It is hard to imagine a modern business without a marketing or advertising department. Companies promote their goods and services, develop new products, analyze the target audience and monitor competitors. Marketing indicators help evaluate the effectiveness of this work. Let’s figure out what indicators there are, why they are needed and how to track them.
What are Marketing Metrics?
Marketing metrics are metrics that help evaluate the effectiveness of a netherlands phone number list company’s marketing efforts. There are many types of metrics, and they are used for different purposes, such as:
- determine the company’s position in the market, compare yourself with competitors;
- track sales dynamics and customer base dynamics
Why track them?
This important management principle was formulated by economist Peter Drucker at the beginning of the last century. If you do not track marketing indicators, but look only at the final result of the work, it will be very difficult to understand how it was achieved and influence its change in the future.
Monitoring marketing performance provides businesses with many benefits:
- Helps manage a brand – quickly respond to market changes and adapt a marketing strategy to it.
- Allows you to choose the most effective ways to attract customers and thus reduce advertising costs.
- Increases the profitability of business investments. Provides the opportunity to invest not at random, but wisely and consciously.
- Allows you to set clear business goals and track progress in your work.
Companies that control their marketing indicators are the levels and types of internet providers famous successful and competitive, they have a faster reaction to market changes. They use budgets more efficiently and, as a result, receive greater profits.
How many indicators should be monitored?
There are dozens of different metrics in marketing. The choice of specific performance indicators depends on the company’s goal and marketing strategy. But there are a number of philippines numbers universal basic indicators that will be useful for most businesses.
It takes resources to track marketing metrics. In addition, if there are too many metrics, the focus of managers is scattered and decision making becomes more difficult. Therefore, it is necessary to consciously choose key indicators for regular assessment – find the golden mean between the desire to know as much as possible and the real capabilities of the business.
You can choose, for example, 5-7 key performance indicators of the marketing department that you will evaluate regularly, and up to 10 metrics that you will track situationally.
