The Good the Bad and The Ugly of Marketing Measurement

We explore how B2B marketers can impress the board by measuring their PR and marketing campaigns successfully, and explore 5 metrics that will get you promoted, and 3 that will get your fired.
We cover: 

-Meaningless marketing metrics
-The difference between attribution and incrementality
-The importance of the customer journey 
-Why you should care about prospects that are in market
-Measuring the unmeasurable 

1. The Good, The Bad and The UGLY of MARKETING MEASUREMENT June 2024

2. Blondie: [counting Angel Eyes' men] “One, two, three, four, five, six. Six. Perfect number.” Angel Eyes: “Huh. Isn't three the perfect number?” Blondie: “Mm... yeah. But I've got six more bullets in my gun.”

3. “If the metrics you are looking at aren't useful in optimizing your strategy - stop looking at them.” Mark Twain

4. What I Will Cover Meaningless marketing metrics The difference between attribution and incrementality The importance of the customer journey Why you should care about prospects that are in market Measuring the unmeasurable 3 metrics that should get you fired 5 metrics that will get you promoted Key take-aways Q&A

5. 77% of CEOs want marketing to have a measurable impact on their bottom line. Source – research by agency Bango

6. Meaningless Marketing Metrics Likes and follows Page views Impressions Open rates Clicks Contacts Can be easy to obtain, and valueless if not relevant contact Contacts not valuable if not MQLs or SQLs Bot traffic, immediate bounces, etc all skew value Need to ensure we hit the right audience in the right context Auto-open of emails skews value hugely Bot clicks, accidental clicks, wrong audience, etc.

7. Attribution vs Incrementality Attribution Incrementality Attributes sale/action to marketing activity E.g. someone clicks a Google Ad and then buys (later) Many different attribution models (last touch, first touch, etc) Correlation is not causation! Links marketing activity to increase in sales/conversions Achieved by testing E.g. we ran ads in city A, but not city B and sales in A grew Testing can be challenging

8. The Importance of the Customer Journey Click on Google Search Advert Process can take months!

9. I love the car, but I’m not in the market for a new one because I don’t drive…

10. TAM How Many Prospects are in Market? SAM In-Market Next 3 months In-Market But determining who is in-market can be very challenging. If contact is in-market, then conversions are probably much more valuable

11. Measuring the Unmeasurable How valuable is reputation? What is the value of my PR (or billboard ad, or…)? Picture credit – Flickr user EG Focus

12. Three Metrics that Should Get You Fired!

13. The Terrible Three… Impressions What channel, audience, visibility, etc.? Cost per click Need to understand value as well as cost! Website/web page traffic Simple volume tells you nothing These are particularly bad if you are comparing different channels

14. Bonus Bad Metric – Arbitary Monetary Values How much is a PDF download worth? Don’t allocate a monetary value to non-monetary conversions unless you have run the numbers And if you do allocate a value, don’t double-dip: Allocate £10 for a PDF download 1 in 10 downloaders buy You should remove £100 from the sale value

15. Five Metrics that Will Get You Promoted!

16. Five Metrics to Get You Promoted Incremental revenue / incremental RoI We know incrementality is key Customer Acquisition Cost (CAC) Widely used in SaaS – CLTV also important Change in Time to Conversion Speed matters! Return on Marketing Investment (ROMI) Qualified leads generated

17. Bonus Metric(s) – Customer Journey Model PR campaign Increased in engaged website visitors for product X White paper popup LinkedIn campaign White paper downloads Email Sales Meetings Product Trials Revenue and Profit

18. Key Take-Aways Give up your vanity metric habit! Use business metrics Try to use metrics with monetary values Try to avoid arbitrary monetary values Think incrementality Test, test and test

19. Questions? www.napierb2b.com [email protected]