You walk into your monthly meeting with your CMO, armed with all of your campaign data for the past month. You?ve spent the last two days pulling reports from your analytics platform, sifting through endless mounds of data to find the key performance indicators of last month?s campaigns, and now you?re ready to dazzle with all your knowledge.
?So how did last month’s email campaign perform?? your CMO asks briskly.
?Great!? you respond eagerly. ?Our open rates were high and our bounce rates were??
?What was the conversion rate?? the CMO interjects, sounding annoyed.
?Ummm..? is your only answer. Conversion rate? You have no idea.
?What about our display campaign? What were the click to lead numbers? What was our CPL??
Oh man. You can tell him the number of impressions your display ads received, but you?re not even 100% sure you know what CPL means. You?re mortified.
Focusing on Metrics That Matter
Sounds like a marketer’s worst nightmare, right? These days, marketers are under more pressure than ever to prove the value of their campaigns. With such a quickly changing marketing landscape, marketers often don’t know which metrics to focus on and how to properly attribute results. This forces marketers to pursue metrics that don’t actually impact their bottom line, instead of the metrics that truly matter. These kinds of “vanity metrics” seem substantial at first glance, but upon deeper analysis, usually do not correlate with sales success.
Today’s marketing analytics are powerful. Marketers have access to all kinds of metrics, from page views and numbers of fans to more revealing statistics involving leads and sales. With the growing transparency in marketing data, it’s easy to get caught up in data that – more often than not – is not actually impacting your revenue. Marketers need to focus on the metrics that are better indications of sales and marketing success.
It?s important to be able to distinguish between these two types of metrics —and we?re here to help. To help you decide which metrics to track, we?ve put together the reference sheet above. So print it out, hang it near your desk, and turn your attention to the metrics that will provide real insight and help you truly dazzle in your next meeting.