Marketing measurement can sometimes seem like a world shrouded in mystery.
There is so much data, from so many different sources, with so many options to filter and interpret different marketing metrics.
Practiced marketers know that the right combination of analytics, insight and action enables great marketing to stand out.
In other words:
Marketing measurement framework + intuitive analytics tools = happy marketers
But many in our industry still struggle to establish a foundation of consistent, accurate data, let alone turn those key marketing metrics into action.
Marketers might be nervous about diving into analytics because they’re under the impression that:
- It takes too long
- The data isn’t accurate
- Key marketing metrics are meaningless
These hesitations are valid – but they’re also surprisingly easy to remedy.
Turning key marketing metrics into actionable insights shouldn’t be frustrating or time-consuming.
To bust the marketing measurement myths keeping you awake at night, we need to step back and look at how strategy, process and people dovetail into a robust marketing measurement framework.
Marketing Measurement Myths
Myth #1: You Need a Technical Background to Measure Marketing Metrics
This might have been true in the early days of marketing analytics, but it’s no longer the case.
Marketing measurement platforms remove the need for technical expertise or mathematical genius, enabling marketers to do what they do best: make creative, critical decisions.
However, there is a caveat.
Analytics software automates most of the time-consuming technical tasks involved in collecting, cleaning and integrating key marketing metrics.
But it’s not set-and-forget, and it’s not a silver bullet.
Technology can’t do what experience enables you to do; interpret the data, create a meaningful story and optimize your marketing strategy.
Myth #2: Reporting on Key Marketing Metrics Takes All Day
There are really two marketing myths in one here:
- Reports come at the end of a campaign
- Creating a good-looking report takes hours (if not days)
Most marketing analytics platforms bust both myths by giving you one-click reporting tools or automatically generating reports.
But what if you need to go beyond the standard functionality?
For example, when the CEO drops by your desk and asks for a specific statistic?
Or when you need to segment data in non-traditional ways to identify trends across multi-channel campaigns?
Intuitive marketing analytics platforms let you filter, segment and compare data and generate slick reports in a few clicks.
This capability is mission-critical for marketers working across borders, with diverse teams, or in a fast-paced competitive market.
Myth #3: Every Marketing Metric is Equally Important
There’s a big difference between the marketing metrics you collect and those you use.
Not every type of marketing metric is valuable all the time.
Although proving ROI remains a challenge for marketers today, analytics tools make it easier to provide meaningful metrics that link back to business goals.
So how do you know which metrics matter?
The key is to find the ‘red thread’ that connects measurable and actionable outcomes to your goals.
Here’s an example of a marketing metric that links back to business growth goals:
- Business goal: Grow the company’s presence in France
- Campaign objective: Bring in 10 MQLs from France this quarter
- Marketing metric: CTR on a French-language Facebook ad outperformed the LinkedIn ad
- Campaign objective: Bring in 10 MQLs from France this quarter
Campaign measurement platforms like Mediatool provide the flexibility to build custom dashboards based on metrics that matter and drill down on KPIs that demonstrate progress towards business goals.
Myth #4: Top-of-Funnel Marketing Metrics Don’t Matter
On the flip side of digital marketing myth #3 is the misconception that figures like “reach” and “views” are meaningless.
Top-of-funnel results may not appear significant in isolation, but when compared with engagement and conversion metrics, they tell a different story.
Which you can use to:
- Understand where your customers came from
- Assess which creatives perform best
- Rebalance budgets towards high-performing channels
- Test new ideas, channels or strategies
This is where cross-platform analytics tools become essential.
Google Analytics goes partway toward cross-channel marketing analysis, but to get a complete picture, you need an integrated platform like Mediatool.
Myth #5: Marketing Metrics From Different Platforms Should Always Align
Different platforms present similar data in differing ways, which often frustrates marketers who are already reluctant to dive into marketing analytics.
There are two solutions to ensure the inputs (data) and outputs (marketing strategy) are similarly high quality.
1. Compare trends, not individual data points
Performance over time is a significantly more reliable marketing measurement tactic than isolated events.
With an overview of key marketing metrics and your experience-led insight, the trends build into a more accurate picture.
2. Organize your data from the outset
Before launching any activity, implement a data management process that governs things like taxonomy, naming conventions and UTM tracking.
Investing a small amount of time into a marketing measurement framework will pay big dividends later.
Marketing Measurement: The Bottom Line
There are many types of marketing metrics and many marketing measurement tools.
Although this plethora of choices can make marketing analytics intimidating (even for seasoned marketers), a simple formula can bust almost all marketing myths.
And you already know it.
Marketing measurement framework + intuitive analytics tools = happy marketers
An insightful marketing measurement framework, supported by a powerful marketing measurement platform, provides the flexibility to measure key marketing metrics across any iteration of marketing campaigns.
We’ve got the platform. The rest is up to you.
Your experience and insight turn reliable multi-channel data into industry-leading marketing activity.
