WHERE MOST MARKETERS SHIT THE BED: An ode to measurement
There was a time, not too long ago, when the role of marketing was popularly considered a cost center. Rather than being responsible for producing revenue, it was thought of as something only successful companies could afford to do.
Marketing considered a cost center (by idiots).
While there may have been vague notions back then of the value of "branding" or "awareness," precious few methods existed to quantify (or even verify) the effects of solid marketing practices.
Today's marketer lives in a completely different reality. The role of marketing has proven indispensable. And rather than responding to internal demand (producing brochures, proposal materials, etc…), modern marketers have become increasingly adept at generating and cultivating external demand (SEO, PPC, Social Media Marketing, etc…).
Yes, it's a brave new marketing world, and we have been living in it for quite some time.
«If you can't measure it, you can't improve it.»
The ghost of Peter Drucker
Expert on this sort of thing
Attribution is a saucy, fickle mistress.
Recent decades have slowly chipped away at the age-old struggle to attribute. Marketers have unprecedented access to the data necessary to understand their branding and communication efforts in minute detail. And those brave enough to be honest with themselves have an incredible advantage.
The way you choose to measure and define your success will vary. But it's important to keep in mind that consistency will be vital to keep your Key Performance Indicators (that directly connect to your business goals) meaningful. You can't shift the goalposts midstream, any easier than a mixed metaphor gathers moss.
Here's the basic process.
1. Define your KPIs These should be quantifiable figures that indicate success—and no, that doesn't always mean revenue (e.g. podcast subscribership month-over-month).
2. Set benchmarks Before you make any changes, understand where you are now with respect to your KPIs. You need a "before" photo.
3. Experiment This could be anything—a change on the Campaign level, a new email blast, a new social media platform—whatever you want to test.
4. Examine results What worked? What sucked?
5. Adjust and implement Do what you now feel like you should have done in the first place.
6. Repeat from step 3 Sadly, many never get to this step. A lot of initiatives are shot from the hip these days, and that's a shame. Don't let that be you.
At GhostCMO, we know how important it is to put your best verbal foot forward. From branding and positioning, to messaging and copywriting—we know what it takes to create powerful results for your business.