Having solid marketing metrics and analytics on your side helps when identifying which marketing strategies are working and which are not. Quite often though, executives rely on metrics that look good in a report but in reality don’t affect the organization’s goals.
There’s a lot of information that can be tracked now with today’s tools. But just because a lot of things are trackable doesn’t mean you should track it. Marketers often feel pressure to measure too many things at once, which makes it difficult to determine where to focus. With a wide variety of advanced, easy-to-implement analytics it’s easy to be led off track and fall victim to these pitfalls.
For example, some metrics like social media behavior data (e.g., favorites on a specific post) are too granular to be used for higher-level decisions. And the metric may sound good in a meeting, but does it prove that the marketing initiatives are achieving your company’s goals?
Think of the big picture. It all depends on the larger business goals you’re trying to reach. Metrics, or key performance indicators (KPIs), should be set up front so that the marketing team knows what goals they are striving to reach.
This means aligning marketing campaigns and activities to key organizational goals and making them quantifiable, such as increasing the number of unknown web visits to known contacts (conversion rate) by 5% within a specific campaign timeframe. A favorite on a post is nice, but it is not increasing the number of known contacts from unknown visits, which is the end goal in this instance.
Focus on value-based metrics, those based on the organization’s defining values, goals and purpose that will help you measure the right things. And remember, the ultimate goal of marketing metrics should be to provide useful actionable information that actually impacts the business.
If you’ve aligned your business goals with your marketing strategy and are ready to start tracking results but don’t know where to start, visit HubSpot’s blog post “15 Metrics Every Marketing Manager Should Be Tracking” to get an idea of different types of reporting metrics from goal setting and progress to content and channel effectiveness.
Harvard Business Review