Measuring Marketing: How Accurate Metrics Can Maximize Potential

Getting back to basics is important for marketers at the moment. As the economy begins to reopen, looking back to the time-proven fundamentals will reveal tools that will help guarantee the future soundness of your marketing communications efforts and strategies. Amongst the many fundamentals that can help you readjust, marketing metrics serve as one of the most important avenues that can help you gauge what steps you need to take at the moment to better guarantee a smoother short-term future for your firm. 

Why Do I Need the Analytics?

The fallout of the Coronavirus pandemic has changed the world in unprecedented ways. Rapid shifts in the economy and new trends surrounding consumer habits show that measuring marketing success requires careful attention to what is most relevant at the moment. Using otherwise outdated or irrelevant metrics to measure your company’s marketing success could distort your perception of what’s working, potentially leading to missed opportunities. Avoiding this problem requires one to update the metrics used to track marketing success regularly, making sure these metrics are both relevant and accurate at the same time. 

Planning Your Marketing Metrics

Put simply, metrics are measurements used to gauge the success of marketing efforts within a company. Keeping a list of 5-15 metrics that are most critical to the company is a good start to measuring the success of your marketing efforts. These metrics should be in line with recent developments or trends you see within the company and the wider industry. For example, if your firm recently launched a new eCommerce platform that past metrics did not account for, updating these metrics to account for this new platform will guarantee more accurate data. 

Similarly, you should also be aware that some past sources of leads and business may not be viable at the time, such as live events and face-to-face interactions. Temporarily decreasing the importance you place on past metrics, even those that will return in the future, will help your company better adjust to the conditions of the market.

The metrics you choose to add or modify during this time should be measurable. In other words, making sure your metrics are ones that can be measured in short intervals such as weeks as opposed to years will help you gain a higher degree of accuracy in your perception of what is and is not working. The impact of the coronavirus on the market shows that trends change quickly, and measuring your key performance indicators more frequently keeps your nimble in response.

Adjusting metrics to ensure accurate measurements now will pay off in the future. Having accurate data at the moment will show you what areas of your company’s marketing strategy need focus and attention, making the coming months less uncertain.

Get Help with Your Marketing Analytics

At Slice, we are always looking to lend a helping hand to companies who may need assistance during this time. Contact our team now to get help with your marketing analytics.

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