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, in order 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.…
The Marketing Minds series share real-world stories from marketers showing how digital marketing has helped them develop their careers or businesses.
I work at Exo Investing, as the Head of Growth. Exo is a new digital wealth manager which takes a purely data-driven approach to create individual portfolios for private investors, rebalancing each portfolio daily.
We launched 2 months ago so whilst my role was initially focussed on audience research, planning and working with the team to build out the go-to-market strategy, my key focus now is to create a testing strategy to ensure we can efficiently learn about our audience and hone our proposition to reach product-market fit.
What is your background in Marketing, and how did you come to be in the position you are in now?
I actually have a…
How to ensure you track performance against target
KPIs, we all have them, sometimes we set them for ourselves, often they are set for us! The question is, are the KPIs you are reviewing supporting your efforts into making the boat go faster? Are they translated from business goals or just a bunch of metrics someone thought they may as well stick on a weekly powerpoint dashboard because Google Analytics spits out a sexy graph?
This post explores how you can ensure you are using the KPIs that are helping you track performance in line with your business goals? KPIs give an integral pulse on the business that helps keep you be aware of what's really going on and they allow you to exert control to pull the right levers to keep on track according to what actually matters. For me, the key when setting KPIs for marketing and digital marketing is to start with the business goals.
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Set the right goals for digital marketing using the 5Ss
Do your set of goals for online marketing cover all the bases? A good set of digital marketing goals covers a range of different measures to help set, review and control performance across all digital marketing activities.
The 5Ss of digital marketing is a good, simple starting point to help check you're covering the whole of digital marketing, not just sales!
PR Smith, my co-author on Emarketing Excellence developed the 5Ss of digital marketing around 2000, and although basic, it's still used by many planning their digital marketing strategy. So I thought I'd share it here by showing how it applies today to ASOS.com, a dynamic online business. To measure the goals suggested, see my post on goal setup in Google Analytics.
1. Sell - Grow sales
Why and how you should define goals vs objectives carefully?
I’ve found that goals and objectives are often defined and used differently within different companies or parts of a business and this can lead to problems when creating processes to track and improve marketing performance. This post gives a short summary of the difference between goals and objectives and why it matters!
Typically in businesses you see that objectives are specific, they cover the SMART or SMARTER criteria for objectives which make it possible to set specific targets for a time period and measure against these using sales or analytics systems. That’s the way it should be, I think, this is the de facto standard!
But in some businesses or some student case studies, “goals” are used to refer to specific objectives too. Perhaps it’s not helped that confusingly, in Google Analytics, goals are specific quantifiable metrics which are often used as…
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 quickly and regularly reviewed, for example…
Chart of the Day: Which objectives should be in your digital marketing plans?
"Rowing harder doesn’t help if the boat is headed in the wrong direction.”
So said, Kenichi Ohmae, who shared the Japanese approach to business planning with its idea of “long-term planning horizons”. It's useful to be clear on the difference between vision vs goals vs objectives vs KPIs as the measurement pyramid relating them shows.
With long-term digital marketing initiatives and transformation projects, the same is true, so it's essential that your digital marketing strategy features clear, SMART marketing objectives so that you have targets you can review performance against. Broader goals and vision can be useful too, to evangelize the benefits of digital marketing to the team.
A recent report from Adestra highlights the importance of choosing the right objectives to include within a digital marketing plan structure.
Choosing the right tools and metrics for ABM success
GIVE ME DATA!
Much like every other area of marketing nowadays, there’s a decent amount of number crunching involved in an account-based marketing (ABM) campaign. Throughout the whole process, you’re going to be learning about your accounts through analysis and measurement.
Figuring out how to analyze in an ABM context and which metrics to manage are two common hurdles that ABMers face when they’re executing a project.
With that in mind, I’m going to go into some of the tools you can use to get you the data you need to make the right decisions - the ABM rockstar metrics you absolutely must measure and what you should do with them. Here goes...
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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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A case study example of applying the Smart Insights RACE framework to measure customer engagement and marketing success
You probably already use—or at least have thought about using—some form of marketing dashboard to track and manage your analog and digital marketing KPIs (Key Performance Indicators). But how has it impacted your decision-making ability concerning customer engagement? And do you effectively leverage that data to help you manage all the most important marketing factors that drive success for your organization?
I subscribe to the basic premise behind the Smart Insights RACE (Reach, Act, Convert, Engage) framework for organizing and tracking digital marketing KPIs as they relate to customer engagement, but I’ve expanded it to include analog marketing activities as well.
[Editor's note: Since Kent Huffman wrote this post, Smart Insights have created a RACE dashboard based on Google Analytics to automatically…