Any successful marketing campaign is now marked with the data to prove and confirm its success. Metrics are the measurements that express the success, in this case, of marketing efforts.
What is a Metric and Why Use Them?
In its simplest form, a metric is a measurement. As a marketer, it can be used to identify trends or segments in a market and even predict future performance. This can enhance the understanding of populations to improve the accuracy of certain aspects of marketing efforts.
Why have them? Today, we live in a time of numbers. No high level or significant decision can ever really be made without so proof it might work. Quantitative data is the proof that marketers need to justify their decisions. It allows goals to be set, measured and then evaluated. Marketers can now prove their worth.
Which Metric to Use
When it comes to using one single metric, it paints only half (actually much less than half) a picture. Using multiple metrics allows different perspectives and increased accuracy. When multiple factors are in play, it is important to then understand how they impact each other and exactly what their relationship is.
Effective metrics allow strategy to be measured from various angles with failure and success both being identified in a quantifiable form.
When attempting to measure anything, the first step has to be knowing what you are measuring and identifying a definition of the term. As definitions of vague concepts can change from organisation to organisation, the definition set at the beginning of the campaign must be stuck with to ensure the relevance and accuracy of the metric.
References:
Bendle, NT, PW Farris, PE Pfeifer & DJ Reibstein (2016) Marketing Metrics: The Manager’s Guide to Measuring Marketing Performance, 3rd edition. Pearson: New Jersey.
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