6 Steps To Identify Marketing Metrics That Actually Matter For Your Business

With the surge in modern-day data-collection tools like Machine Learning, AI, IoT, and other data analytics software, marketers are getting all kinds of information regarding their customers and the market as a whole. But the main challenge is to separate business-critical data from heaps of irrelevant information.

This process entails companies to form to-the-point metrics or Key Performance Indicators (KPIs) that dictate what employees need to do daily. It also keeps them on track and alerts them if they digress from their intended objectives.


This article sheds light on 6 ways to identify marketing metrics that actually matter for your business.


1. Metrics should be easy-to-read and implementable

Remember that metrics should be easy to understand, implementable, and of use to everyone. Secondly, they should be shared across teams and shouldn’t be the exclusive property of only one department. Information silos can defeat the purpose of collecting useful metrics. And thirdly, you must ensure that there is not much variation in the metrics across departments. If they vary too much, they can drive inconsistent behavior.


2. Metrics should be comparable

Companies need to collect business-centric data after regular intervals. When you have a steady supply of data about critical business parameters, you can compare them to spot shortcomings and implement a course correction strategy, if needed. Some companies don’t have CRM software to collect business data, or their marketing automation systems aren’t updated. Thus, they fail to collect essential data and lag behind competitors.


3. Metrics should create some value for your business

It doesn’t make any sense in collecting data that lacks business value. Please remember that not everything you accumulate is useful from a business point of view. Data relating to customer satisfaction, employee productivity, government regulations, and changing market conditions are essential and can help you formulate better strategies. Metrics also enable you to know more about your customers and form a robust and long-lasting relationship with them. You can also determine who in your client base are more active online and what they share about your company’s offerings. Thus, you can target this set of customers and encourage them to share good word-of-mouth with their peers.


4. Marketers should come out of the habit of tracking easy things.

Today, there are thousands of tracking software that help companies measure a multitude of things. But only because a free tracking software lets you measure online social behavior, you shouldn’t collect it just for the sake of it. You should also avoid gathering data only because your competitor is doing so. Unless “X” makes sense for your business, don’t waste time and energy collecting it.


It would be best if you kept in mind that you shouldn’t worry about amassing granular data, for example, the number of website clicks. Instead, you should measure how long a customer remains on your website. It will help you make better decisions and reach your goals within the specified timeline.


5. Marketers should see the big picture

Marketers must measure vital attributes. For example, instead of measuring Facebook likes, Email open rate, or Twitter followers, you should measure video downloads of free trial requests. Such parameters help you see the big picture and align your marketing goals according to your business objectives.


Business-critical data such as customer purchase behavior can help you understand their needs, wants, and aspirations, enabling you to create customer-centric policies, calculate customer lifetime value, and differentiate between profitable and not-so-profitable clients.


6. Metrics help decide company values

Important metrics also help you redefine your company’s core values. In the fast-changing world we live in, a company’s MVV (Mission, Vision, and Values) cannot remain static. They need to change with time. Metrics can help you gain essential insights about the market and focus on the most pressing issues. When your business’ core values align with today’s market needs, you will put your time and energy in the right direction and be better prepared to deal with them.



Theoretically, the marketing department is responsible for measuring marketing metrics. But everyone, especially the entire senior management, must participate in this activity. They should begin by asking the right questions. Instead of asking, “What metric should we measure?” they must ask, “Why should we measure this metric?” and “What benefits will we reap by measuring this metric?” When the questions are right, everything will start falling in place.


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