There’s an ever-growing number of marketing metrics that you can use to evaluate digital advertising campaigns. From views, clicks and scrolls, volumes of data can be collected to determine a campaign’s success and guide future decisions. Yet, the challenge is avoiding analysis paralysis. With so much to monitor and measure, it can be difficult to identify what information is truly valuable and how it should be acted on in a way that makes sense.
Bucket Metrics Based on Business Impact
It’s always important to remember that data’s purpose is to drive decisions that improve the bottom line. With this thought in mind, you can sort through which data points are insightful and which are just, well, numbers that you don’t really need to track. Google’s Avinash Kaushik recommends classifying metrics using an impact matrix – with the x-axis indicating metrics that are useful and a y-axis that indicates whether a metric is tactical or strategic. For example, impressions are very tactical, yet only add pennies of value to a decision made. In contrast, customer lifetime value is very strategic with insights from this number potentially adding hundreds of thousands of dollars of value to a decision made. With the classification of marketing metrics, you’ll have less data to sift through and more time for actual decision making.
Stay Focused on the Business Objectives
With so many metrics available, it’s easy to lose focus on those that don’t offer you any insights into if a campaign is helping achieve specific business goals. Consider ranking all of your metrics in order of effectiveness. Then, you can identify key performance indicators based on those metrics that measure impact on business goals.
Match Data to the Right Leader
As a marketing leader, you likely make marketing decisions, as do other managers and directors. And, you may not all need the same mix of metrics to make those decisions. With an impact matrix that ranks metrics, you can begin to sort and distribute the right mix of data for each decision-maker.
Like with many other things, too much data is just that – too much. The key is identifying the right metrics to glean the right data to make the right decisions.
If you need help making sense of Google Analytics or creating advertising campaigns that support your business goals and objectives, contact the experts at Connected Culture.
