Six Metrics that Matter for Modern Marketers
The right metrics empower marketers.
Creating modern strategies that are aligned with current culture can help marketers tap into the present-day wants, needs, and concerns of customers. “Modernization is much more than new technology,” said SAS Senior Vice President and CMO Jim Davis at the company's 2014 Global Forum Executive Conference in Washington, D.C. “Modernization is about innovation. You can install modern equipment, but what's more important is to adapt new ideas and methods.”
Meeting those present-day needs with modern solutions can translate into greater loyalty, lower customer churn, and bolstered brand awareness. Davis said that marketers can become more forward-thinking and predictive by focusing on six simple metrics: return on investment, governance, timeliness, accuracy, effectiveness, and empowerment. He said focusing on each of these measures allows marketers to change the culture of their organizations so that brands are always in tune with customer sentiment. Here now, a closer look at those six metrics that matter for modern-day marketers.
1. Return on Investment
As a standard in marketing, ROI is perhaps the measurement most analyzed to determine whether data-based marketing campaigns are modern and effective. “Measuring ROI helps determine the value generated from a set of data,” Davis explained. Looking at your ROI will not only help you determine the value of a strategy or campaign, but also will push organizations in the right direction to create new products and updated services. A high return can underscore the strength of productivity and efficiency in a particular marketing strategy.
Davis said keeping current means “establishing current policies, continuously monitoring data, and constantly creating new strategies.” He added that governance isn't just about establishing rules in marketing, sales, or other departments. It's about collecting, analyzing, and extracting meaningful data—and then using that information to create up-to-date strategies.
Part of remaining up-to-date in your marketing strategies is being timely. Extracting data quickly, immediately answering customer feedback, and providing prompt solutions can prove to be lucrative for brands, Davis explained. “These days, the time window has shrunken down, but new technology enables [marketers] to get processes done faster.”
With the ability to provide answers quickly and analyze data immediately, today's modern marketer must remain accurate, Davis warned. “You [as marketers] need to know the impact of what happens when data is not accurate.” He said that making the right predictions about your audience can grow your brand loyalty and translate into sales. Making the wrong conclusions can cost your team. When marketers are detailed and accurate, they craft more relevant, successful campaigns.
Modern marketers need a level of self-sufficiency, Davis said. Senior level marketers should encourage their teams to be confident and knowledgeable by allowing each team member to be innovative. “Establish strategies that empower departments to understand and grow,” he said.
Part of being effective and impactful in a modern marketing landscape is being prepared, Davis explained. He said that marketers and data analysts should always prepare for the unexpected—perhaps a technology glitch or a gaffe in an email campaign. Readiness will allow marketers to remain effective, despite unexpected glitches. “An organization's ability to overcome challenges determines the company's effectiveness.”