The amount of data at the disposal of the global network is so massive that it can afford to transmit almost limitless information. This is bringing about a number of metrics and measuring parameters that can easily throw marketers off their feet.
Too many marketing professionals rely on metrics that look so good on paper with practically no values on returns and sales. One of the biggest problems today is that many professional depend on the popular and common metrics that are, many times, at the detriment of tangible business plans and goals. Also read Stay away from Vanity Metrics.
Infographic by Pardot A B2B Automation by Salesforce.
That a metric is popular does not necessarily make it efficient. For you to track the values and the efficiency of the metrics you are using, Linda J. Popky suggested you need to ask the following questions.
- How easy to use and understand are the metrics you are using? Does the metrics you are using make sense to the people taking important decision about your business?
- The metrics should be able to provide quality and important indices that affect the quality and the performance of your business. This kind of metrics will help you explain customer behaviours, the shift in sales and general performances of your marketing campaigns.
- Lastly, marketers should also consider how regularly available are the metrics being chosen for use by the business. For instance, if the metrics chosen are those that are abstract and are not traceable on a regular basis, it might not be good for the business. You should consider putting standard procedures in place. Consider consumer behaviour from the point of production to sales and observation of repeat sales. These are clear metrics that can be easily replicated for the same purpose in the coming months and years.
The truth is many marketers, if not all, are willing to lay hands on quality metrics that explain tangible performances of their marketing strategies and results. But the number of attractive, common and shallow metrics can easily lead anyone astray. From bounce rate, open rate, the number of clicks, the number of likes, retweet and shares, you can be easily derailed with the seemingly massive revelations of these empty metrics.
The secret to staying focus is to have:
- A clear focus of the purpose of the campaign
- Ask tough questions as regards how the metrics affect the important parts of your marketing plans.
- Let your goals set the target of what is measured not the metrics.
You need to understand that today’s marketing analytics are as powerful as they are diverse. It’s your job to find the most productive metrics for your campaign and reject the temptation of being diverted by the empty promises of vanity metrics.
Consider the values of the following tangible metrics as against those of vanity metrics written against them.
- The quality of information you have on the number of leads generated by your campaign is of more value to your business than the number of likes you pile up on the social media. You need to appreciate that the likes do not necessary tell anything about your audience as the leads generated.
- The quality of the leads generated is also of greater values to the rates of open on the marketing e-mail sent out.
- On the social media, the number of friends and followers could tell about your reach but the number of deals closed will impact more directly on your revenue and incomes.
- You should not also overlook the metrics that shows the purchasing behaviour of your clients because of the number of shares or posts you see on vanity metrics.
To be brisk about this, vanity metrics in no doubt show certain performances of your marketing strategy but they should never replace those of tangible measures and metrics that target the most important highlights of the campaigns.
Don’t make the mistake of putting the vanity metrics ahead of those important metrics that show not only highlight your market impact but will also be deployed in making important decisions for your business.