One of the things I do in my work at SHIFT Communications is help companies develop measurement and metrics strategies, figuring out what matters and what doesn’t. The core criteria that makes a metric worth inclusion in any strategy is this: can I change it?
For example, organic, non-paid search traffic is a metric where you know how it works, and thus you know how to change it. Search engine ranking factors are widely available. If you do more of the things that work into search engine algorithms – great content, inbound links, social shares, earned media, etc. – then you can affect the metric of organic, non-paid search traffic and make it go up or down.
Another example, one that you might not want to include as an actionable metric, is retail sales when you’re not the seller. While you have control over what happens in terms of brand awareness and sentiment, if the seller puts your product in the back of the store at the bottom of the shelf next to the restroom cleaning supplies, then your sales will suffer no matter how good your marketing is. Certainly, you should report on retail sales as a goal and as a revenue number, but it’s not part of your core metrics strategy because you can’t truly affect it directly.
It’s important to separate your reporting into two broad categories: metrics I can directly affect, and metrics I can’t directly affect. When you execute your marketing strategy, put more of your effort on the first bucket and less of your effort on the second.
You might also enjoy:
- Understand the Meaning of Metrics
- What Is The Difference Between Analysis and Insight?
- Is Social Listening Useful?
- Almost Timely News, 17 October 2021: Content Creation Hacks, Vanity Metrics, NFTs
- What Content Marketing Analytics Really Measures
Want to read more like this from Christopher Penn? Get updates here:
Get your copy of AI For Marketers