The value of marketing metrics is critical to a firm’s interests, especially knowing where the revenues originate, flow through the department and produce the ROI that the C-Suite is always asking of marketers large and small.
If you are not measuring what you are doing concerning marketing and budgeting, you should consider other work. The future will become more and more dependent upon measurement as revenues relate to CPM (cost per man/hour), stock ratio, as a percentage of the overall gross profit, and on and on and on.
Here’s a graphic to help explain just a few of the measurements that Marketo determines works in the present day.
There is often a disconnect with metrics and the small business owner for no other reasons that:
- They don’t know anything about it
- They tried copying someone, and it failed – so they stopped
- The hat marketing in general (ignorant of it so, therefore, they don’t want to devote time to it)
- They think it is too expensive
- They don’t have the time with so many other issues tugging at their sleeve
- They don’t pay attention or even know their numbers, so why start now?
Forrester’s Marketing Measurement Playbook, is an extensive report that not only reveals what has been going on in data analytics, but the transformational shift well beyond predictive analytics.
Marketers must change their attitude toward measurement: away from passively reviewing post-campaign reports and toward actively analyzing those past results to guide future plans. To make this shift, B2C marketers must embrace unified marketing measurement — an approach that uses big data and statistical analysis to credit marketing initiatives across touchpoints — combined with predictive analytics to inform prospective marketing plans.
This playbook demonstrates how marketers should use this unified approach to better measure marketing performance, strengthen planning with data-enabled predictions, and shift to a continuous optimization process. This is an update of a previously published report; Forrester reviews and updates it periodically for continued relevance and accuracy.
Corporate marketers have different issues. Issues such as fear of numbers getting out into the general company pool of staff and management PRIOR to ensuring they make enough sense.
They want to keep all of them in-department except the most critical metrics the C-Suite is demanding and have justifications and explanations why they are so good, or not so good.
The reason why marketers have to fight for every budget dollar is typical because while they are talking apples, the financial department is speaking prunes.
The C-Suite talks differently than does marketing, so they need to align their jargon with the FCO and make sure you’re talking to them with the understanding they understand everything you are sharing.
One of the easiest ways to keep track of KPI’s, Metrics, Milestones, and how they impact revenues is to have a single dashboard that reports in real time. That way, everyone knows what’s working, and what needs tweaking. ROI can be one of those reporting items of which the C-Suite is continuously curious. Have at your fingertips for those unexpected.
Another great idea is to have the metrics unified. Taking reporting information from every channel and integrating them into a single reporting document where everything that is on the dashboard is all in one place at the touch of a button. When social, SEO, video, mobile, email, and other online direct response actions can produce a data-driven marketing department.