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Growth Strategies and Growth Marketing

Key Marketing Metrics and Analytics Model

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Defining metrics and goals is an important part of effective marketing. With the right metrics, a company can monitor and analyze marketing effectiveness and make necessary adjustments.

Key Metrics and Analytics in a Nutshell

  1. Key metrics help in analyzing marketing and sales

  2. You can leverage measured results using an analytics model

  3. Define key metrics in connection with buyer personas and customer journeys

Defining a metrics framework is important so that the development of marketing and sales is based on real data rather than guesswork. Read about what kinds of metrics are used in marketing and sales, and how defining buyer personas and customer journeys relates to setting metrics and goals.

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Why Is It Important to Create Metrics and Goals for Marketing?

Without a solid metrics framework and goals, marketing and sales development is based only on good guesses and gut feelings. Based on assumptions alone, it's impossible to draw the right conclusions about whether marketing efforts have been effective or not. With the right metrics framework, data collection, and analysis, significant business conclusions can be drawn and marketing can be steered in the right direction.

Different metrics help evaluate the effectiveness of both individual marketing campaigns and ongoing marketing activities. Metrics can be used to assess, for example, a campaign's impact on sales, brand awareness, or customer loyalty. Once goals and metrics are defined, a company can also more easily prioritize marketing resources.

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Types and Examples of Marketing and Sales Metrics

Marketing metrics come in many varieties and vary depending on marketing and sales goals as well as the channels used.

Business Metrics

Business metrics are often strategic, high-level metrics used to measure things like sales growth, sales margin, deal size, and customer acquisition costs.

Brand Metrics

Brand can be measured, for example, through brand research that examines brand awareness and perceptions among the target audience. This information can be leveraged in marketing and service development.

Sales Metrics

By measuring sales, conclusions can be drawn about sales efficiency – for example, the number of deals and proposals, closing rate, length of the sales process, and individual salesperson activities.

Marketing Metrics

The information produced by marketing metrics allows a company to focus on developing the right things. In marketing, you can measure things like website traffic, organic traffic growth, the number of leads and conversions, and advertising sources and effectiveness.

The Marketing Analytics Model Brings Everything Together

The marketing analytics model is a process that consolidates a company's key metrics and goals. The model is based on using various metrics and analyzing them so the company can make informed decisions for developing its marketing strategy. Building the analytics model starts with defining the key metrics. After that, the company must collect metric data from its marketing activities, for example through website analytics.

The collected data is analyzed using the chosen metrics, after which it can be reported and converted into a clear format. Once data has been analyzed using the analytics model, the results can be used to refine the marketing strategy, update marketing campaigns, and create new marketing approaches.

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Goals and Metrics in Support of Buyer Personas and Customer Journeys

Key metrics and goals should be defined at the same time as buyer personas and customer journeys. Buyer personas describe who your ideal customers are. Customer journeys reveal how these personas travel from prospects to leads, from leads to deals, and onward to loyal customers. When all of these are defined together, a company can easily understand through metrics how different buyer personas respond to marketing and how they behave at various stages of the buying process.

When defining metrics and goals, it's important to ensure they align with the company's business objectives and that they are realistic and genuinely measurable. This way, the company can monitor marketing effectiveness and, if necessary, make changes to the marketing strategy to improve it.

Workshop for Defining Marketing Metrics and Goals

We create a marketing success plan for your company using the four-phase Gameplan. The success plan is implemented across multiple workshop sessions, covering the definition of buyer personas and customer journeys, as well as brand goals and various key metrics.

The Goals and Metrics workshop includes:

  1. Kickoff workshop with key stakeholders on the current state, technologies used, and challenges.
  2. Audit and analysis of existing data and metrics framework.
  3. Development proposal for improving metrics and goals, and potential new technologies.
  4. A plan for ongoing data collection, analysis, and utilization.

Once the initial definition of goals and metrics has been completed through the workshop, we can assist with ongoing data collection and analysis.

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Antti Tolonen Managing Director antti@blinkhelsinki.fi +358 50 348 0347