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Measure Marketing Results or Die

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Posted by on Feb 01 2009

Marketing of any kind requires that we measure results. That’s nothing new.  In current times measuring the results of marketing activities is not an option. If it can’t be measured, don’t do it is what many CEOs mandate, and well they should.

The true cost of most marketing activities is the cost per (fill in the blank).  In most B2B scenarios the measurement is the cost-per-lead.

What marketing activities do you measure that can be attributed to lead generation? In outbound marketing we measure tactics such as the cost of trade show leads, advertising leads and cold call leads. In inbound marketing, aka Internet marketing, we measure cost per lead.

Sometimes we read data that supports the obvious and we say “duh” I knew that! No matter how compelling the data we react as if we already knew that. Here’s some recent data worth digesting:

Marketing tactics must be measurable. It’s been argued that social media marketing is difficult to measure. I argue that if you look at your marketing on the web as just that, marketing on the web, you can identify metrics that satisfies the CEO.  The granularity of some metrics is not as important as the bottom line. What does it cost to produce a lead from the web, from a trade show, from a cold call, from an advertisement?

When managing marketing budgets in a tight economy you must focus on the marketing activities that produce results you can measure. You need marketing software, analytics software and a close eye.

Bernie Borges
@berniebay

6 Comments to Measure Marketing Results or Die

  1. by Lola McIntyre

    On February 1, 2009 at 6:34 pm

    Measuring marketing strategies as a REALTOR? On a simple level, studying the visitor stats to a property web site helps me to understand how effective one source is from another. Offering listing information via cell phone allows me to aggregate and measure interest based on how long they remain on the phone (stats provided by mls/cell mash-up application). I'm surprised by the number of professionals using digital applications, but without access & evaluation of the hard data provided. A separate doc with logins together with assigned days of the week help discipline the gathering of hard data.

    Contrarily, print marketing is like paying top dollar to look for the golden buyer needle in the real estate haystack

    Careful digital marketing, on the other hand, can target the right buyer for the right property.

    This I learned from you, Bernie: Often, the most important factor is to remember the most effective form of social networking is gathering around a table with a cup of coffee, listening to each other – authentic relationship building.

    I look forward to your book release, Bernie!

  2. by Bernie

    On February 2, 2009 at 6:11 pm

    Lola,
    Relationship building on the web is absolutely measurable. Keep doing it. I'm sure you're producing measurable results from your online relationships.
    Bernie

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