At the heart of any business program are marketing metrics. Many companies have hundreds of unique data points to distill into actionable insights.
Let’s take a closer look at the benefits of testing marketing metrics.
- Growing sales
What amount of money has been received from marketing campaigns and tactics is the problem number one which keeps most dealers up at night. CEOs today expect their chief marketers to have higher levels of accountability and ownership than they have at any time in the past.
Although marketers historically expected to be judged on customer sentiment, expectations, and brand recognition, today companies want to understand how marketing efforts produced eligible leads that were later transformed into sales.
- Customer Confidence
Customers demand 24-7 hour channel-wide service now. They’re not afraid to turn to a rival and they’re constantly expressing their opinions via social media. This increase in competition and consumer power has weakened the conventional product-based benefits, pushing companies to consider customer service as a differentiator. The trend will continue in 2020 as more businesses understand the importance of increasing consumer retention and loyalty, average profit margin per consumer, and the importance of the customer lifecycle.
- ROI Up
As I mentioned earlier, it is important that marketing ROI analysis includes the effect of the organization’s holistic efforts. It’s never a single initiative or system that produces revenue for B2B companies in particular. Many B2B customers have a lot of experiences with a prospective vendor over an extended period of time before making a buying decision. We are subjected to several ads, so it can be hard to assess which specific campaign contributed to the purchase decision of the consumer.
Long gone are the days when speculation, hypothesis and “nice feel” were appropriate ways of evaluating success in business. Such information can provide incredibly keen insight into how well our overall marketing strategy works, as well as identifying the business growth focal areas.