What are marketing metrics? A very good question. There are some very complex answers out there. Trust me; I have studied more than a few!
Marketing metrics are essentially ways of measuring the return on marketing investment. It sounds simple but it sparks fierce debate. Much of consumer marketing spend is invested in brands and measuring brand value is incredibly complex and controversial.
With business-to-business marketing, the task is simpler but still a bit of a brain-teaser. The hard part comes when you try to link the marketing investment to the bottom line. Yet, for me the only true measure of marketing return on investment is profit.
Just because it is difficult doesn’t mean you shouldn’t try to do it. In fact, I always do. Without knowing the impact marketing is having on the bottom line, it is impossible to get the most out of your marketing.
If you know what‘s working well and what isn’t, you will know what to change and how to get more from your marketing investment. The only way to do that is to measure stuff. I’m a scientist, so measuring stuff is in my blood.
My mantra (well, one of them anyway) is find out what is working and do more of it. The opposite is equally important, find out what isn’t working and stop using up valuable resources that could be used more effectively elsewhere.
Marketing metrics are about making sure you do the right thing and getting the most out of your marketing investment.