As I have said before, with marketing being held to a higher standard, the days of running programs and hoping that they worked are over. The old saying, “If you can’t measure it, you can’t manage it” rings true today, more than ever. Nearly every target interaction can be measured in some manner.
But how do your get your marketing team to embrace measurement?
If you truly want measurement and accountability to permeate your organization, it can’t be just lip service. You must make a wholesale change and bake it into the DNA of your company. It may sound difficult, but it isn’t that hard to do. We’ve helped many of our clients implement analytics programs to track and improve the effectiveness of their marketing efforts.
Here are a few of the keys. Make sure you…
- Put your analytics plan in place prior to any implementation.
- Get input and buy-in from senior management.
- Measure the right things – the data points that tie back to your specific objectives and can truly have an impact on revenue. In some instances, 2-3 items will suffice. In other cases, you may need to track 10-15 items. It is fine to track softer items (e.g., awareness, favorability), but it is also critical to develop mechanisms to track leads/engagement and hard business metrics.
- Create a conversion funnel that, where possible, tracks all the data points from each customer interaction all the way through to revenue.
- Develop a scorecard to track the data.
- Assign the team members who will be responsible for each data point.
- Set a reporting schedule… and stick to it.
Don’t be afraid of measurement. Embrace it. Your future may depend on it!
— Stephen Weinstein, Director of Account Management