I have often heard people say ‘Numbers scare me’, and wondered if it is because numbers always speak the truth! In today’s world of gadgets and data, there is no dearth of numbers; getting confused by them is pretty much inevitable. However, when used wisely, numbers are a treasure trove of insights that can guide you to your desired goal.
The first step to wisely using numbers (or metrics, in our marketing context) is to define clear goals, because what you track depends on what you want to achieve.
Taking a cycling analogy: When training on my bike, the numbers (fancily called metrics) that I track vary based on my cycling-specific goals for performance.
If my goal is to climb a mountain, then my go-to number is Power; then, I need to ensure that I generate (literally!) enough watts to power my ride up the mountain. For a long-distance ride that spans days, I need to work on the efficiency of pedalling in order to endure longer on the bike with lesser work.
Similarly, when it comes to Marketing, numbers continue to tell the brutally honest story of progress towards the desired goal.
With the many marketing automation and analytics platforms out there, it is imperative to first clearly define the goals of your marketing program. The metrics to follow will change based on the goals. Tracking these metrics regularly will give you and your marketing team clear insights into what’s working, what’s not, what more to do, and what to change.
The following are the three most common scenarios brands face when it comes to marketing goals; my other blogs discuss the metrics to track for each of these goals:
- Goal #1 : I want more people to know about my brand - read our blog on Metrics To Measure Track Brand Awareness
- Goal #2: I want more leads for my product or service - read our blog on Metrics To Track Lead Generation
- Goal #3: I want to strengthen the relationship between my brand and my audience - read our blog on Metrics To Track Brand Engagement
The bottom line: Numbers could be a marketer’s best friend; they will speak the truth, and only the truth. And, if you use them right, they will give you enormous comfort too!
Do you have any best practices to share on this? Any other approach that you have followed to track your marketing progress?
To make all this easier for you, my awesome team has come up with this super cool and easy-to-use sheet that not only gives you the world of metrics that you can start tracking, but also tells you where to find them in your reports.