Marketing Metrics Matter
Updated: Apr 30, 2021
An old cliché reminds us that “What gets measured gets done.” Yet, many businesses create and implement activities with hopes of being successful without marketing metrics, or measurable methods to determine performance across marketing channels. If this feels like a no-brainer, consider yourself lucky. Measuring marketing effectiveness is not easy, even for the most seasoned professional. However, understanding the effectiveness of your marketing efforts can help achieve your growth goals and it does not have to be that challenging.
Measuring marketing tactics is critical to any business because analytics:
Measures Success/Impact – helps to understand what is working, what is not and why, ensures tactics are achieving overall goals
Informs Decision Making – provides input to strategy development and allows adjustments to campaigns and channels in a timely fashion
Saves Money – ensures money is spent on the things that produce a positive ROI (return on the investment) from marketing costs
Ok, now that we know the importance of measuring marketing effectiveness, what’s next? Naturally, you’ll need to track the right metrics. You must ensure data that is relevant to your business context is collected and analyzed.
Company goals should guide what is measured. It is likely that each of the following will need unique metrics:
Return on Investment (ROI)
Insightful analytics inform future strategies and potential marketing mix modifications. Thoughtful metric reviews provide a better and deeper understanding of your marketing strategies and may help you determine what is working and is not. Metrics are critical to the success of your marketing effort; do not skip this essential step!
Want to measure how well your marketing is impacting your business? Contact a Dose of Insight for help - https://www.adoseofinsight.com.