I spoke at a conference recently about the skills b2b marketing professionals need in order to be effective in 2014.
The number one skill I included was marketing measurement; the ability for marketers to effectively measure the success of their marketing. But how do you do that? What are the measures that will enable us marketers to justify our position at the board room table?
(By the way, you can flick through my slides from the conference here.)
In my mind there are two categories of measures that marketers need to care about:
1. Input measures
2. Output measures
The input measures are what you as the marketer care about in your day to day job. They tell a story about how well you are progressing in the delivery of a campaign. They are the individual measures you can use to assess whether or not to take corrective action and that will ultimately give you a steer as to whether your campaign will meet its objective.
Here are some examples:
> unique visitors
> page views
> number of subscribers
> event attendees
> open and click rates
> number of leads generated
> goal completions
> opt-ins / opt-outs
The output measures tell the story of what has happened as a result of your marketing. They indicate whether it was successful or not.
I’ll give you some examples:
> Value of sales pipeline generated
> Value of actual sales generated
> Cost savings through improved customer service
You will see immediately the difference. Output measures are quantified in pounds and pence, whereas input measures are just numbers, or statistics.
Of course every marketing campaign has a combination of both input and output measures, but the ones you have to master are those that relate to pounds and pence. Or putting in another way, bottom line.
Those measures determine the difference between a marketer getting a promotion or dusting off their CV.
Measurement in marketing is not optional.