If you’re looking to review or design your in-house (or even outsourced) marketing process and key performance indicators, this book will compile all key metrics that could be important.
This leans towards an academic publication. And the authors merely explain various metrics, how they reflect the health of your marketing processes and how you can derive them.
You know your business best
Instead of using all the metrics listed in this book, you should be picking out those that make sense for your business objectives.
First up, decide on your business objective! Metrics for growth varies widely from metrics for conversions.
Let your business goal guide your selection of metrics to track.
When is a metric useful?
It is becoming easier to collect data today. However, having a huge database of raw data is rarely helpful.
Instead, its users must know how to interpret it to make better decisions and design better marketing campaigns or funnels.
Sidenote: Data vs Information vs Knowledge
When designing a data-driven system, we need to understand the differences between data, information and knowledge:
- Data: usually raw numbers
- Information: processed data that can be understood by your team
- Knowledge: Translation of information that your team can now apply to make better decisions
Data collecting is great, but having too much data will hold us back.
Instead, select a handful (not more than 8) metrics that will reflect the impact of my marketing process accurately.
The idea is to reduce time spent on processing data so that more time is spent on what matters – growing the business.