Nowadays, almost anything can be measured in marketing. Every like, follower or page view is captured. But are these measurements really important and will they bring advertisers closer to their objectives?
When you start measuring everything in marketing, you lose track of what's really important. So, how do you know what to measure and what not? There is no general answer to this question. What advertisers define as success depends on the objective. But the way the measurements are determined is always the same. The following four steps help to resolve the disorder.
The definition of goals in marketing is not only generally useful, but also helps to limit the focus on what needs be measured. For example, if the goal is to increase the time users spend on the website, measuring page views alone will not help. It therefore makes more sense to work backwards according to the definition of objectives and to find out which metrics contribute to the achievement of these goals.
At the beginning, it is important to ask yourself which corporate goal should be impacted. This can be an increase in sales or the development of a brand vision, for example. The next step is to identify channels such as email, blog or social media that are already in use. These two points can then be used to build the basic framework for the set goal.
Once the basic framework is defined, you are still faced with a multitude of metrics. But just because you can measure something doesn't mean you have to measure it. The focus should ultimately be on metrics that are relevant to everyone involved.
The advantage of a central metric for the project participants is that the relevance of the project is easy to communicate and one can quickly see how the work of each individual influences the progress of the whole project.
At the same time, however, this does not mean that you should only use one KPI at a time. As soon as you move on with the project, further metrics should be used to obtain better measurement results. This also makes it possible to develop guideline values with which you are in a position to further test and optimize.
KPIS DO NOT HAVE TO LOOK NICE, THEY HAVE TO BE USEFUL
What good are 5,000 Facebook friends if you only talk to three of them? Not much, and it's the same in marketing. At the end of the day, it's about measuring something that has an impact on the business, not that it looks nice.
There are many KPIs that are easy to measure and look great in graphs or diagrams. However, these will not necessarily help to prove profit results.
MARKETING METRICS TELL A STORY
Ultimately, metrics are a tool to prove whether a campaign or action was successful or not. At this point, you have defined your metrics and you should know what to do if they are successful, or how to improve them if they are not.
The data obtained should then be brought into a usable format and viewed from the perspective of the audience. Only when you can be sure that the participants know how to proceed with the project according to the metrics, you have done it right.