Measuring marketing performance is more important than ever as the business function tries to justify it’s expenditure.
Don’t fall foul to these common marketing mistakes:
Vanity vs sanity
We are all guilty of relying on “feel good” measurements to justify our marketing spend.
But really we need to be pursuing metrics that measure business outcomes and improve marketing performance towards our ultimate objectives
Don’t opt for metrics that sound good and impress people.
This can apply to many things, including using website traffic as your marketing success measurement. Success isn’t about how many people see something, but rather about the conversions that you are able to achieve through a marketing or advertising tactic.
Measuring the easiest areas
It can often be hard to put in place the measurements that will give you the information you need to make the best marketing decisions in line with your strategy and objectives.
Just because it is difficult to correlate certain data points or tie numbers from two systems together, don’t settle for the “easy” numbers that your analytics and reporting applications may give you with little work.
Take the time to ask the right questions and find out what you really want to know instead of reverse engineering your reporting to only include what you are able to easily see.
Quantity over quality
As a prime example, the number one metric used by lead generation marketers is lead quantity; too few companies measure the quality of those leads.
Focusing on quantity without also measuring quality can lead to programs that look good but don’t deliver profits or other objectives.
Buying a database of contact details for your target audience could be seen an abundance of leads – but it means nothing if you can’t convert any of them.
How to do it right
When developing your objectives, think about how you will measure each one.
By paying attention to the right metrics and taking the time to build your reporting in a way that is meaningful to your business goals, you will not end up measuring your marketing in the wrong ways.
True marketing success is both measurable and drives your bottom line.
Anything else may be a distraction for you and your team.