Impress Your Boss With These Must-Measure Metrics
Out of the hundreds of possible metrics, what should a data-driven marketing team track? Choose information that directly relates to the revenue and profitability metrics that concern the CEO, CFO and the board, says Business 2 Community.
- Pursue metrics that measure business outcomes and improve marketing performance and profitability instead of 'feel good' metrics that sound good and impress people. It raises the question in the mind of fellow executives whether those metrics accurately reflect the financial metrics they care about.
- When it is difficult to measure revenue and profit, marketers often end up using metrics that stand in for those numbers. This can be OK occasionally, but it raises the question in the mind of fellow executives whether those metrics accurately reflect the financial metrics they really want to know about. Always report on profit if possible.
- The number one metric used by lead generation marketers is lead quantity; too few companies measure lead quality. Focusing on quantity and quality can lead to programs that look good but while delivering great profits.
- Pay attention to the difference between effectiveness metrics (doing the right things) and efficiency metrics (doing – possibly the wrong – things well). Having a packed event is no good if it’s full of all the wrong people. Effectiveness measurements convince sales, finance and senior management that Marketing delivers quantifiable value.
What other must-measure metrics do you include in your reports to the top? Let us know in the comments.