Nearly all businesses struggle with this critical but illusive question: "How do we know if our marketing efforts are generating business-level outcomes?"
The reality is that even with a commitment to measuring business outcomes, it can be hard for marketing teams to translate clicks and impressions into financial metrics like market share penetration, customer lifetime value and EBITDA.
Here's how businesses can achieve measurement success.
DON'T create your measurement plan in a silo. It should be born through dialogue with stakeholders across your organization to ensure everyone is on board. Don't forget: the fundamental objective in data analysis is to make better decisions that propel the business forward.
DO make sure your marketing measurement plans include:
- Business Objectives
- Marketing and Communications Goals
- Strategies and Tactics
- Key Performance Indicators (KPIs)
- Target KPI Values
- Reporting Tools for each KPI
- Tagging Requirements
- Creative Requirements
- Internal/External Constraints
In summary, we have found that businesses that align their marketing efforts with desired financial outcomes — and create a plan for it — are 3x more likely to meet those outcomes than businesses that do not count. Don't wait for business success, plan for it.
© 2019 Eric Mower and Associates