In these times of tighter corporate budgets it’s more important than ever to ensure that your internal and external marketing strategies can be measured against quantifiable, measurable, and useful benchmarks.
Marketing metrics that actually work have fundamental criteria that define the short- and long-term usefulness of the metric.
1. The metric is aligned with desired business results
2. The metric being measured is something that can be influenced through management action
3. The metric can be measured with accuracy that falls within some acceptable limit
Probably the hardest part of developing metrics is obtaining agreement and buy-in that draft metrics do in fact meet the criteria listed above.
Here are some good examples of marketing metrics that can be applied to your company’s products and services that I’ll explore in greater detail in a later post:
- Awareness levels
- Purchase decision drivers
- Rate of customer acquisition
- Market share
- ROI of marketing campaigns
- Cost of customer acquisition
