Online Marketing Key Can Be Blogs Websites Social Media And EmaiThose days are gone when measuring used to be under the sole copyright of Chemistry. Nowadays, almost every sector claims ‘measuring’ a part of their job. Marketing is not also lagging behind as the marketing gurus have already realized the hidden potentials of numbers. Here we are going to introduce marketing metrics and the tips to solve the apparent maze they may create.

What is marketing metrics?

When you are building your marketing plan, you work with a lot of numbers. From setting up a budget to allocating resources, defining the performance level of the whole team as well as individual resources, creating a target and tracking the whole plan – it’s all about measuring numbers. When you are converting those numbers into a data framework and trying to evaluate the same in order to apprehend the effectiveness of your plan, the numbers become marketing metrics.

What to measure?

Yes, this is the most important and crucial question about marketing metrics. Without getting deep into the complexity of the subject, here are the rules of thumb for you –
1. Find out the key metrics
2. Work with numbers which are easy to evaluate
3. Don’t try to get into the vastness of numbers. Start with relatively easy process and then slowly move into the complex metrics.

Start from where

Patrick LaPointe, the author of ‘Marketing by the Dashboard Light’ has suggested 5 vital points from where you can begin your journey with marketing metrics. This model is termed as ‘Ladder of insight.’ Let us take a look at the 5 point start up model.

a) Market Research and Tracking report of sales:
At first, you have only sales figures, market research data and sales report to start with. So, from those pieces of information you can understand the aftereffect of your ‘killing’ marketing strategy. Analyze the metrics and you know where to control or experiment to
save dollars.

b) Campaign ROI
Campaign ROI gives you an exact result and shows you the effectiveness of your promotional programs. Upon this you can decide your next fund allocation on more effective campaigns and plug off the others.

c) Resource allotment
Resource or asset allocation decision should be based upon your last ROI. Optimize your best resources and deploy them on the best suitable projects.

d) Asset estimation
Calculate your profit from the campaigns, estimated cost for the next campaigns, return on last investments; and plan accordingly. Forget about the short term goals and think about Customer Lifetime Value.

e) Measurement Integration
Let’s quote LaPointe here as nothing can be more meaningful than this, ‘all marketing activities are planned and measures in an integrated framework that takes into account both short- and long-term return.”