The Marketing Metrics that Matter

mark_twainMark Twain famously said, “There are three kinds of lies: lies, damned lies and statistics.” In all honesty, I don’t know if Mark Twain said that at all. But that is what I have heard and I have no reason not to believe it so I am repeating it here and potentially perpetuating a lie as truth. I’m sure it wouldn’t be the first time.

As marketers, we are the storytellers of our brands and of our products. We work to motivate the emotions of our audience to want to buy something while simultaneously providing sensical information to justify the purchase. Today, we have more data at our fingertips than we have ever had. We know how many impressions our ads have had, how many people clicked, how many people went to this page we wanted, how many people started to fill out a form, how many actually submitted the form, and on and on and on.

All this data, in more cases than not, becomes marketing metrics that manipulate you. It drives a great game of marketing-musical-chairs where we make changes to what we believe to be a problematic area of our campaign simply because of what some statistic shows. And make no mistake, this is when statistics truly become the damndest of lies. We become a moth so fixated on the flame of statistics that we completely forget what we are really there to accomplish.

In your digital marketing and sales efforts here are some of the metrics that do matter:

  • Are your marketing messages getting in front of the right or wrong eyes?
  • Are those messages motivating the desired action?
  • Is your web approach helping or hindering conversions?

While our Digital Demand Capture service is primarily focused on providing sales-ready leads and opportunities, a wonderful side-effect is that our tools and direct conversations with people that are responding to your marketing efforts provides insights into these important metrics.

In the example below, we show a dashboard chart that shows the results of a specific campaign at bringing in different types of buyers and personas at different buying stages.

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Clicking into any of these segments provides details about the underlying visitors/buyers including the actual conversation that exposes key information about the person’s situation, motivations, concerns and their interaction with your marketing and web content.

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How do I budget for Digital Demand Capture?

A couple months ago I broke down and decided it was time to swap out an old truck that was turning into a maintenance nightmare for a newer vehicle that not only would possess less problems, but also accommodate the needs of a growing family. Up to that point I had owned trucks for my entire life, but with two young kids of my own and two more whom our family tends on a regular basis, we needed something that would hold more people than “important stuff”.

For some reason the thought of pulling up to the local nursery and not being able to have a skid loader dump a load of top soil in the back or doing a little “off the pavement driving once in a while” struck a very deep cord in my soul. I mean… that’s all I ever knew.

However, I was willing to compromise for the greater good of the family. So I thought, might as well look at an SUV right! Still can do some “off the pavement driving” and can easily get a utility trailer that can haul more of my “important stuff”. As we started looking at SUV’s I realized there was a myriad of options. I knew I needed something with 4 doors, but did I need a V8 really, or was a V6 sufficient? What about drivetrain …. two wheel drive (2WD) with traction control, All wheel drive (AWD), or four wheel drive (4WD)

We narrowed it down to a select few makes and models, but I was still stuck on which drivetrain I wanted. Ultimately we decided on an SUV that had all options.  We could set the drivetrain to 2WD, AWD, or “Lock” in 4WD when necessary.  I did however learn a lot about AWD vehicles in the process.

AWD is pretty cool, the vehicle intelligently recognizes which wheel needs the horsepower and distributes that power accordingly. AWD is a nice option if you want great flexibility to get you out of a sticky (or a literal lack thereof) situation.

Ironically, the above example is how quite a few of our clients operate and organize the costs of Digital Demand Capture. Think of your overall organization as the vehicle, Digital Demand Capture as the lead generation engine, and different budgets as the wheels. There are a lot of marketing/sales budgets that receive value from the “horsepower” Digital Demand Capture produces:

  • Demand Generation Budget
  • Web Development/Optimization Budget
  • Marketing Campaign Budget
  • Event Budget
  • Channel Sales Budget
  • Direct Sales Budget
  • Vendor Budget

Like the AWD system in an SUV, Digital Demand Capture is intelligent enough to identify where opportunities are generated from and how the cost of those opportunities should be allocated to different budgets. That being said, think to yourself for a moment if you’ve got any “wheels” that are helplessly spinning. If so, you’re wasting valuable resources that could be sent to Digital Demand Capture where we’ve already got a lot of traction and can get your vehicle moving again.