How To Measure Marketing Objectives: Defining Marketing Metrics That Matter To You

When it comes to measuring the effectiveness of your marketing, there are many options. Depending on your goals and resources, you may find that some measurements work for you better than others. Marketing is a very broad topic and it can be easy to get lost in marketing-speak as there are many ways to measure its effectiveness. You should think about what your ultimate goals are before choosing a measurement strategy. You need to have a clear picture of what you’re trying to achieve with your marketing efforts so that you know what works and what doesn’t. Look at each piece of your marketing plan individually, and then again as a whole. This will help you understand where you can make changes to see an improvement in the results or ROI of your marketing efforts. Here is how to measure marketing objectives effectively:

Define Your Marketing Goals

Before you can know what metrics to measure, you must first know what your marketing goals are. You can read in our previous blog How to Set Marketing Objectives for Your Business: A Step-by-Step Guide how you might approach setting those objectives. This will help you determine which metrics are most important to track. If you are not tracking the metrics that matter to your business, you are essentially wasting time and money. You do not want to be in that position. Marketers often get ahead of themselves and start tracking all kinds of metrics without first defining what they’re actually trying to achieve. Or, they may find themselves tracking the wrong metrics because they are not focusing on what they want. Be clear on your goals, and then use the metrics associated with those goals to measure your progress. There are some general marketing goals that most businesses share. You can use these as a starting point when you’re trying to figure out what your marketing goals are. These goals may include things like increasing brand awareness, generating leads, or getting more sales. You may have other, more specific goals depending on your business. What are your goals for marketing? What are you trying to achieve? This will help you determine which metrics to track.

Decide on a Measurement Strategy

Once you know what metrics you want to track, you need to decide on a measurement strategy. This is basically how you are going to track and collect this data. You want to make sure you have a strategy that is easy to follow and understand. If you are tracking the right data, you may also be able to track it over time to see how your efforts are improving over time. This can help you make adjustments as needed. You may also want to recruit someone to help you track this data. For example, if you want to track leads, you need to decide how you are going to track them. You may want to track them through a lead generation tool. If you are using a marketing automation tool, it is likely that you can track leads through that. Figuring out a strategy for collecting this data will help you stay consistent. This will make it easier to look at your data over time and see what improvements you need to make.

Choose the Right Metrics

As we mentioned earlier, there are many metrics that you could track with your marketing efforts. It is important to select metrics that are relevant to your business and that matter to you. If you are tracking the wrong metrics, you are not going to be able to make the changes that you need to make. You need to know what matters most to your business and make sure to track those things. Once you know what you want to track, you need to determine how to track it. What are some metrics that will help you determine if your marketing efforts are successful? Some metrics that you may want to consider tracking include the number of leads generated, the total sales generated, the conversion rate, and the amount of revenue generated. Depending on your business, you may want to track other metrics.

Marketing Mix Measurements

You can also use your marketing mix measurements to determine if your marketing efforts are successful. Marketing mix refers to the different marketing components that you use to help your business thrive. These include things like your brand, pricing, distribution, and more. You can track these components and see how they affect your marketing efforts. This can help you make adjustments as you see fit. For example, if you are using a certain type of content and you notice that it is not generating leads, you may want to try another type of content. You can use your marketing mix measurements to help you determine what is and is not working. You can also use these measurements to compare different marketing efforts.

Customer Behavior Measurements

Depending on your business, you may also want to track customer behavior. This will help you determine what makes customers purchase from you. If you are using a marketing automation tool, you can easily track customer behavior and see what is bringing in sales. For example, you may notice that people who receive a certain type of email are more likely to make a purchase. This may be because this particular email contains a discount or special offer. If this is the case, you may want to send this email to more of your subscribers to increase your bottom line.

Bottom line measurement

Finally, you can also use your bottom line measurement to determine if your marketing efforts are successful. You want to keep an eye on your profit margin to make sure that your business is profitable. If your marketing efforts are not bringing in enough sales, you may want to make some changes. For example, if you notice that you are receiving more sales but your profit margin is lower than usual, you may want to make changes to increase your revenue. You may find that you need to increase your prices or offer larger quantities for your products. This will help you bring in more revenue without sacrificing your profit margin. All of these measurements are helpful and can help you determine if your marketing efforts are successful. However, the most important measurement is the bottom line. This measurement will tell you if your marketing efforts are bringing in enough sales to keep your business afloat.

Conclusion

Companies often get ahead of themselves and start tracking all kinds of metrics without first defining what they’re actually trying to achieve. Or, they may find themselves tracking the wrong metrics because they are not focusing on what they want. Metolius often sees companies getting caught up in the big flashy numbers, "you had 2 million impressions" for example. If what is important to you is sales or conversions, then this number can be misleading if it isn't hitting the right audience, your messaging is wrong and the conversions are lower than expected. Be clear on your goals, and then use the metrics associated with those goals to measure your progress. Once you know what you want to track, you need to determine how to track it. There are many metrics that you could track with your marketing efforts. It is important to select metrics that are relevant to your business and that matter to you. These measurements can help you determine if your marketing efforts are successful. Metolius is here to help you find those answers.