“Measure everything” seems to be the current mantra in data-driven marketing, but with an ocean of data flowing around us, the idea of measuring everything can be positively overwhelming. To gain a holistic view of your programs, you don’t have to actually measure everything; you just have to measure the right things in the right way.
For CMOs figuring out a way to optimize all of their favorite metrics, within a single platform, is the key to success. As such, it is important to measure KPIs at many stages throughout the customer lifecycle, not simply at the last touch point. Examining campaigns throughout the funnel not only enables CMOs to evaluate multiple initiatives at once for a holistic view of customer engagement, but to make the necessary adjustments to drive engagement and conversions. It also provides context for those metrics when it comes time to present to the board.
For instance, analyzing a consumer’s engagement with your web site and determining possible reasons why they have not converted can help inform your efforts down the line to further engage them. And examining your digital efforts, like SEM, alongside online surveys, can provide insight into the effectiveness of your branding and awareness initiatives. The point is, no consumer conversion happens in a vacuum. Building awareness and fostering customer relationships involves several different touch points, as does converting, and they vary such that they cannot be measured in the same way.
With respect to measurement, there are a myriad of ways to arrive at the agreed-upon KPIs. It requires solid, reliable data and an analytics platform that can plug into all your campaigns and account for all the data types (online, offline, mobile, etc.) that are needed to measure your goals.
Ultimately, it’s not about examining every single available data point, but rather finding a way (an approach and a platform) to measure the right metrics at the right times, and to coalesce those data points into a complete view of campaign performance.
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