Marketers find themselves at an interesting crossroads. It’s never been easier for advertisers to create and distribute various marketing messages in many channels and...
Every day we take actions, intending to favorably impact our business. In order to know if an action had that desired impact, we need to be able to measure its outcome. Tune into this Marketing in a Minute to learn about the key components to measurement in marketing.
(Marketing in a Minute Transcription)
Every day we take actions, intending to favorably impact our businesses. In order to know if an action had that desired impact, we need to be able to measure its outcome.
When considering measurement, start by defining your objective. Why are you taking a specific action? What are you trying to accomplish?
Next, develop a set of KPIs, key performance indicators, that will serve as representation of how well you did in achieving that objective.
Normalize these metrics across the various marketing programs you’re using. Success metrics for email campaigns are different from those used with digital or social campaigns and different from those used with direct mail.
You can’t compare an email open rate to a direct mail deliverability rate. You can’t compare a digital click thru rate to actual transactions. And you can’t compare digital impressions served to direct mail impressions served.
Last, determine the attribution methodology to use when multiple campaigns contribute to an outcome.
If you determine success based on a specific metric that can’t be calculated, you may need to consider changing the success criteria or eliminating a program that can’t be measured the way you need it to be measured. Remember, if you can’t measure it, you can’t improve it.