Tuesday, August 19, 2008

A Look at Marketing Metrics

All marketers know that marketing metrics are the key to success and also to convincing upper management of the value of a program. Marketing Sherpa takes a look at how to match your metrics with your audience for maximum effectiveness in their chart of the week.

Some other key findings from the Sherpa:

  • Target reach percent: Using composition data from a service, such as comScore, determine how many impressions out of total served went to target, then divide by target reached by total target population.
  • Increase in searches for a brand: Major search engines can provide this data.o Increase in all site traffic: Site analytics can provide this data.o Control survey increase: Ad effectiveness study simultaneously gathers and compares unexposed to ad-exposed audience to determine increase.
  • Increase in any blog mentions (buzz): Nielsen Buzzmetrics, or another monitoring service, can determine the general level of brand-specific online chatter.
  • Viral pass-along: Using pixel tracking on distributed media, or by using internally hosted content, determines how many impressions beyond bought impressions can be attributed to consumers passing marketing to others.
  • Leads generated: Number of leads attributable to ads.
  • Interaction rates: Rate of interactions with interactive ads to all ads served. May want to determine unique interaction rate by dividing by unique individuals reached instead of all ads served.
  • Increase in product review page traffic: a simple tracking tag or bought button on an external product review page can show increases; alternatively, just ask review site for data.
  • Increase in opt-in/subscription rates: Number of opt-ins attributable to ads.
  • Increase in positive blog mentions (buzz): Buzz monitoring service can determine the general level of brand-specific online chatter, and filter out negative comments.o Strong website event: For brick and mortar store, events like printing directions to a local store would count. Will differ depending on website.
  • Contact requested: Number of contact requests attributable to ad.
  • eCoupon printed: Number of ecoupons printed; if possible, number redeemed.
  • Purchase/Conversion: Number of purchases or conversions attributable to ad.
  • Quality/Amount: Qualitative metrics such as dollar amount purchased help determine where most valuable audience is coming from. Important for sellers with very different products.
  • Repeat Purchase/Conversion: Number of repeat conversions.o Lifetime Quality/Amount: Lifetime value of customers.
  • Share of Wallet: $$ spent on your product vs. $$ spent on competitors’ products.
  • Recommendation: Similar to viral pass-along, but limited to existing customers.

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