To quote recognized management expert Peter Drucker, “you can’t manage what you can’t measure.” As marketers and brand leaders, metrics and measurement can be one of our most challenging responsibilities, and here at Ink Tank®, it’s one of the most critical things we do.
Metrics do not relate to a single point in time but are vital throughout the life of your project, initiative and brand. Here are three things to ensure your effort is on track for measurable success:
1). Think first. Ensure you understand how you’ll measure success before you implement any strategy or tactic.
2). Stay on top. Measure ongoing elements during the implementation phase so you can pivot and adapt quickly. Be ready to learn and adjust your actions in real-time. We live in an agile world: your activities and actions need to reflect that and be responsive.
3). Reflect after. Do a deep dive and honest post-mortem following the completion of a project launch or initiative. Learn what you can and learn from your mistakes. Future activities and focus can always be better.
Useful measurement requires a clear sense of available metrics, the knowledge to understand them, and the skills to make effective use of the insight you have gained. Look at the whole picture: a comprehensive examination, not just one tactical metric. For example, examining click-through rates from an online advertising campaign is valuable, but doesn’t tell the whole story. Did your click-throughs translate to conversions? Did your click-throughs help increase brand recognition? Are your customers aligned with the value and action that you provided through your campaign? Collect each metric and view it as part of the broader picture. Impressions and reach may not mean much if they don’t translate to growing your business.
There’s no one-size-fits-all for metrics, but all marketers need to measure. And all marketing initiatives need metrics!