How do you measure your metrics?
Everyone needs metrics. No matter the plan or the project, the goal is consistent across all business practices: you need metrics. That said, what is essential to understand for 2020 marketing is that not all metrics are created equal for every brand.
Metrics need to align with your individual goals. At LTMG, we recommend following a straight-forward three-step plan to measure success.
Step One: Know Your Goal
When you set out to develop your marketing plan or an individual campaign, the first step to success is knowing your goal. Beyond even that, understand how you plan to arrive at the goal. This target will inform your team on what metrics to measure to ensure you reach that original goal.
Here is an example. Think about what your answer is to the question "where do you want to be in 12 months." If your answer is to increase SQLs by 100% by the end of the year, you have your goal. The next step is how to turn this goal into a measurable metric. First, you need to define what SQL means to your company. Second, identify your process for increasing SQLs, i.e., do you need more work at the top or the bottom of your funnel? How do you improve conversion? Evaluate what is working best to move more SQL's into the pipeline.
Step Two: Consistent Evaluation
The benefit of setting specific metrics to meet success is the ability to evaluate and improve consistently. Once your team sets out to achieve a particular goal, you need consistent evaluation markers. This will enable you to ask the right questions: are our emails resonating, is our social strategy engaging, does our content drive traffic? If your metrics are not performing on par, you have the opportunity to course-correct early and still achieve your goal.
Let's revisit the example above. Once you know that increasing SQL's is your metric for success and you have a specific long-term goal (i.e., double in 12 months), your marketing program can be optimized regularly. Setting appropriate benchmarks every month ad every quarter will enable you to evaluate your current strategy or even adjust the original goal.
Step Three: Course-Correct
This step is as much about measuring success as it is collaborating with leaders in your company. Success in marketing or sales is not limited to the work of individual marketers or sales representatives. Instead, it is a joint effort between leadership and all connecting parties.
Collaboration is incredibly important when setting, measuring, and evaluating long-term goals. Put simply: things change. If metrics are not being met, there can be a variety of reasons. Never be afraid to congregate as a larger team and discuss your metrics for success and if there is to alter course and try something new.
Metrics are relative. Success is not.
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