You can only improve that which you measure
CMOs are no strangers to having to prove marketing’s contribution to the growth of the business - there is always a crucial need to accurately, efficiently and rapidly measure marketing impact.
Marketing metrics are more than just numbers – they are a currency of the business and help to justify spend on in-flight and future activities, support learning, streamline effort, reduce unnecessary costs and provide visibility on how an organisation is performing, to influence more effective marketing execution.
Measurement of marketing impact is complex and challenging for many organisations. For most, the availability and quality of data hampers the best of intentions. So much so that it may be necessary to have data quality and coverage as KPIs in their own right. Forcing organisations to think about and strive for better data quality has the positive knock-on impact of more meaningful reporting, deeper collaboration opportunities and, ultimately, gaining the most value from that data.
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Employees are the core deliverers of consumer experiences. As such, it is imperative to frequently capture employment engagement to understand how wellestablished marketing strategy and objectives are and whether employees feel they have a direct impact on those objectives. If teams feel well connected to the broader goals of the business, as well as fully understanding how they themselves can contribute, motivation, energy and quality is likely to be higher and consumer experience objectives more easily achieved.
Measuring employee engagement can also help surface operational blockers and, therefore, opportunities to improve the consumer experience as a whole. Feeling engaged and listenedto is essential in growing and retaining top marketing talent, which in turn supports the business to deliver the very best marketing and consumer experience.
Time to market
An operational set of metrics to understand the speed which experience functions can produce customer-facing collateral, whether that be marketing content, service content or refinement of products and services in the control of CX teams
Coverage metrics highlight the growing opportunities for marketers to engage with consumers through multiple channels and different kinds of experiences along the journey. As the number of touchpoints grows, with fast adoption by consumers, coverage metrics are key to analysing how successful brands are at delivering relevant, consistent and personalised experiences across them.
Measuring coverage can drive brand visibility across the consumer journey, identify blind spots in marketing channels, and add context to other metrics (such as campaign impact, where a multi-channel attribution model is needed as opposed to siloed channel analysis).
Reach metrics aim to quantify the visibility of a brand through measuring the number of consumers that have been exposed to marketing activities. They are important for brand awareness activities intended to attract unknown prospects, when engagement and conversion metrics cannot be directly measured. They remain essential throughout all phases of the consumer journey to estimate the number of exposed consumers.
Sentiment is used to track the changing emotions that existing and future consumers feel towards a brand, its products or specific experiences. By tracking and understanding sentiment, organisations can gain insight into which aspects across the consumer lifecycle are effective and which require improvement. In a time of increased identification of, and importance around, 'purpose' among consumers, understanding sentiment quickly and accurately is paramount.
Brand equity is a measure used to capture the total value of a brand, recognising that much of this may be based on its contribution to future income and profit.
A number of valuation techniques and metrics are used as proxy indicators of value - from awareness and affinity/’brand love’ which can be measured in percentages of populations or target markets, to variants such as prompted/aided awareness metrics will point to how familiar consumers are with your brand and unprompted/ unaided awareness which gauges how impressionable your brand is and its ability to ‘cut through’.
This set of metrics highlights a brand’s strengths and weaknesses, as well as its challenges and opportunities within a given market, and represents critical input for the planning of all marketing activities.
Campaign impact metrics examine the changes in consumer behaviour as a result of specific campaigns, both at an aggregate level as well as on the impact of each specific piece of content and the targeting tactics used. Outcomes are compared to accrued costs so that insights can be generated to optimise campaign investments through the most efficient targeting, content and channels.
Engagement has a new stature within an organisation as the proxy for sales, replacing the idea that awareness is a predisposal to purchase. It highlights consumer engagement levels with a brands general presence, across various channels and moments in the consumer journey. Specifically, it is used to measure the impact of targeted communications and content aiming to attract and retain consumers’ attention or build word-of-mouth advocacy, and allows brands to understand what channels, content and targeting tactics resonate best with specific audiences across different stages of the consumer journey.
Maximising conversions from new and existing consumers is the ultimate objective of marketing, either directly or indirectly. Conversion metrics are therefore key for marketing and business strategy, as they demonstrate the impact of on sales revenue and business growth. They rely on combined data across marketing, sales and commerce.
Response metrics measure the operational speed and quality at which consumers are responded to across the many points of two-way communication throughout the consumer journey. They help organisations identify gaps and bottlenecks in the end-to-end communication process with a consumer.
Direct two-way consumer interactions are critical across the entire consumer journey - social media queries and responses, lead conversion and direct sales activities, or consumer care and support activities. Whatever the context, measuring responses drives an important process to identify where consumer enquires get lost or duplicated across different platforms, and implementation solutions. This analysis should be used to influence CRM strategy and end-to-end parameters for communication that stretch cross-functionally to improve response times and quality.