Measuring The Right Metrics To Get The Right Results
In the marketing and advertising world, it makes the most sense to go after an easy target. You reach out to the prospects that are easier to win and the customers who already know your business well. However, it terms of measuring the metrics that we use to meet our goals, that sure thing may not offer the best insight.
Businesses need to measure metrics associated with marketing and advertising activities in order to determine whether targets are being hit and the activities are yielding the anticipated results. However, the question is what metrics should be measured, how to capture that data, and how to analyze the results. As discussed in “Digital Metrics Delirium: How to Drive the Results That Actually Matter,” posted by Adam Kleinberg on AdAge.com, too often managers end up reviewing the data that was easiest to capture, which may not be the right data or the most meaningful. Kleinberg offers several tips for capturing better data:
- Make a plan: Define your marketing goals and consider the customer experience. Are your efforts being noticed by your target customer, do they make sense? Once you have a goal, a plan of action, and an understanding of your target customers, you can define the metrics or key performance indicators (KPIs) that you need to capture and analyze.
- The gap in the middle: Customers may know you exist; however, you need to figure out how to encourage them to make a purchase. The middle of the funnel seems to be growing, with nearly 81% of customers going online to research products before shopping at a store. Analyze how to close the gap between brand awareness and purchase.
- Determine how to reach your target audience: While you may be limited by budget and technology, customers aren’t. Kleinberg suggests that customers may be in touch with paid, owned, and earned media channels. You need to decide which is the best way to reach your customers and it could involve a combination of several means.
A customer relationship management (CRM) solution can support efforts to measure metrics associated with marketing and advertising activities. Contact AKA Enterprise Solutions for more information about using CRM to measure the right metrics and get the right results.