Metrics are your marketing scorecard, which is why you need to ensure you're tracking the right ones
Metrics are the ‘scorecard’ of your digital marketing work. When these metrics, also known as key performance indicators (KPIs), are moving upwards, you’re winning the marketing game. When they’re trending downwards, you’re on the losing team (at least for now).
You probably know your conversion-related KPIs by heart: metrics like conversion rate, revenue per visitor (RPV), and average order value (AOV). And on the acquisition side: cost per acquisition (CPA), return on ad spend (ROAS), and marketing qualified lead rate (MQL).
But, to get a clear sense of what matters most in your customers’ minds, you need to include customer experience (or ‘CX’) metrics in your scorecard mix. These CX metrics measure your prospects’ and customers’ perceptions of your brand, judged after several interactions, or ‘touchpoints,’ with both your online and offline marketing channels. They ultimately…
From SMART to SMARTER marketing objectives
When identifying specific marketing objectives to support your long-term goals, it is common practice to apply the widely used SMART mnemonic. You will know that SMART is used to assess the suitability of objectives set to drive different strategies or the improvement of the full range of business processes.
One of the main reasons that we called our site and service SMART Insights is because we wanted to help marketers succeed through using a more structured approach to planning to give more realistic targets they could be more confident of achieving. Using SMART objectives and then measuring them through properly customised analytics reports is a big part of how we hope to help too.
With SMART objectives documented in Plans linking objectives to strategies and KPIs everyone is sure exactly what the target is, progress towards it can be…
Leading digital analytics experts share how to effectively use data and analytics
The number of data sources that are available is growing every day. For some of us this might be a good thing, but for many digital marketers it brings up a lot of challenges to deal with.
This report, Broken Links: Why analytics investments have yet to pay off, from the Economist Intelligence Unit (EIU) and global sales and marketing firm ZS, shows that there is still a long way to go. 70% of business executives say sales and marketing analytics are already very or even ìextremely important. This in contrast to 2% that say they have achieved a broad, positive impact.
The question is, how can you most effectively use data and analytics to your business' advantage?
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Without clear goals, you’re basically directionless – and working to achieve vanity metrics that don’t necessarily help you achieve your overall business objectives.
A good digital marketing strategy can only start in one place: with clear, actionable and achievable goals. Setting digital marketing objectives should always be the priority as they will be the basis of your entire strategy.
They help guide your actions so that you can actually achieve your goals. By achieving your digital marketing goals, you’re also helping reach your overall business objectives, whether that’s boosting your overall sales or improving awareness of your brand.
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Setting digital marketing objectives is, on one hand, a great way to motivate yourself and your team and work towards achieving better results…
How to set digital marketing KPIs, make them SMART KPIs and align your KPIs with the RACE planning model
Digital Marketing KPIs or Key Performance Indicators are quantifiable goals which help you to track and measure success. KPIs are a useful way for Digital Marketers to set expectations and prove that their work is having a positive impact. To outsiders, the success of digital marketing activity can be seen as difficult to measure but this really isn’t the case. In fact, it’s normally easier to measure progress for a digital campaign than an offline one.
The aim of this post is to help you set digital marketing KPIs to measure what really matters in a way which all parties can agree on. We’ll cover negotiating KPIs and how to tie your KPIs into the Smart Insights RACE model.
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While focus groups often reinforce assumptions, rapid testing is able to illustrate whether any assumptions about a product, audience, and go-to-market strategy are accurate.
It’s time to face the facts: focus groups aren’t cutting it anymore. These relics date back to 1937 when Princeton University researchers investigated what sort of messaging sent over radio airwaves would drum up the most support for the World War II effort.
Focus groups might have been the most viable option at the time, but there’s no reason researchers should continue to spend $2.2 billion worldwide on the questionable insights offered by modern focus groups. Participants might provide a slew of opinions about a product, but that feedback doesn't predict whether people will actually buy it.
With so many companies mistakenly placing trust in focus groups, it’s no wonder Harvard Business School professor Clayton Christensen reports that 95% of the 30,000 new products created…
You need a product roadmap so your team doesn’t get lost in the tactical weeds. Here’s what a great one looks like.
As Lewis Carroll famously said, ‘if you don’t know where you’re going, any road will get you there.’ When it comes to digital product planning, unless you want to risk wandering aimlessly, you’ll need a product roadmap. Besides keeping your team focused, a good product roadmap will help keep your work aligned with the expectations of your executive team. And it will show you’re keeping your eyes on the financial ball.
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Here I share five essential traits of product roadmaps for owners of digital products, using examples from my experience that worked well. Take it, tweak it to make it your own, and use…
MTA and MMM are powerful when used separately, but when used together, they can be transformative for marketers
Modern customer journeys are long, with myriad touchpoints between initial awareness and the ultimate decision. One shopper might end up on your website by way of an organic search but won’t make a purchase until reading a recommendation on a social platform. Another might come to you via email, return after conducting a little research on a referral site, visit again following a click on a banner ad and then finally buy your product after reading a recommendation on that same social platform.
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Spreadsheets are an essential tool for marketing from advanced calculations for budget forecasts to reviewing marketing KPIs
Every marketer loves data! Whether they are numbers, feedback results or leads, this is what marketers dream about. They say knowledge is power, and that it is.
Importance of spreadsheets in marketing
Whether you’re preparing a report or trying to untangle raw data, working with spreadsheets can be rewarding to your job performance. Not only can it improve your efficiency, it could also speed up your projects. It also improves your insight into your business and the effectiveness of your campaigns.
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Spreadsheets are an essential…
Daunting, time-consuming and expensive. Or is it?
Doing any form of research doesn't always need to be so costly, here are five options to help you recruit participants for surveys.
I've also produced an article on how to get B2B survey responses, the focus of this post is helping you to find B2C participants for your research.
We all know that one of the hardest parts of doing any research is often something which is undervalued and that's finding respondents to take part. More importantly getting the right respondents for your research is even harder.
Research is essential to help get insight into a variety of business functions. and luckily the word of market research is maturing which means that there are loads of tools available that can help you. I've put together a list below of some of the most reliable places to find respondents for B2C research including surveys, focus groups, depth interviews…