When it comes to marketing, data trumps opinion.
In practice, this means that for any business endeavor, you must first determine your key success metrics and then measure how you are doing against them on a regular basis. This allows you to optimize and expand on marketing programs that are working, while cutting off those that are not.
Today’s business landscape has become hyper-competitive, and most marketers are compelled to take this approach versus relying on conventional wisdom, rules of thumb, or intuition that may have been sufficient in the past.
Many share the sentiment that one of the most pressing questions in marketing today is not simply how to measure any single outcome. More so, the prevailing question is:
How do you gain a deeper understanding of how all the various metrics interconnect and drive financial consequences of each marketing decision?
Measurable Performance and Accountability
It is a fair assumption that companies who develop a deep understanding of marketing interconnectivity will gain a significant competitive advantage over time within their respective industries.
In recent years, data-based marketing has swept through the business world. Measureable performance and accountability have become the golden keys to marketing success.
Marketing metrics are essential to give you and your team a complete picture of your company’s health. Financial metrics focus on dollars and periods of time, telling us how profits, cash and assets are changing. However, we also need to understand what is happening with our customers, products, prices, channels, competitors and brands.