One of the most powerful ways to use LookStat is to answer questions about your sales stats. With LookStat, you can use collections to analyze segments of your portfolio and then derive a rating to compare them.
For example, in this case, I was curious about whether the ethnicity of models in shots of couples had any impact on sales and performance.
I’ll walk through the analysis with a sample account so you can do the same for your stats.
Question:
Does the ethnicity of the models in couple shots have an impact on sales performance?
Answer:
Create two LookStat collections and then compare the performance ratios:
- Log in to your LookStat account.
- Click ‘Create Collection’ in the left nav bar.
- Create two collections: one with the search ‘couple, caucasian’ and the other using ‘couple, african american’ – in each case, adding all images to the collection.
- The system will update the collections within an hour and you can then dig into the analysis.
(For a tutorial with screenshots, check out our recent post – “How Big is Your Spreadsheet?“)
Interpreting Results
Screenshots of the collections results are shown below (you can click through on each image to see a full-size version.) The screenshots show the earnings & uploading trend as well as key performance metrics.
African American Couples
Caucasian Couples
Comparing Collections:
Given the disparate data above, it can be hard to compare the collections. However, as you can see below, even though all the metrics vary significantly, you can use the performance ratios in your LookStat console to come up with a collection rating.
This clearly shows that even though Earnings per Download are lower for the collection of African American couples, it’s a stronger performing collection once you account for Sell Through Rate and RPI. (Since bigger is better for each of the metrics, a multiplicative combination works well.)
The Collection Rating lets you compare collections even though all the individual components are different. The best part of this is that the components of that number are computed for you automatically.
LookStat Makes It Easy
LookStat makes it very easy for you to do this kind of analysis on your shoots and for your overall portfolio. You can see which shoots or concepts perform better or worse than average by setting up a few collections and letting the system crunch the numbers. While you could theoretically do this by hand, the amount of data you’d have to gather and analyze would be a nightmare.
Sign up for a LookStat account and let me know what you think!
PS: The great thing about the Collection Rating is that you don’t have to publish any earnings figures. LookStat automatically calculates the ratios for you. I’d love to hear your thoughts on this and I hope you’ll share the results of your analysis.
