Tuesday, 20 October 2009

Marketing is getting more measurable - thank goodness!

A recent survey of global marketers by GlobalSpec found that 53 percent of respondents (marketers) will specifically prioritize marketing programs that are measurable. Thank goodness, finally I say, it has been a long time coming.

I think the focus (obsession even) in metrics is an excellent step in the right direction. Gone, should be the days when marketing people judged their performance on how “busy” they were. That was a time when “awareness” was seen as an end goal and marketers created programs based on the 6X impressions rule. Even social media will become more measurable with the help of initiatives like the Facebook and Nielson partnership.

Some old school marketers argue that the obsession in metrics has gone too far, but I’m confident that marketing will continue to evolve as marketers focus on the next level – what metrics are important, how to use these metrics, and what insights does the underlying data offer that a pure metric does not.

Remember, the metrics may be interesting, but it’s the analysis, insights and intelligence that will really make a difference. Measurable marketing has been around for quite some years, even The Economist started writing about marketing becoming more measurable in 2006: Internet Advertising: The Ultimate Marketing Machine. What is different now, is that marketers need to use the data available to make intelligent decisions.

We need to generate actionable insights and intelligence from the data to provide real guidance for improving marketing’s effectiveness and contribution to the business.

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