Marketing metrics, bring order to your universe

metrics

Marketing metrics, bring order to your universe

Tips for measuring your marketing effectiveness

Metrics bring order to the universe! Just kidding, or are we? Actually, in marketing, metrics ensure that all your marketing efforts make the desired effect and that only invest time and money on things that work. In this blog post, we offer some tips for measuring marketing effectiveness, so you can make sure your campaigns succeed.

Define your objectives

First, define your marketing objectives. What do you want to achieve with your marketing efforts? Is it increased brand awareness or higher sales conversion rates? Once you have a clear picture of your objectives, you can determine which metrics matter the most to define success.

Set up systems of measurement

Next, make sure you have the necessary tools in place to track and analyze your data. These tools could include Google Analytics for website traffic or a CRM (customer relationship management) system for tracking sales leads. Keep in mind that website platforms, like wix.com and godaddy.com, offer all kinds of measurement and analysis tools, so if you already subscribe to a website platform, make sure you check what they offer.

What about business intelligence?

Business intelligence, or BI, software is a powerful tool that can help organizations to measure and improve their performance. However, most businesses in Canada are small and simply cannot afford BI software. If your organization does invest in BI software, good for you, and you should take full advantage of the software to introduce more robust measurement across your organization.

In fact, your BI platform may even integrate sales and marketing metrics to provide you with more insight into sales performance, the success of promotions and campaigns, and other sales and marketing processes. By making the most of business intelligence software, your organization can gain a competitive edge and improve its bottom line.

Not all metrics matter equally

You don’t need a BI solution to understand the value of one metric from another. A metric is a unit of measurement. For marketers, metrics represent everything from the number of website visitors to how many new leads they generate and close. The average duration of a visitor to your website, for example, matters a lot to many marketers who understand the value of that time with potential prospects.

What is your key performance indicator?

In the modern digital world, every medium has a metric. These medium-specific metrics, like email open and click thru rates, social media likes and followers, and retail conversion rates all matter. Figure out which one really matters most to you and you have a KPI. By definition KPIs should be limited to one or two metrics.

Building your own integrated dashboard

By bringing all of your data into one place, you can quickly see which areas are performing well and which need improvement. In addition, by focusing on key performance indicators (KPIs), you can ensure that your sales and marketing efforts stay aligned with your objectives. A number of software programs and online services can make the process of easier. With a little time and effort, you can develop an effective sales and marketing dashboard that will help you better understand and optimize your business performance.

Continuous improvement

Once you have your objectives and tools set up, regularly review and assess your progress towards those goals. What promotions and campaigns perform better than others? How can you adjust your strategy and tactics to improve your KPIs? That’s how you use metrics to guide your associated investment.

Marketers often focus on trying to lift metrics by fixing activities that don’t work. Instead, invest your time, energy, and budget on the strategies and tactics that work best. This way you can actually learn and improve your overall marketing performance.

Marketing metrics summary

With a little effort, you can start using data to direct your marketing strategy and make better decisions about where to invest your time and resources. By defining your objectives, setting up measurement systems and selecting the right KPIs, you can ensure that you’re making the most of your data and driving growth for your business. Use these tips to bring some order to your universe and start measuring your marketing success today.