B-to-B Business Owners: Measure Your Marketing for Success
If you’re not measuring your marketing results, you’re not getting the most out of your marketing investment. Read this article to learn the two most important secrets to marketing measurement and find out how you can accelerate your marketing results by measuring the right things.
The best way to ensure you get stellar results from your marketing is one that is overlooked surprisingly often: measure! When you first launch a marketing program, you may have to start by measuring activities, but eventually you’ll be able to measure results. Most importantly – and this is where a lot of measurement efforts fail -- you can measure progress against your plan.
Here are a few guidelines to help you get started or to assess your current measuring system:
What should you measure?
While marketing analytics can get very complex, especially for large, multi-national, multi-business firms, you can accomplish a lot by just tracking some combination of the following:
How often should you review your measurements?
For a high-level strategic view of marketing progress, a monthly review will give you a good picture. To actually manage a marketing effort on a tactical level, a weekly review of the data is better.
Charts and graphs are generally better than words and numbers simply because research shows that people absorb information from the former faster than from the latter.
Two secrets to making measurements work:
Secret #1: Continuously compare what’s really happening to what your marketing plan says should be happening. For example, it’s good to know that you’ve generated 150 qualified leads so far this year. It’s far better to know that, according to your plan, you should have generated 200 leads by now.
Secret #2: When you review the reports – whether monthly or weekly – act on the information! Make decisions. Redeploy resources. Change your approach. Whatever it takes to get and stay on track.
Those of you who are already well into a good system of measuring and reporting on a complex marketing operation are likely to tell me I’ve oversimplified things here. And maybe you’re right. There are loads of other important bits of information that are good to know and watch. The point I want to make is: you don’t have to do it all in order to get a benefit. As Nike says, Just Do It!
© The Tatum Group 2007
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ABOUT THE AUTHOR
Susan Tatum is a marketing consultant who helps business owners and leaders accelerate growth with effective, sustainable marketing programs. She publishes a free monthly newsletter, http://www.thetatumgroup.com/bettermarketingnow.htm, and for a limited time offers subscribers a free copy of her special report, How Business Leaders Ensure Marketing Success.