{"id":5996,"date":"2023-10-25T12:28:13","date_gmt":"2023-10-25T12:28:13","guid":{"rendered":"https:\/\/marketingalec.com\/?p=5996"},"modified":"2024-11-25T14:25:33","modified_gmt":"2024-11-25T14:25:33","slug":"measure-what-counts","status":"publish","type":"post","link":"https:\/\/marketingalec.com\/ro\/measure-what-counts\/","title":{"rendered":"Rise Above ‘Pretty’ Metrics: Measure What Counts"},"content":{"rendered":"\n\t\t\t\t\t\t\t\"MarketingAlec\"\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tSubscribe\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tJoin 7k+ Subscribers\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\"Image\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t

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I started measuring my marketing activities (metrics) 1995 at MTV Networks \ud83d\udcfa. If I didn\u2019t, as the Junior member of our $300 million team, my projects would not get funded.\u00a0<\/p>\n

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I pretty quickly learned that \u201cMeasuring Maketh the Marketer…\u201d<\/strong>\u00a0<\/p>\n

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\"MeasuringWHAT Are You Measuring?<\/strong><\/figure>\n

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\ud83d\ude0cThe EASY<\/strong> metric. \u2018It\u2019s what we have historically used.\u2019<\/em><\/p>\n

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\ud83e\udee1The POLITICAL<\/strong> metric. \u2018My CEO loves it.\u2019\u00a0<\/em><\/p>\n

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\ud83d\ude36\u200d\ud83c\udf2b\ufe0fThe COMPANY-DRIVEN<\/strong> metric. \u2018We are a Net Promoter Score company.\u2019\u00a0<\/em><\/p>\n

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\ud83e\udd14The COMPETITION-BASED<\/strong> comparison. \u2018They use it. So should we\u2026\u2019<\/em><\/p>\n

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\ud83e\udee3Fear of failure<\/strong>, so you don\u2019t measure anything. \u2018We SAY we measure, but all we do is send emails around that look pretty.\u2019\u00a0<\/em><\/p>\n

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\ud83d\ude35\u200d\ud83d\udcabWhatever Google or Facebook says to do<\/strong>. \u2018Well,<\/em> I talked to my Google or Meta representative and they said we should spend more because of some metric.\u2019\u00a0<\/em><\/p>\n

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A Handy Resource: Your Own Measurement Framework \ud83d\udccf <\/h2>\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tDownload for FREE\n\t\t\t\t\t<\/a>\n\t\t

\u2696\ufe0f The Hard Truth: No Metric is Perfect<\/strong><\/h2>\n

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PSA: No measurement is perfect. Despite the \u2018marketing funnel\u2019 analogy, your customers won\u2019t neatly travel down your well-thought-out funnel and gleefully or immediately convert. <\/p>\n

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It\u2019s okay to fail. It\u2019s how you learn. Over the last twenty-eight years in business, I have screwed up more media, email, e-commerce, TV, and social measurement than I can remember. And I built a system for Nielsen. \ud83d\ude02 It’s simply the nature of running campaigns at scale. <\/p>\n

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The hard truth is that top spending marketers care less than us about getting marketing measurements correct, because they have billions of dollars<\/a> to spend. You don\u2019t. In fact, more prominent US and European companies spend 9.1%<\/a> of their revenue on advertising, while most small businesses spend just 1%<\/a>.<\/p>\n

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A $500,000 gross revenue business, as an example, might spend $5,000 on advertising annually! This leaves no room<\/strong> for mistakes. \ud83e\udd26 <\/p>\n

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In my fifteen years of teaching and advising companies, poor marketing is one of the most common reasons I see businesses fail, and the US Chamber of Commerce<\/a> lists it as the #1<\/strong> reason. <\/p>\n

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Businesses, especially in their infancy, have a set of assumptions that by telling their friends and family about the brand and simply opening the doors, they will be flooded with customers.. \ud83c\udf0a<\/p>\n

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In a perfect world.<\/p>\n

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BUT\u2026It doesn\u2019t work that way. A great offering is the minimum bar in a world where the first page of Google is filled with online reviews. <\/p>\n

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So, what\u2019s your move? \u265f\ufe0f<\/p>\n

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\ud83d\udcc8Marketing Success is Intertwined with What We Measure<\/strong><\/h2>\n

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Measure. Test. Measure. \ud83d\udc4f<\/p>\n

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\"Measure<\/figure>\n

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I\u2019d rather you pick ONE fad-driven metric, such as Net Promoter Score<\/a> (it is unclear if it has any statistical impact on sales growth) as your North Star, than have a dashboard of 100 metrics you can\u2019t actually action.<\/p>\n

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We measure marketing to drive ACTION  \ud83d\udd25If your CEO and Executive team are in love with Bain\u2019s NPS. Love NPS, too. Use it to tell your data-driven marketing stories regarding Promoters, Passives, and Detractors. <\/p>\n

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Google updated its algorithm 4,000+ times<\/strong> last year as it battles Meta, TikTok, and Amazon. 4,000 times. That\u2019s 10.9x EVERY DAY. The digital marketing world is speeding up exponentially. <\/p>\n

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\"Marketing<\/figure>\n

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\u23f0 Act Now <\/strong><\/h2>\n

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Don\u2019t wait for \u2018perfect\u2019. Christmas comes once a year, if you are in e-commerce, take your imperfect data\u2026 and set the best course you can, TODAY! <\/strong><\/p>\n

Did you know 20% of marketers delay their projects because they lack the tools for proper planning?<\/strong><\/p>\n

We built a quiz to help you pick your AI marketing tool to help you save time: <\/p>\n

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\ud83e\udd14 Where Do I Start Measuring?<\/strong><\/h2>\n

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Here are the three metrics I love to drive action that work for 90%<\/strong> of businesses:<\/p>\n

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      <\/ol>\n<\/li>\n<\/ol>\n

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        1. \u231aTime<\/strong>Spent<\/strong> – No customer, in fact, no person, has enough of it. So what they give you is precious.\n
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                1. On your website<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

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                    1. In-app<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

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                        1. Viewing your content or ad<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

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                            1. \ud83d\uddb1\ufe0fClick Through Rate<\/strong> – Yep, It’s a crappy metric, for a host of reasons, but Google Paid & Organic, Facebook, Bing, and Amazon all use it so it has value across platforms to tell you how your Ad \/ Content is doing. <\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

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                                1. \ud83d\udcb8eCPM<\/strong> – Effective Cost Per Thousand\n
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                                        1. CPM is useful for comparing your costs across platforms, but the effective cost per thousand is more useful. You paid for 100,000 ad impressions, but 20% were outside of the US where you sell, so you actually received 80,000 impressions.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

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                                          Effective cost per thousand is better as it compares the cost of what you have. If, for example, you paid $500 for 100,000 impressions ($5 CPM) but only got 80,000 impressions ($6.25 eCPM) is a big difference for those of us with limited budgets.<\/p>\n

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                                          For more detailed information on marketing terminology, check out our blog Your No BS 2023 Guide to Digital Marketing Terminology <\/a><\/p>\n

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                                          \"CPM<\/figure>\n

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                                          \u2714\ufe0fKey Takeaways:<\/strong><\/p>\n

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                                                1. \ud83d\udeabNo metric is perfect.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

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                                                    1. \ud83e\udec2EVERYONE makes mistakes. The difference is for small businesses, the mistakes hurt more.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

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                                                        1. \ud83c\udfce\ufe0fThe digital marketing world is moving quickly. It\u2019s not about getting it perfect (you won\u2019t), it\u2019s about taking action.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

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                                                            1. \u2696\ufe0fMeasure. Test. Measure. Repeat.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

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                                                              I started measuring my marketing activities in 1995 at MTV Networks \ud83d\udcfa. If I didn\u2019t, as the Junior member of our $300 million team, my projects would not get funded.\u00a0I pretty quickly learned that \u201cMeasuring Maketh the Marketer…\u201d<\/p>","protected":false},"author":1,"featured_media":8776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_gspb_post_css":"","footnotes":""},"categories":[98],"tags":[107],"class_list":["post-5996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai-and-analytics","tag-marketing-ai"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/marketingalec.com\/ro\/wp-json\/wp\/v2\/posts\/5996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marketingalec.com\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marketingalec.com\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/marketingalec.com\/ro\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/marketingalec.com\/ro\/wp-json\/wp\/v2\/comments?post=5996"}],"version-history":[{"count":28,"href":"https:\/\/marketingalec.com\/ro\/wp-json\/wp\/v2\/posts\/5996\/revisions"}],"predecessor-version":[{"id":27230,"href":"https:\/\/marketingalec.com\/ro\/wp-json\/wp\/v2\/posts\/5996\/revisions\/27230"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marketingalec.com\/ro\/wp-json\/wp\/v2\/media\/8776"}],"wp:attachment":[{"href":"https:\/\/marketingalec.com\/ro\/wp-json\/wp\/v2\/media?parent=5996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marketingalec.com\/ro\/wp-json\/wp\/v2\/categories?post=5996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marketingalec.com\/ro\/wp-json\/wp\/v2\/tags?post=5996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}