Investing even just an hour a week tracking your marketing metrics can help you to understand what activity is and isn’t working and shape where you should focus more of your marketing efforts to achieve your overall business objectives.
The benefits of measuring your marketing:
- Metrics can help to supercharge your ROI
Marketing metrics will show you which activities and campaigns have contributed most directly to the bottom line - and thus what to do more of to gain the greatest ROI.
- Metrics can help you to justify marketing spend
When allocating budgets, marketing metrics can help you to establish (based on past performance) the marketing channels and activities that deserve more (or maybe less) spend. This then allows you to better justify a budget increase where appropriate, or alternatively a redirection of funds to where they could be more effective.
- Metrics can give you valuable data and insight
Without marketing metrics, you could end up relying on anecdotal evidence, a hunch or even a best guess when making important marketing decisions.
By tracking actual data, you can use metrics and analytics to inform your marketing decisions more effectively.
- Marketing metrics provide key customer insights
Marketing metrics can give you valuable information about your customers, so you can look to find more people like them to grow your customer base - their habits and behaviours, the right channels to contact them with, and the messaging that works best.
To give you a head start when you’re first beginning to use metrics and analytics, review which are the most important metrics to track to inform your marketing activities and strategy.