displayed. You can test here or review title pixel widths in Screaming Frog. Important pages have click-through rate optimized titles and meta descriptions This will help improve your organic traffic independent of your rankings. You can use SERP Turkey for this. Check for pages missing page titles and meta descriptions    The on-page content includes the primary keyword phrase multiple times as well as variations and alternate keyword phrases    There is a significant amount of optimized, unique content on key pages   The primary keyword phrase is contained in the H1 tag    Images' file names and alt text are optimized to include the primary keyword phrase associated with the page.   URLs are descriptive and optimized While it is beneficial to include your keyword phrase in URLs, changing your URLs can negatively impact traffic when you do a 301. As such, I typically recommend optimizing URLs when the current ones are really bad or when you don't have to change URLs with existing external links. Clean URLs No excessive parameters or session IDs. URLs exposed to search engines should be static. Short URLs 115 characters or shorter – this character limit isn't set in stone, but shorter URLs are better for usability. Additional reading: Best Practices for URLs URL Rewriting Tool mod_rewrite Cheat Sheet Creating 301 Redirects With .htaccess Content Homepage content is optimized Does the homepage have at least one paragraph? There has to be enough content on the page to give search engines an understanding of what a page is about. Based on my experience, I typically recommend at least 150 words. Landing pages are optimized Do these pages have at least a few paragraphs of content? Is it enough to give search engines an understanding of what the page is about? Is it template text or is it completely unique? Site contains real and substantial content Is there real content on the site or is the "content" simply a list of links? Proper keyword targeting Does the intent behind the keyword match the intent of the landing page? Are there pages targeting head terms, mid-tail, and long-tail keywords? Keyword cannibalization Do a site: search in Google for important keyword phrases. Check for duplicate content/page titles using the Moz Pro Crawl Test. Content to help users convert exists and is easily accessible to users In addition to search engine driven content, there should be content to help educate users about the product or service. Content formatting Is the content formatted well and easy to read quickly? Are H tags used? Are images used? Is the text broken down into easy to read paragraphs? Good headlines on blog posts Good headlines go a long way. Make sure the headlines are well written and draw users in. Amount of content versus ads Since the implementation of Panda, the amount of ad-space on a page has become important to evaluate. Make sure there is significant unique content above the fold. If you have more ads than unique content, you are probably going to have a problem. Additional reading: How to Write Magnetic Headlines SEO Copywriting Tips for Improved Link Building The Ultimate Blogger Writing Guide Tips to Earn Links and Tweets to Your Blog Post Duplicate content There should be one URL for each piece of content Do URLs include parameters or tracking code? This will result in multiple URLs for a piece of content. Does the same content reside on completely different URLs? This is often due to products/content being replicated across different categories. Pro Tip: Exclude common parameters, such as those used to designate tracking code, in Google Webmaster Tools. Read more at Search Engine Land. Do a search to check for duplicate content Take a content snippet, put it in quotes and search for it. Does the content show up elsewhere on the domain? Has it been scraped? If the content has been scraped, you should file a content removal request with Google. Sub-domain duplicate content Does the same content exist on different sub-domains? Check for a secure version of the site Does the content exist on a secure version of the site? Check other sites owned by the company Is the content replicated on other domains owned by the company? Check for "print" pages If there are "printer friendly" versions of pages, they may be causing duplicate content. Accessibility & Indexation Check the robots.txt Has the entire site, or important content been blocked? Is link equity being orphaned due to pages being blocked via the robots.txt? Turn off JavaScript, cookies, and CSS Use the Web Developer Toolbar Is the content there? Do the navigation links work? Now change your user agent to Googlebot Use the User Agent Add-on Are they cloaking? Does it look the same as before? PRO Tip: Use SEO Browser to do a quick spot check. Check the SEOmoz PRO Campaign Check for 4xx errors and 5xx errors. XML sitemaps are listed in the robots.txt file XML sitemaps are submitted to Google/Bing Webmaster Tools Check pages for meta robots noindex tag Are pages accidentally being tagged with the meta robots noindex command Are there pages that should have the noindex command applied You can check the site quickly via a crawl tool such as Moz or Screaming Frog Do goal pages have the noindex command applied? This is important to prevent direct organic visits from showing up as goals in analytics Site architecture and internal linking Number of links on a page 100-200 is a good target, but not a rule. Vertical linking structures are in place Homepage links to category pages. Category pages link to sub-category and product pages as appropriate. Product pages link to relevant category pages. Horizontal linking structures are in place Category pages link to other relevant category pages. Product pages link to other relevant product pages. Links are in content Does not utilize massive blocks of links stuck in the content to do internal linking. Footer links Does not use a block of footer links instead of proper navigation. Does not link to landing pages with optimized anchors. Good internal anchor text   Check for broken links Link Checker and Xenu are good tools for this. Additional reading: Importance of Internal Linking Internal Linking Tactics Using Anchor Links to Make Google Ignore The First Link Successful Site Architecture for SEO The SEO Guide to Site Architecture Information Architecture and Faceted Navigation Technical issues Proper use of 301s Are 301s being used for all redirects? If the root is being directed to a landing page, are they using a 301 instead of a 302? Use Live HTTP Headers Firefox plugin to check 301s. "Bad" redirects are avoided These include 302s, 307s, meta refresh, and JavaScript redirects as they pass little to no value. These redirects can easily be identified with a tool like Screaming Frog. Redirects point directly to the final URL and do not leverage redirect chains Redirect chains significantly diminish the amount of link equity associated with the final URL. Google has said that they will stop following a redirect chain after several redirects. Use of JavaScript Is content being served in JavaScript? Are links being served in JavaScript? Is this to do PR sculpting or is it accidental? Use of iFrames Is content being pulled in via iFrames? Use of Flash Is the entire site done in Flash, or is Flash used sparingly in a way that doesn't hinder crawling? Check for errors in Google Webmaster Tools Google WMT will give you a good list of technical problems that they are encountering on your site (such as: 4xx and 5xx errors, inaccessible pages in the XML sitemap, and soft 404s) XML Sitemaps   Are XML sitemaps in place? Are XML sitemaps covering for poor site architecture? Are XML sitemaps structured to show indexation problems? Do the sitemaps follow proper XML protocols?  Canonical version of the site established through 301s   Canonical version of site is specified in Google Webmaster Tools   Rel canonical link tag is properly implemented across the site Make sure it points to the correct page, and every page doesn't point to the homepage. Uses absolute URLs instead of relative URLs This can cause a lot of problems if you have a root domain with secure sections. Site speed Review page load time for key pages  Is it significant for users or search engines? Make sure compression is enabled  Gzip Test Enable caching Optimize your images for the web Google's guide to optimizing your images Minify your CSS/JS/HTML Use a good, fast host Consider using a CDN for your images. Optimize your images for the web Google's guide to optimizing your images Additional reading: Google Page Speed Insights Best Practices for Page Speed Mobile Review the mobile experience Is there a mobile site set up? If there is, is it a mobile site, responsive design, or dynamic serving? Make sure analytics are set up if separate mobile content exists If dynamic serving is being used, make sure the Vary HTTP header is being used This helps alert search engines understand that the content is different for mobile users. Google on dynamic serving. Review how the mobile experience matches up with the intent of mobile visitors Do your mobile visitors have a different intent than desktop based visitors? Ensure faulty mobile redirects do not exist If your site redirects mobile visitors away from their intended URL (typically to the homepage), you're likely going to run into issues impacting your mobile organic performance. Ensure that the relationship between the mobile site and desktop site is established with proper markup If a mobile site (m.) exists, does the desktop equivalent URL point to the mobile version with rel="alternate"? Does the mobile version canonical to the desktop version? Official documentation. International Review international versions indicated in the URL ex: site.com/uk/ or uk.site.com Enable country based targeting in webmaster tools If the site is targeted to one specific country, is this specified in webmaster tools?  If the site has international sections, are they targeted in webmaster tools? Implement hreflang / rel alternate if relevant Documentation If there are multiple versions of a site in the same language (such as /us/ and /uk/, both in English), update the copy been updated so that they are both unique   Make sure the currency reflects the country targeted   Ensure the URL structure is in the native language  Try to avoid having all URLs in the default language Analytics Analytics tracking code is on every page You can check this using the "custom" filter in a Screaming Frog Crawl or by looking for self referrals. Are there pages that should be blocked? There is only one instance of a GA property on a page Having the same Google Analytics property will create problems with pageview-related metrics such as inflating page views and pages per visit and reducing the bounce rate. It is OK to have multiple GA properties listed, this won't cause a problem. Analytics is properly tracking and capturing internal searches   Demographics tracking is set up Adwords and Adsense are properly linked if you are using these platforms Instructions for linking AdWords Instructions for linking AdSense Internal IP addresses are excluded Official documentation UTM Campaign Parameters are used for other marketing efforts Google URL Builder Meta refresh and JavaScript redirects are avoided These can artificially lower bounce rates. Event tracking is set up for key user interactions Event Tracking Documentation This audit covers the main technical elements of a site and should help you uncover any issues that are holding a site back. As with any project, the deliverable is critical. I've found focusing on the solution and impact (business case) is the best approach for site audit reports. While it is important to outline the problems, too much detail here can take away from the recommendations. If you're looking for more resources on site audits, I recommend the following: Helpful tools for doing a site audit: Annie Cushing's Site Audit Web Developer Toolbar User Agent Add-on Firebug Link Checker SEObook Toolbar MozBar (Moz's SEO toolbar) Xenu Screaming Frog Your own scraper Inflow's technical mobile best practices Sign up for The Moz Top 10, a semimonthly mailer updating you on the top ten hottest pieces of SEO news, tips, and rad links uncovered by the Moz team. Think of it as your exclusive digest of stuff you don't have time to hunt down but want to read!

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Seth's Blog : Letter from the Birmingham Jail

Letter from the Birmingham Jail

Today is as good as any to read this essential essay about action and justice. [Audio fans might want to check out this 2015 group reading of the letter, organized by Willie Jackson.]

And now, Acumen is offering a free small-group course/discussion about the letter. All you need to do is find two or three colleagues and sign up here.

"But I must confess that I am not afraid of the word 'tension'."

"Wait" has almost always meant 'Never'."

Taking action is a choice.

Speaking up is a choice.

And yes, standing on the sidelines is a choice.

       

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Mish's Global Economic Trend Analysis

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• Graves Waiting For Bodies: Major War Escalation in Ukraine; In 5 Weeks Ukraine Out of Money
• Sneakin' In To The USA: Remake of Surfin' USA: Remake of Sweet Little Sixteen
• Swiss Peg Removal: Did Anyone Win?
• On the Lighter Side: Robot Beer Pong

Graves Waiting For Bodies: Major War Escalation in Ukraine; In 5 Weeks Ukraine Out of Money Posted: 18 Jan 2015 06:04 PM PST We regret having to interrupt feel-good weekend articles with more sobering news. In Ukraine, major battles have broken out over the past couple weeks. Mainstream media has widely ignored the story because of Greece, then Charlie, and then the Swiss Franc. And of course Western media has no interest in reporting news the rebels are winning. However, ignoring the story does not make it go away. Major Rebel Advance On November 9, 2014, I posted Ukraine Split in Two; Expect Major Rebel Advance. That advance came later than I expected. But it is here in full force. Max Keiser provided this accurate headline two days ago: Ukraine Lurches to Full Scale War as Russia Drastically Reduces Gas Supply to EU. Reader Jacob Dreizin, a US citizen who speaks Russian and reads Ukrainian sent a few emails and videos recently worth posting. From Jacob ... Hello Mish Here's a video that shows a military "cemetery" in Dnepropetrovsk region, Ukraine. Note especially seconds 33 through 51. There are literally hundreds of empty holes in the ground here, waiting for bodies. I read in another source that these graves were dug very recently, probably right before this video was posted on January 8th. Looks like Kiev had been planning an offensive, presumably the one that was just broken up by the rebels in the last few days. I guess it's cheaper to have the graves dug all at once than to keep calling the backhoe crew over and over. Link if video does not play: Mass Graves in Ukraine. Dreizin writes ... The last few weeks have seen a significant escalation of fighting, which really boiled over in the last 5-6 days. I can't say for sure who "started" it, but it's clear from those hundreds of holes in the ground that the Ukrainians anticipated something. Donetsk Airport Battle is Over Dreizin also informs me that "The battle for the Donetsk airport is over. The rebels expelled Ukraine's most elite units from their last redoubts in the new terminal building." More reports coming up, none of them pretty for Kiev. Mainstream media ... silence. But some things are impossible to hide. Here's one of them. USD/UAH - US Dollar Ukrainian Hryvnia Since November 30, 2013, the Hryvnia has collapsed from 8.24-per-US$ to 15.86-per-US$. That's a decline of 48 percent. Everything Ukraine imports costs nearly double what it did just over a year ago! Ukraine is bankrupt. It needs another bailout, but so far there are no offers. See Ukraine Needs Second Bailout, Currency Reserves Drop to Critical Level; Another IMF Visit; Where's the Love? In 5 Weeks, Ukraine Out of Money Please consider Foreign Currency Reserves in Ukraine Plunge 63 Percent in 2014 Ukraine's foreign currency reserves were down to just over $7.5 billion last year, the lowest level for 10 years and barely enough to cover five weeks of imports, pressured by external debt repayments including to the IMF and to Russia for gas. Repayment of $14 billion of external debt falling due in 2014 took its toll. War Marches On From a "grave" perspective, the war marches on, and will do so until the IMF steps in with another bailout or every penny is gone, whichever comes first. Philosophically speaking, the war is actually over. Ukraine is already split in two even if international recognition of that event comes years later. Addendum: The report from Dreizin that rebels took the airport was from Saturday. Reuters reported Sunday afternoon that Ukrainian troops retake most of Donetsk airport from rebels. Ukrainian troops recaptured almost all the territory of Donetsk airport in eastern Ukraine they had lost to separatists in recent weeks, as thousands gathered in Kiev for a state-sponsored peace march on Sunday. Military spokesman Andriy Lysenko said the army's operation had returned battle lines near the airport to the previous status quo and thus not violated the 12-point peace plan agreed with Russia and separatist leaders last September in Minsk. With its runways pitted and cratered, Donetsk airport has long since ceased to function. But its control tower and extensive outbuildings, battered by shelling and gunfire, have taken on symbolic value, with government soldiers and separatists hunting each other, often at close range, in a deadly cat-and-mouse game among the ruins. What we don't know is "what costs" and to which side. Also, I strongly suspect that this surge for Kiev to the previous status quo may mean Ukraine forces are really thin somewhere else of more strategic importance, such as the area around Mariupol. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Sneakin' In To The USA: Remake of Surfin' USA: Remake of Sweet Little Sixteen Posted: 18 Jan 2015 04:37 PM PST For those looking for yet another lighter weekend moment, I can oblige with a trilogy of musical videos to compare. Rusty Humphries made an entertaining (some may say "politically incorrect" or insensitive) remake of the 1963 Beach Boys hit tune Surfin' USA, which in turn was actually a remake of Chuck Berry's 1958 hit Sweet Little Sixteen. Here are three versions to compare. Sneakin' In To The USA - Rusty Humphries Link if video does not play: Rusty Humphries: Sneakin' In To The USA Surfin' USA - Beach Boys Link if video does not play: Beach Boys - Surfin Usa (Live, 14 March 1964) Sweet Little Sixteen - Chuck Berry Link if video does not play: Chuck Berry "Sweet Little Sixteen"  Some of those who did not know the true origin of Surfin' USA, do now. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Swiss Peg Removal: Did Anyone Win? Posted: 18 Jan 2015 01:32 PM PST Swiss Economy Winners and Losers In reference to Rabbit Hole Intervention Fails: Wild Moves in Swiss Franc as Switzerland Abandons Euro Peg; Morals of the Story, reader "Grandaddy" a Swiss citizen living in the US, asks "How will removal of the peg affect the Swiss economy/outlook in the long run?" Intuitively Obvious It's an interesting question because what seems intuitively obvious at first glance is not necessarily correct over the long haul or even the short haul. For example, conventional wisdom is that Swiss exporters will be crucified and importers will benefit. Certainly there is an initial shock. But long-term, look at it this way: The price of materials used in exports (metals in watches and Swiss-made machinery) will get cheaper. This may balance out over time, or not. One would have to look at input and output prices for every company to see. Right now, Luxury Watch Makers Bemoan Move. Nonetheless, I have to wonder: Are top-end luxury items so ridiculously overpriced and so dependent on price-insensitive status buyers that the price change will not matter that much? One widely recognized "big loser" is the tourism industry. For sure, hotel prices in Switzerland rose as much as 40% overnight compared to prices elsewhere. But Swiss grocery shoppers buying food imports from France, Spain, and the rest of Europe benefit mightily. Which of those is more important? I suggest the benefit to Swiss shoppers is more important, at least in the grand scheme of things. Moreover, those consumers will have more money to spend on other things ... like restaurants, travel and hotels. Net-net this is likely to be a loser for the tourism industry, but it may not be the total carnage most expect. The big short-term loser was the financial industry. You can easily see that in the reaction of the Swiss Stock Exchange. SMI Swiss Market Index In two days the Swiss stock market plunged 1375 points, from a high of 9274 to a close of 7899, a decline of nearly 15%. Pressure Cookers and Central Bank Sponsored Stability In a matter of minutes the Swiss franc plunged as much as 40%. Such is the nature of foolish attempts by central bankers to control volatility. Brokerage Firm Gets Rescue By attempting to keep things stable, the central bank created huge winners and losers on financial speculation. For example, broker FXCM required a $300 million bailout to stay afloat. In the quote of the day (going back to December), Drew Niv, FXCM's chief executive officer said "Without leverage no one would trade". Niv argued in favor of 50-1 leverage over proposed 10-1 leverage. Niv got his way, and needed a huge bailout. For details, please see Quote of the Day: "Currencies Don't Move Much. Without Leverage, No One Would Trade" It Only Takes One Also consider the biggest known loser to-date. Hedge fund manager Marko Dimitrijevic and his $830 million Everest Capital's Global Fund that lost everything overnight. For details, please see It Only Takes One: Hedge Fund Manager Who Survived Five Debt Crises Wiped Out Overnight on Swiss Franc Repercussions This Swiss Franc peg story goes far beyond speculation on the Swiss franc. How many hundreds of billions of euros were bet on individual stocks? And what about interest rate bets? Like the Swiss franc, volatility on interest rates was also amazingly low. But yields plunged across the board, and so did potential wins and losses. Currency-Wise Who Won? It's widely believed that for every loser on financial speculation there is a corresponding winner. Under this theory, it's a zero-sum game, with market-makers taking a slice out of every transaction. Certainly, there were record net short bets on the Swiss franc by speculators. And market makers have to take the other side of client bets. It's what they do. For every long contract, there is an offsetting short contract. So presumably the market makers were the winners. Not so fast. Market makers hedge (at least they are supposed to). If the market makers had perfect hedges or nearly so, they broke even and all the winners (and losers) were on the speculative side of the trade. Thus, it is not necessarily true that anyone had to win! But perfect hedging is impossible. Depending on imprecise hedges, not only on the franc, but also on related interest rate bets and derivative bets on Swiss equities, there is ample room for market maker wins and losses on moves of this magnitude. I suspect the reported losses by Citigroup etc., were combined losses on all of the above. Perhaps some market makers lost more on equities and interest rates bets than they made being forced-long on Swiss franc futures. Comparison to Gold and Silver The above is essentially the same setup as with gold and silver futures. How many times did we hear "If silver rises to $10, then $15, then $20, then $30, then $35 ... it will blow the commercial shorts out of the water". It never happened and I maintain it never would, because the market makers were hedged. But hedging does not imply no market manipulation, and on that score, I believe there was manipulation (in both directions, up and down). Swiss Franc Winners Even though there were net record shorts in Swiss francs, some individual speculators were long. Since no one has stepped forward, they were likely small individual speculators or small hedge funds with relatively small positions. Unless and until a big player steps forward, that is the most likely outcome. Lawyers Win On the non-financial side, here is a clear cut winner: Lawyers. Lawsuits of all kinds will likely fly in the wake of this fiasco. The 90% Lost More broadly speaking (in reference to central bank tactics in general), the 90% lost. Central bank induced volatility, inflation policies, and interest rate manipulations benefits those with first access to money: the banks, the political class, and the already wealthy. Everyone else loses. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

On the Lighter Side: Robot Beer Pong Posted: 18 Jan 2015 11:29 AM PST Momentarily taking a step back from the Swiss franc, the renewed war in Ukraine, Charlie and politics, consider robot beer pong. Link if video does not play: Jimmy Fallon Faces Off Against A Beer Pong Robot Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

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Seth's Blog : Please, go away

Please, go away

What if you had a big blue phone on your desk, and whenever you needed to, you could pick it up and instantly be connected with a smart and caring tech support expert (from your internet provider, your web host, the airline you use the most...)?

What are the chances you'd ever consider switching to a competitor that didn't offer similar service just to save a few bucks?

The current model of big company support is to throw undervalued, undertrained, underpowered human beings at perplexed customers, frustrating and disrespecting them enough that they shrug and give up.

These are the chat rooms staffed by people who merely repeat what's on the website.

The phone trees that bury 'talk to a human' at the very bottom of the options (or hide it altogether).

The reps who are rewarded for a short call and punished for escalating you to someone who can help.

And yes, the email correspondents who send notes from addresses to which you cannot reply.

In industries with drive-by customers, people you'll never see again, customer churn is no big deal. But in businesses where the lifetime value of a customer exceeds $15,000 (I'm thinking cable, phones, travel, banking), it's insane to blow someone off so you can save $17 in customer support isn't it?

How to execute this shift? Start with this: Use the conference call functionality built into every phone to create a team of customer advocates. They can even work from home with a cell phone you provide. Your best customers call an advocate, and then the advocate's job is to start calling internal resources until the problem is solved. Reward advocates not for short calls, but for delighted customers.

Start with six advocates and 600 customers and see what happens. The advocates will get smart, fast, about who to talk with and what to say, they'll start to see what works and what's broken, and they'll work to change the organization into one that keeps score of the right things.

Any customer that walks away, disrespected and defeated, represents tens of thousands of dollars out the door, in addition to the failure of a promise the brand made in the first place. You can't see it but it's happening, daily.

I wonder how these companies would act if every day, someone piled $100,000 in cash in the parking lot and lit it on fire. For many companies, the 'please go away' strategy is more expensive than that.

       

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Mish's Global Economic Trend Analysis

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Quote of the Day: "Currencies Don’t Move Much. Without Leverage, No One Would Trade" Posted: 17 Jan 2015 04:57 PM PST While researching material for an article on winners and loses in the record Swiss franc move, I came across this quote as reported by Bloomberg. "Currencies don't move that much. So if you had no leverage, nobody would trade." Who said that? Drew Niv, FXCM's chief executive officer. The story progresses ... FXCM Risk Controls Bloomberg reports FXCM had 230,579 retail customers on Dec. 31. They traded $439 billion of currency in December, with an average of 595,126 trades a day. The company warned investors in a regulatory filing last March that its risk controls were imperfect. "Some of our methods for managing risk are discretionary by nature and are based on internally developed controls and observed historical market behavior," the company said in the regulatory filing. "These methods may not adequately prevent losses, particularly as they relate to extreme market movements." And what happened? FXCM Gets Rescue The Wall Street Journal reports Surge of Swiss Franc Triggers Hundreds of Millions in Losses with brokerage firm FXCM getting a rescue. Brokers around the world are crumbling in the wake of the Swiss National Bank's shock decision to remove the cap on its currency. Banks, brokers and individual investors were left with hundreds of millions of dollars in losses a day after an unexpected surge in the Swiss franc sent shock waves through markets. FXCM Inc., a major U.S. retail foreign-exchange broker, emerged as the biggest victim so far and had to be rescued by an emergency $300 million lifeline from investment firm Leucadia National Corp. Shares of FXCM, one of the largest retail currency brokers in the world, were suspended on the New York Stock Exchange on Friday after the company said client losses on Swiss franc trades threatened to put it in violation of regulatory capital rules. Citigroup Inc. and Deutsche Bank AG will each lose about $150 million on the franc's appreciation, said people familiar with the firms. Goldman Sachs Group Inc. said Friday that the franc's move will be immaterial to its earnings. Losses at Barclays PLC will be in the tens of millions of dollars, people familiar with the bank said. FXCM was among several firms that fought CFTC efforts to limit leverage at 10 to 1, saying in a March 2010 letter the proposal would have a "devastating impact on the retail [foreign-exchange] industry" and "drive it largely overseas." The letter was signed by FXCM Chief Executive Drew Niv and eight other brokerage CEOs. The limit eventually was set at 50 to 1, meaning an investor could borrow $50 for every dollar put in. Thank Central Banks The funniest story to date is without a doubt FXCM, but also consider It Only Takes One: Hedge Fund Manager Who Survived Five Debt Crises Wiped Out Overnight on Swiss Franc. And this is what it has come to: Central banks have so suppressed volatility, that hedge funds need to leverage to get suitable returns to justify their 20% fee on profits. And so they do. And this is the result. Hmmm. I sense another moral to the story here. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

It Only Takes One: Hedge Fund Manager Who Survived Five Debt Crises Wiped Out Overnight on Swiss Franc Posted: 17 Jan 2015 12:23 PM PST Someone asked me for a list of winners and losers and what the unexpected move by the Swiss National Bank meant in the long term for Switzerland. I will address that later today. First, consider one of the big losers who was wiped out overnight. Bloomberg reports Swiss Franc Trade Is Said to Wipe Out Everest's Main Fund. Marko Dimitrijevic, the hedge fund manager who survived at least five emerging market debt crises, is closing his largest hedge fund after losing virtually all its money this week when the Swiss National Bank unexpectedly let the franc trade freely against the euro, according to a person familiar with the firm. Everest Capital's Global Fund had about $830 million in assets as of the end of December, according to a client report. The Miami-based firm, which specializes in emerging markets, still manages seven funds with about $2.2 billion in assets. The global fund, the firm's oldest, was betting the Swiss franc would decline, said the person, who asked not to be named because the information is private. Armel Leslie, a spokesman for Everest Capital with Peppercomm, declined to comment on the losses. Calls to Dimitrijevic weren't returned. Last year, the main fund rose 14.1 percent, driven by Chinese equities and bets against currencies, including a wager that the Swiss franc would fall after citizens rejected a referendum that would require the central bank to hold at least 20 percent of its assets in gold, the investor report said. It Only Takes One When you speculate with leverage, you can turn from being a hero to a goat in 15 minutes. Poof. $830 million in assets turned to ashes overnight. Dimitrijevic grew assets over five crises, then lost it all on one bet, a recent one, speculating the wrong way on the Swiss Franc after Switzerland voted against a referendum on gold. Morals of the Story Don't borrow money in other currencies, especially long-term mortgages. Don't expect currency interventions to work forever. Don't believe statements made by central bankers. They are not the economic wizards they are made out to be, and they often lie when it suits their purpose. It only takes one wrong macro bet with leverage to make a fortune or wipe you out.  When you are speculating with other people's money, especially when you take in a 20% performance fee, there is a huge incentive to make leveraged bets. Points 1-3 above from Rabbit Hole Intervention Fails: Wild Moves in Swiss Franc as Switzerland Abandons Euro Peg; Morals of the Story Points four and five added to the above list today. My guess, and it is just that, is all of Dimitrijevic's funds will see huge withdrawals. People will be wondering, and rightly so, "What the hell else is he doing?" Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

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