Okay, marketing metrics don’t suck, but the conversations around them as of late absolutely do.
If you are in B2B, as we primarily are, there is this hyper focus on metrics tied into how many leads marketing is bringing – which is fine, that’s the point. But lately we’ve seen an awful lot of business and sales teams then become fixated on if the lead fits into their outlandish and perfect lead box, and then tries to force marketing to get more granular in what kinds of leads we are attracting to avoid having to have the hard conversation around the breakdown in their sales process and even how their sales team isn’t the right team to take the lead.
We hear in one ear: “no one knows about us”, or “we want to increase awareness”, or “we need to be more aggressive in our marketing efforts”, “why don’t we have more leads?” etc etc etc.
In the other ear it’s: “well that lead isn’t 100% right (even if they filled out all qualified fields that were outlined by sales previously)”, “you are spending to0 much money on those ads”, “can we pause (insert anything paid to a platform including Google) because we don’t want to waste money”, or “this person isn’t a good lead because they don’t want to buy immediately (like, what?!)”
What marketing needs to do is have better and more valuable conversations with key stakeholders and discuss how marketing metrics are important, but some of the metrics we need to focus on are things that show an increase in awareness and engagement.
While marketing metrics are invaluable for assessing various aspects of a marketing strategy, relying solely on them to define success may present a limited and potentially skewed perspective – and doesn’t show the whole picture. Here are several reasons why a marketing team should not exclusively define success based on metrics:
Holistic Performance Assessment: Metrics often focus on quantifiable outcomes such as clicks, conversions, and engagement rates. However, they may not fully capture the qualitative aspects of brand perception, customer satisfaction, or long-term brand loyalty. Success should be evaluated with a holistic view that considers both quantitative and qualitative factors.
Customer Experience and Satisfaction: Metrics may not always reflect the overall customer experience. A positive customer experience involves factors beyond numerical metrics, including personalized interactions, effective communication, and emotional connections. Customer satisfaction and loyalty are crucial components of success that may not be fully represented in metrics alone.
Brand Building and Awareness: Building a strong brand presence and increasing brand awareness are essential goals for marketing. These objectives may take time to materialize and might not be immediately reflected in certain metrics. Long-term success involves establishing a brand identity that resonates with the target audience.
Adaptability and Innovation: Success in marketing requires adaptability and innovation. Relying solely on historical metrics may hinder the ability to embrace new trends, technologies, or creative approaches. A forward-looking strategy involves a balance between proven metrics and the exploration of new avenues.
Market Dynamics and External Factors: External factors, such as changes in the market, economic conditions, or unforeseen events, can impact marketing success. Metrics may not always capture the influence of these external factors, and a rigid reliance on metrics alone may overlook the broader context.
Alignment with Business Objectives: Success in marketing should ultimately align with broader business objectives, such as revenue growth, market share, or customer lifetime value. While metrics provide valuable performance indicators, they should be interpreted in the context of how they contribute to overarching business goals.
Long-Term Relationship Building: Establishing and nurturing long-term relationships with customers is a critical aspect of marketing success. Metrics may measure short-term performance but may not fully capture the enduring value of customer relationships and loyalty over time.
While marketing metrics offer valuable insights, they should be part of a comprehensive evaluation strategy that considers the broader business context, customer experience, brand building, and long-term objectives. It’s crucial to recognize that success extends beyond the confines of numerical metrics.
These metrics provide valuable snapshots of performance, relying solely on them risks overlooking the nuanced and qualitative aspects that define true success. Success in marketing should be a multidimensional journey, aligning with business objectives, fostering adaptability, and embracing innovation.
By striking a balance between proven metrics and a forward-looking mindset, marketing teams can navigate market dynamics, respond to external factors, and build enduring brand legacies. Ultimately, success is a narrative told not only through metrics but also through the lasting impact a brand leaves on its audience and the broader business landscape.