Accurate measurement is critical to make sense of today’s complex costumer behaviors. Measuring correctly and making decisions based on accurate data can help marketers ensure they use their budgets most efficiently to explore the right areas and increase their ROI.
There are a few factors that you should consider before launching a campaign. Google recently published a brand new eBook which I found very useful for marketers to understand and measure what matters the most. The four factors focus on choosing the right metrics, valuing your best customers, attribution across the customer journey and proving the impact of your campaign.
1. Focus on the right metrics. Set yourself up for success by identifying clear metrics that you want to affect before launching a campaign.
2. Value your best customers. Instead of measuring transactions alone, model the lifetime value you derive from your customers.
3. Attribute value across the journey. To find out what’s working in your marketing and what’s not, identify the role of each touchpoint along the customer’s journey.
4. Prove marketing impact. Use controlled experimentation to understand what happened only because of a given marketing spend change (and would not have happened without it).
Collectively, these points show how better measurement can improve campaign effectiveness, help you get the credit you deserve for your programs and, most importantly, ensure a better return on investment for all of your marketing technologies.