Employ Meaningful and Powerful Marketing Metrics & Key Performance Indicators to Measure Marketing’s Value
Regardless of your organization’s size, whether your organization is for or not-for profit, whether your are B2B or B2C, whether you are a services or product organization, whether you’re local, regional, national or global, your marketing needs to generate value and revenue, preferably at a good return on resources invested. Marketing is more than the “make it pretty department. Marketers should leverage the creative aspects of marketing to enable organizations to fulfill the role of any business: attract, keep and grow the value of customers.
Marketing is expected to be more accountable for the investments it makes on behalf of the organization. Therefore, just as you would for any other part of your organization, it is sound business to establish metrics and key performance indicators (KPIs) for marketing. An important but difficult part of performance management is selecting the right metrics.
Applying precious and limited resources to measuring the wrong things is a waste – it is both inefficient and ineffective. The object is to define and select metrics and KPIs that will help you make appropriate customer, program, and investment decisions and understand what is and isn’t working so you can make necessary course adjustments, and measure marketing’s impact and value.
And your metrics should reflect this contribution. There are so many things that can be measured and therefore it is important to have a way to organize and classify your metrics. Our Accelance® Metrics Framework has been adopted by numerous marketing professionals.
Accelance® Framework for Marketing Metrics Classification
You can avoid having a smorgasbord of metrics by ensuring your marketing plan is properly aligned. When you have the alignment, you can craft correct metrics chains, the sequence of metrics that form the links between activity, output, operational, and outcome metrics.
Keep in mind that the real test is whether you are measuring what really matters: how marketing is moving the needle when it comes to customer consideration, preference, engagement, acquisition, loyalty, advocacy, value, category growth, and product adoption.
Ready to take your marketing accountability to the level? Perhaps it’s time to revamp your marketing dashboard, develop your metrics catalogs, and/or power up your measurement and reporting processes and skills? Schedule a free consultation. And for those DIYers, check out our books and workbooks.
May 16 @ 10:30 am - 11:15 am