Measuring Marketing Efforts

We build marketing plans, we propose new ideas, we create fresh spins on old tactics, but one thing that is often missing on these plans and proposals are measurements of success. How do we know great ideas are successful? Are they profitable? What is the ROI? What is the value? One method is establishing KPI or Key Performance Indicators for specific tactics. When we set out to establish KPIs there are five main elements to consider. These five elements of measuring marketing efforts apply to both online and offline marketing strategies:

• Data
• Stories
• Products /Services
• Interactions
• Connection

Data - Is the observation part, how many eyeballs will see this, how many clicks, conversions, sales, leads, phone calls, etc. Quantitative metrics.

Stories - defined by what is being said about the brand. The stories people tell about the brand no matter if it is positive or negative. More of a qualitative approach of the measurement. What are people saying about your brand both online and offline?

Products/Services – physical parts of the story, if people are saying you are clunky, out of data and difficult to work with, then your products/services are connected to this brand perception. Opportunities in influence the stories being told about your product and service.

Interaction – tactics and touch points created by marketers to interact with the audience. Banner advertising, paid search, natural search, sponsorships, micro-sites, webinars, etc.

Connections – does your audience have a “connection” with your brand? What is that connection? Is it like a relationship with ups and downs or a 14 year old girl’s obsession with a boy band? Great experiment I’ve been a part of which asked people to write love letters about a company and then the language was going to be analyzed and compared to actual love letters to humans. Still think this has some value, maybe even doing love letters and hate letters.

My point is that when we produce KPIs we need to consider these five elements. This way we get the big picture of how effect our efforts are doing. We can drive a TON of traffic but if people are leaving and telling a negative story then we need to adjust our efforts. If we are bringing customers to the site and selling them some socks but not making a connection with that customer and turning them in to repeat customers, then we are wasting our marketing $$. It cost more to go after new customers compared to strengthening your core audience.