Data-Driven Decision Making: Measure What Matters
The way we work and the way we live has certainly changed. From streamlined, mask-clad grocery runs, to finding a few minutes to squeeze in a team Zoom meeting, there is no doubt that our lives are much different than they were a few months ago. But we can’t let that change the way we make decisions. Organizations need to make these data-driven decisions to deliver the appropriate solutions to their consumers, maintain relevance throughout their buyers’ journey, and solidify relationships. So, which metrics are still worth paying attention to?
In this post, we’ll outline 3 ways to reinforce your marketing strategies and help you focus on the right metrics to measure and adapt to what matters.
1. Avoid Vanity Metrics
It is important to continuously be collecting data based on your marketing efforts, but some of that information you gather might not lend itself to be very useful. Go into your data-collecting efforts with a plan. What are your end goals? What are your desired outcomes? Keeping those in mind while gathering metrics will focus your findings and render higher-quality results.
Metrics like reach, click-through rates, bounce rates, likes, sessions, or shares do not contribute insights on conversions, so it might be best to leave them out of your findings. Some helpful metrics include:
- Cost per acquisition
- Average cost per acquisition
- Acquisition cost
- Campaign ROI
- Cost per inquiry
2. Focus on What Matters to Executives
While you filter out which metrics might not contribute to success, find out which ones will. What are some metrics the executives will care about? Align your strategy with their KPIs. Are they more interested in net lew leads? Increasing lifetime value of current customers? A little of both? Either way, they are looking for how much will contribute to sales.
Execs also care about tech stack utilization. How much of the platforms are you actually using? How can you get more value out of the tech your organization is already using?
3. Categorize Project Feasibility
Lastly, you will need to weigh out and categorize your options. Some questions to ask during this process can include:
- How easy will this execution be?
- What will the timeline for this look like?
- What will be required of your team?
- Who will be involved?
Bonus Tip – Multi-Touch Attribution
Multi-Touch Attribution (MTA) is a gold standard that everyone wants to achieve: map out exactly which asset drives which action, and achieve this success without compromising the budget. It requires that various departments and people work leads exactly the same way. Think of it like a Swiss watch. Many times, humans do not do this, and that Swiss watch falls apart. Why? Because this collection of data is often not kept in an accessible location due to organizational silos. Breaking down these silos will not only align your departments to your company goals, but drive that collaboration your data collection desperately needs.
If you need assistance with collecting information and making these data-driven decisions, we can help! As an integrated Revenue Marketing Consultancy, we take a holistic approach, providing innovative strategy advisory to drive pipeline and revenue results fast. If you have any questions about your measurement strategy, or if you just want to chat marketing automation, reach out to me and I would be happy to help!