Marketing Metrics And Your Business Strategy
Mаrkеting Mеtriсѕ And Your Business Strategy
Gооd mаrkеting ѕtrаtеgiеѕ аrе needed fоr any buѕinеѕѕ thаt is аiming tо achieve ѕuссеѕѕ. Too many of us as marketers focus on metric that don’t even matter to our businesses or customers. The other week I was talking to a customer that was running a 1.6% Click Through Rate (CTR) on LinkedIn! (The average for a Sponsored Content post is about .3%). I was telling him how awesome the ads were doing and that we would get a really low cost on ads, etc, etc, etc. He then responds back, “I don’t care about CTR, I care about how many convert.” When I read that, it was like light had shone upon me and I realized that not everyone cares about the same metrics!
We use metrics to see if what we are doing aligns with what our goal is. How many of us actually look at the right metrics then? I just finished running an ad for a whitepaper on how to reach the perfect audience (linked here if you are interested). My goal was to reach as many people as possible, and I caught myself various times looking at CPC, CTR, etc. It is way too easy to get caught up in vain metrics! Before starting a campaign or ad, we must first figure out our goals.
These goals will help us know what metrics to focus on and ultimately what strategy is best for us. If our goal is to get out in front of everyone, then CPC probably isn’t as important as CPM. That probably mean that using LinkedIn isn’t our preferred platform. Our goals ultimately drive everything else we do as marketers.
When we are reaching our goals we know that we are using the right metrics and the right distribution channel. We must then be creative and innovative to stick out form the crowd to have this continued success. If we are not reaching our goals, it means we either are not using the right distribution channel or that we are optimizing based off of the wrong metric.
Take some time before the campaign or ad you run and think about what metrics you will need to watch. Then, make sure you are using the right distribution channel to reach those goals!