MARKETERS NOW HAVE ACCESS TO MORE MET- rics than ever before. Many are also over- whelmed because they now have access to more metrics than ever before. Social media, digital marketing, and marketing automation have changed the way we define success, but is it a change for the better? It’s easy to get lost in the numbers and lose sight of the big picture. That’s why it’s imperative to clearly define mar- keting goals up front and carefully choose metrics or key performance indicators (KPIs) that align with those goals. Doing so will help marketers identify the metrics that truly matter.
First Things First The C-suite’s charge to marketing is, “We want to increase sales.” Well of course—everyone does. But it’s unreason-
able to expect marketing to carry this burden because it’s difficult to draw a direct cause-and-effect relationship be- tween marketing and sales. Why is an increase in sales often not a direct result of marketing? The answer is because sales are impacted by many factors other than marketing—including the econ- omy, the business climate, competitors’ activities, product availability, manufacturer pricing and promotions, skill of the sales team, and customer service. Simply increasing marketing may not be the answer, especially if there’s no solid strategy behind it. A marketing strategy should stem from a well-defined business strategy for increasing sales, outlined by manage- ment. This business strategy is the result of a strategic planning process that includes setting overarching mar- keting goals, SMART objectives (specific, measurable,
METRICS THAT MATTER
Develop and execute the marketing strategies that will grow business and sales. by Katrina Olson