If You Don't Measure, You Can't Manage: The Best Marketing Metrics

Without metrics to track performance, marketing and business plans are ineffective.

Businesses need to know which success factors require measuring, and they must understand the differences between measurements (the raw outcomes of quantification); metrics (ideal standards for measurement); and benchmarks (the standards by which all others are measured).

For marketers, three primary metrics constitute a starting point for tracking their performance. Once companies are aware of their competitive position, their desired outcomes, and what it will take to achieve those outcomes, companies will be better able to identify the success factors, benchmarks, and appropriate metrics to meet their target.

Why Measure?

Metrics are a part of our everyday lives: from our heart rate, to our bank balances; from our weight, to the gas mileage on our cars. If we don't pay attention to these numbers, we create a risk for getting a heart attack, being overdrawn or running out of gas.

The same is true in the business environment. If a company doesn't identify and track important performance measures, it increases its risks.

→ end article preview
Read the Full Article