The marketing metrics and analytics has become a key to success for many of the organizations, as it helps in performance measurement and give a proper insights of the business operations. The firm’s needs the metrics to develop and performance improvement for their development prospects and future survival, as they need to analyze the core business functions intermittently.
They make a use of operational methods for current performance evaluation and guides to the management. This article aims to highlight the importance of marketing metrics in development perspective and the marketing initiatives
In context to many organizations, the marketing is facing problems despite creation of non-financial and financial performance measures, and the marketing activity appropriateness received little attention in the literature. The changing marketplace put burden on the marketers for their existence justification, and requires the need to method’s refinement.
The quantity and the nature of the marketing metrics which are being used by the managers are increased. The managers use them in order to gauge the marketing strategy and their effectiveness to the market and target audience. All these metrics are basically used in order to assess the marketing plan, and achieve improved performance of the firm.
The different metrics are being strategically used to achieve success and goals achievement. There are several purposes of the marketing metrics, most importantly it’s being used to increase the firm’s marketing accountability, and to rationalize the marketing expenditure and marketing initiatives, and also the metrics drives the customer value to the firm to create linkages between the strategy and goal.
Factors influencing an increased use of marketing metrics
There are several factors which lead to increase the use of the marketing metrics in decision making and building a marketing plan. The key factors are mentioned below:
1. Data based marketing
The most important reason is the emergence of data based marketing. The databased technology has given the organization a way to collect more and more data and information about the retailers, consumers, competitors and the market. Through these the organizations could also tap to the customers of their competitors.
2. Communication and Distribution Channel:
Secondly, now there are increased and improved number of the channels of distribution for the offerings, and as well as the channel of communication, like the internet and social media has made the marketing metrics more vast and complex.
3. Word of Mouth
Lastly, the new drivers for the customer value and the firm value like referrals and word of mouth communication, which led to different metrics for the measurement above the return on investment and customer value.
These are the factors which are very important to measure and log for the marketing success of the business. The marketing metrics are must to track and log, and use them for decision making purpose. Hence, marketing metrics are important taking your startup to new heights.