Marketing has never been so measurable. The key is to measure the right things – marketing intelligence and intelligent marketing both matter.
Good marketers must understand the numbers. But the trick is knowing what to measure. We need to do intelligent marketing thinking first, so that we gather the right marketing intelligence, if that makes sense?
In a recent study undertaken by The Economist Intelligence Unit, commissioned by Marketo, entitled: The Rise of the Marketer: Driving Engagement, Experience and Revenue, one of the key findings is that the perception of marketing is changing – from cost centre towards a revenue generator.
Marketers must demonstrate marketing’s impact on revenue, and to do so must embrace technology to understand that connection. They need to become ever more adept at using the data to gain insights to manage customer engagement, setting up the right goal conversions, monitoring and responding to the trends.
At Google they recommends 4 steps to ensure better measurement of marketing efforts:
- Focus on the right metrics. Set yourself up for success by identifying clear metrics that you want to affect before launching a campaign.
- Value your best customers. Instead of measuring transactions alone, model the lifetime value you derive from your customers.
- Attribute value across the journey. To find out what’s working in your marketing and what’s not, identify the role of each touchpoint along the customer’s journey.
- Prove marketing impact. Use controlled experimentation to understand what happened only because of a given marketing spend change (and would not have happened without it).
Collectively, these points from Avinash Kaushik can improve campaign effectiveness, help you get the credit you deserve for your programs and, most importantly, ensure a better return on investment for all of your marketing.
Marketing is about defining the future of business, and it can only do that if we pay attention to the numbers. We need to measure success so that we can do more of what works and less of what doesn’t.