Change Your Measurement Priorities for Better Growth
Marketing measurement is mainly focused on the revenue achieved through various channels and the evaluation of the performance of those channels.
According to Google’s Matt Lawson, marketers need to change their measurement policies to achieve success in the mobile-first world.
Lawson has mentioned three mindset shifts:
- Customer vs. Clicks
- Business outcomes vs. Media Metrics, and
- Experiments vs. Optimization.
On connecting media metrics to outcomes, Lawson says, “It’s a fact of life that media metrics can’t precisely report how investments are performing immediately, in terms of business impact on figures like profit.
So, instead of taking a wait-and-see approach, we’ve seen leading marketers begin to fill in the gaps in their measurement plans by creating proxies and determining which real-time levers are most influential.
By building, testing, and using proxies that connect real-time media metrics (store visits, cost per acquisition) to business outcomes (CLV, profits, revenue), marketers can make smarter and faster decisions”.
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