Metrics are becoming more important than ever to verify what works and how to outlay your budget. Are you using metrics to drive your marketing decisions?
To do so you need measurable data. Every program you run should be defined by metrics that are quantifiable. Generally, these metrics should be measured against benchmarks in both your industry and your company.
For example, metrics from an email campaign I run with the goal of generating qualified leads will tell me many things. I’ll know the email rental list’s open, click-to-open, and response rates. But more importantly, I’ll learn what my qualified prospect lives based on which list they came from.
Further, knowing a list’s propensity for qualified leads (measured by metrics like their budget to buy, time-frame to buy, and ability to make the decision to buy) will not only help me focus on the right target customer through other mediums as well, but will also allow me to create a better product since I’ll better understand their specific needs.
Track Marketing Metrics
Keep track of your programs’ success and failures. With each campaign you’ll equip yourself with the knowledge to improve your marketing effectiveness. Marketing efforts that can show solid quantifiable returns on investment make budgeting for future efforts even more fruitful than the first go around.
The Marketing Metrics Process
To recap: Set measurable goals, track your effectiveness, find what works, learn about your customer, increase budget for proven strategies that reach qualified prospects, repeat!