Measuring a Marketing Campaign's Effectiveness With Marketing Performance Metrics
In corporate marketing, there are a number of factors associated with the tracking and reporting of a marketing campaign. These factors are often referred to as marketing performance metrics.
In most cases, these factors involve the use of a dashboard template that is integrated with an Excel spreadsheet. This is created to help you collect specific marketing data relevant to each campaign you are conducting. The collection of this data is then converted into a chart or spreadsheet that will help you to measure how well or how poorly a particular marketing campaign is doing. With the use of the dashboard template, you can accurately and effectively customize those metrics to facilitate your company’s needs.
The Two Categories of Marketing Performance Metrics
Marketing performance metrics are divided into two categories:
Efficiency metrics – these help to measure a marketing campaign’s execution costs. The two key components are campaign cycle time and the total per campaign staff hours. These are oftentimes correlated, but not every time. In many cases, this helps to reduce the amount of time the cycle takes.
Program metrics – these measure the effectiveness of the campaign by comparing the costs against the results. Marketing campaigns also generate contacts such as direct mail pieces or media impressions, and depending on the number of quality responses that a campaign generates, some contacts have a higher value than others.
Benefiting from Marketing Performance Metrics
The value of marketing performance metrics are partially based on their features and benefits. The key feature is the customizable dashboard that is used in the development of those metrics. The primary benefits include:
- campaign budget approval support
- greater marketing team member accountability
- increased credibility resulting from defined metrics
- the provision of real-world examples
Once you have established the key marketing performance metrics necessary for you campaign, you can tailor the data of your key marketing metrics dashboard to include factors such as the business unit, geographical location, and relative markets.