In my last blog post, we discussed the need for marketers to adopt standardized measurement techniques that justify their efforts and validate ROI.
In summation, the Lenskold Group/MarketSphere 2009 Marketing ROI & Measurements Study states that 79% of marketers indicated that the need to measure and report marketing effectiveness has increased in the past year. In today's economic conditions, the need for measurement could not be more critical.
The Risk of Measurement
One risk of looking under the rug of our marketing campaigns is that we might find something that we don’t like. For example, marketers might find that their beloved efforts do not actually bring in more profit.
Even worse, marketers may have come to hang their hats on more superficial benchmarks, such as the 100,000 Twitter followers or a snazzy Flash intro to the company website. What is the point of doing these things if we cannot connect these efforts to profit potential?
Nothing may be wrong with snazzy Flash intros and certainly nothing is wrong with Twitter followers, however marketers must understand what metrics or campaign results are tied to financial performance. How does it influence sales and financial contribution?
Proper Measurement is a Must
The risks of NO measurement are far worse than the risk of measurement. With the proper analytical tools and expertise, the missing links can be uncovered. With the proper campaign results being tracked and reported, a marketer can draw a clear conclusion to what is driving business results. Proper measurement techniques allow you to refine upcoming objectives, and by leveraging that insight, a marketer can optimize his/her campaign for improved performance.
Invest time and resources in the proper expertise, practices and tools necessary for measurement, because the risk of not knowing how your efforts contribute to the overall health of your business or company is far more risky.