You have probably heard phrases such as:
“Marketing might as well be the same as gambling”
“Marketing is just like throwing darts, with a blindfold on”
“Marketing is like shooting fish in a barrel”
No School Like The Old School
These are all sayings from a generation of marketing where data was not readily available. When we used to set out our marketing campaigns, it was very much like the tv show “Mad Men”. Usually campaigns were pushed through channels such as billboards, newspapers, magazines, television, and OOH ads or Out of Home ads. The very notion of success for marketing efforts was tied directly to revenue. If sales were up it was working, if not then it wasn’t.
These channels provide very little data or proof of whether the marketing tactics were actually working. Marketers could only speculate at the amount of eyes on each medium of advertising and this is what led to the distrust in marketing of previous generations. However, we have now entered a new era of marketing where nearly everything is trackable.
Measuring Success Is Easy Now
Everything in today’s world links back to data. Many business owners have said that the cost of data is invaluable because of its’ influence on effective business decision making. Data is the single most valuable asset besides employees that a company will have.
The online world has erupted and become the main point of engagement for all consumers. Major mediums of advertising have shifted to Facebook, Snapchat, Instagram, Twitter, Google, Youtube, and many more for our marketing efforts. This shift has given marketers access to real-time reporting and precise data tracking.
From this the term KPI, Key Performance Indicator, was invented. These Key Performance Indicators are the base that marketers stand on when judging the effectiveness and efficiency of marketing strategies. Here are just a few common KPIs:
- Average Sessions
- Page Views
- Time on Page
- Conversion Rates
The ability to track these KPIs has given marketers credibility and clarity with businesses. There is no more guesswork and wishful thinking involved. The progress and success of marketing tactics is easily traced and manipulated now. At any moment, we are able to assess our efforts and decide what direction to move in, rather than wasting time and resources.
Feel confident with Marketing Eye giving you reporting weekly and monthly to make sure you are never in the dark. Our team of seasoned experts is there with you every step of the way as we strive to achieve your business objectives.