With the convergence of online and offline marketing, the constantly increasing accessibility of data, and substantial improvements in analytical capabilities, marketers can now measure far more than they could just a few years ago.
Nowadays, as a marketer you're necessarily measuring something. You could be selecting measures related to time and budget, or to website traffic, social engagement, and email response, or you could be opting for more sophisticated measures of customer share of wallet, lifetime value, and share of preference.
Choosing the right measures is far more important than the quantity of data measured. Measuring the right data, and acting on the results found in the measurements, is an essential requirement for operating Marketing as a center of excellence.
Fifteen years of our own marketing performance research, as well as research by experts in academia, such as Dr. Christine Moorman, or in industry, such as the work performed by Deluxe, have found the keys to unlocking the ways to measure Marketing's impact on the business.
Measuring your marketing can indeed provide powerful results and benefits, but you have to choose the right measures. One way to make sure you keep your focus on the right measures is to have a measurement playbook.
A playbook outlines a strategy for an activity; in this instance, the activity is selecting the right marketing metrics to measure and having a strategy to measure them.
Your marketing measurement playbook should provide you with a strategic approach for building your measurement processes, selecting your metrics, reporting those metrics in a way that delivers real business value, and executing the right activities to continue to improve over time.
The term playbook is inspired by sports, where the coach maintains a list of all the team's plays. A good marketing measurement playbook tells your team not only what to do but how to make it happen.