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January 31, 2017

Which metrics should guide our options?

4 prgeeks

In an ideal world, the financial return and the ability of all forms of communication to influence audiences would be precisely calculated, and deciding on a marketing strategy would be simple. In reality, there are multiple, and often imperfect, processes for measuring most established communication solutions. Nothing comes close to a definitive metric for social media and other emerging communication channels, and no metric can measure the effectiveness of every expense incurred. However, a way must be found in action to track progress and to weigh the results achieved. Ask the question “What metrics should drive our choices?” we answer.

Even in the absence of a single way to measure ROI for different channels, marketers must move towards an integrated strategy for comparing and analyzing return on a variety of complementary platforms and solutions.

Metrics are rarely perfect. However, the volume of data available should make it possible to find metrics and analytical opportunities that take advantage of shared concepts, that are understood and trusted by management, that provide evidence of progress made and that establish a basis for more sophisticated approaches to ROI analysis in marketing in the future.

The marketing environment continues to change rapidly and it may seem an almost impossible task to be able to follow and respond to the processes and changes identified. It is really difficult to emphasize the magnitude of the current change or challenge. However, we believe that it is professionals and managers who have good answers to some basic questions in this context that are best equipped to fight for the effectiveness of marketing and win the war for growth.

 

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