Mastering Marketing Metrics

If you can’t measure it, you can’t manage it. And more often than not, the data you’re measuring is pretty complex.

We wholeheartedly embrace the new marketing mix of paid, owned and earned media that is giving us the rewarding opportunity of linking our efforts directly to our clients’ bottom lines. This truly helps clients realize how valuable marketing and PR really is – provided they offer a useful and valuable product or service and they keep up to their end of the bargain with superior customer service.

In the digital world, we look to use every bit of exposure – from visits, views, followers, fans, subscribers and brand mentions to share of voice and top influence to retweets, wall posts and comments to content downloads, lead generations and last, but not least -actual on and off-line sales.

It’s important to also include –

  • Non-marketing variables, such as- economics, store density, pricing, seasonality, sales force staffing levels
  • All current marketing programs for acquisition and retention
  • Multiple markets and distribution channels
  • Multiple years of weekly data, sometimes more
  • Multiple product and/or customer types

Setting customized Key Performance Indicators can and will  measure activities, conversation, monitor results and show a return on investment in the marketing plan. We are studying the power of services like Visible Technologies and reviewing Cision’s new media metrics and analytics reports to evaluate the coverage, frequency and impressions made in the mind of the media and customers engaged.  Their “net score effect” will even attempt to measure how memorable your story was.

It’s important to remember to be sure to set specific, measurable, achievable, realistic and of course timely goals and measurements before any campaign begins and with the right CRM tools, marketing and PR can and will answer simple questions like –

  • How much money did we actually make from the campaign?
  • How much precisely did we save?
  • And even more complex questions like -did we make our customers happy? Are they pleased with what we have to offer? Are we increasing their loyalty?

Bret Leece, SVP Performance, Initiative metrics explained it well in Cision’s The Future of Media broadcast yesterday when he said engagement and measurement should involve-

  • Tracking and measuring consumer involvement
  • Mapping the brand’s touch points
  • Connecting the purchase path to every touch point
  • Using local insights to create local plans
  • Giving the customer an experience not just the rotation of messages

Metrics should also be designed to analyze content, tone, or message, because that’s nearer where the value proposition lies and more relevant to how effective marketing and PR work is being tied into overall sales and marketing initiatives.

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