The old ways to market to customers and measuring that success have radically changed. Just five or ten years ago, the goal of measurement was a one-to-one view of the customer in each interaction they had across all channels. But today’s marketers are aware they must continually evolve how they measure, analyze, and communicate the success of their campaigns. But that’s not always an easy task. According to Forrester less than a third of marketers are able to meet all the standards of a mature marketing measurement practice.
Marketing Measurement Challenges
On a recent Meet the Boss roundtable with LinkedIn, they spoke about measuring marketing success. Meredith Wolpert, Sr. Measurements Partner at LinkedIn said, “the fragmentation that we’re seeing in marketing is a huge challenge we’re facing in the industry.” Wolpert said another challenge she’s dealing with is helping customers adapt to privacy headwinds and developing a privacy safe measurement approach. “With the introduction of a lot of new privacy laws, our industry is now in a place where we really do have to adapt. The same data signals that we once relied on are no longer available to us or guaranteed.” So, with marketers grappling challenges such as fragmentation and constantly changing privacy laws, what are the best metrics to utilize to measure how you’re doing?
Marketing Success Metrics
In order to measure marketing success in today’s world, marketing teams need to focus on key performance indicators (KPIs) that align with their business goals. This means looking at both traditional marketing metrics, such as leads generated or website traffic, as well as more holistic measures such as customer engagement or satisfaction.
To get started, marketing teams should sit down and identify which KPIs are most important to them. Once these KPIs are established, marketing campaigns can be designed and executed with measurement in mind. Using the right tools and analytics, marketing teams can then track their progress and adjust their strategies accordingly. While there is no one-size-fits-all solution for measuring marketing success, focusing on the right KPIs can give marketing teams the insights they need to make informed decisions and continue driving results.
The Way Forward
LinkedIn’s Meredith Wolpert says brands need to focus on what she calls a “measurement framework,” those growth drivers that matter most, and from there aligning both the tactical and the strategic as a way forward. Wolpert also suggests having the sales team getting more involved in the process. Incredibly, she says 90% of sales and marketing teams do not share the same goals. Clearly, the time to change approach is here. Wolpert adding, “the measurement of the past will not be the measurement of the future.”
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