Investor, Sales and Marketing Pioneer, Author, Technology Champion, Philanthropist, Leadership Mentor
Never before marketers were so hard pressed to deliver more with less. Besides launching marketing campaigns, brand promotional activities and driving leads into the sales funnel; they are now also held accountable for revenue contributions from marketing budget. With digital marketing everything has become very measurable. You can measure traffic flow, impressions, customer engagement, brand awareness, and almost everything.
No wonder, metrics is such an important keyword in digital marketing now. It helps marketers to identify measurement priorities and lead them to right or nearest to right business decisions. But metrics should not be just for the sake for metrics. Besides tracking campaigns activities, calculating marketing spend and measuring financial returns – it must also find insight for the next marketing campaigns. Analytics is equally important. And that’s where current marketing metrics missed out, in my opinion.
Broadly speaking, marketers generally measure marketing effectiveness through these metrics:
All the metrics are purely number based, result based and not analytics based. That’s why while measuring these metrics, marketers also constantly need to monitor on other key metrics for which there might not be actually marketing terms. Most of the digital marketing platforms and tools are designed to trace campaign metrics and not for intelligence reporting. So relying completely on campaign metrics or reports will never give a clear and overall picture of marketing. It will never be sufficient to draw strategic inference from them. That’s why the best a marketer can do is switch on his analytics mind and look beyond metrics and campaign reports.
And I think the best way to start this analytical assessment is asking by some serious questions related to effectiveness, strategies and most importantly, results when a marketer measure metrics.
All these are tough questions, and it might be difficult to arrive at conclusive answers. That’s why it’s important not just to measure but also to analyze.