According to Statistic Brain, nearly half of us make New Year’s resolutions. Most of these resolutions fall into ten categories: Lose Weight, Get Organized, Spend Less/Save More, Enjoy Life, Stay Fit/Healthy, Learn Something, Quit Smoking, Help Others, Fall in Love, and Spend More Time with Family. And did you know that less than ten percent of us actually achieve our resolutions? Experts say that being realistic, outlining a plan, and tracking our progress help us keep our resolutions. These same tips apply when it comes to proving and improving our marketing (quantifying our value and achieving better marketing ROI). So, whether it is your personal or business resolution, beginning with the end in mind and knowing where to begin is the best route to your desired destination.
One of the key steps for success is to set the proper metrics for determining marketing’s contribution to customer acquisition, customer retention, and customer loyalty initiatives. Just as your personal goals are unique to you, there’s no one-size-fits-all guide to determining which metrics are right for your business. Each company must establish their own measurable objectives before they can begin to measure initiative effectiveness. Ideally the marketing objectives would reflect a customer focused approach. The right metrics provide insight into performance, and help focus your efforts and refine your strategies. Establishing the right metrics combined with tracking progress will help you assess where improvements and adjustments are needed. As you embark on your 2013 efforts, take a moment to review your marketing plan to ensure you will be able to say the following:
- We have established solid measurable customer-centric marketing objectives
- These objectives are well aligned to specific business outcomes
- The metrics we selected will demonstrate our marketing is impacting the business and serve as good leading indicators
By putting customers at the center of your marketing objectives, strategies, and metrics, you focus on initiatives designed to engage customers and impact revenue. And properly aligned objectives and metrics drive results. We wish you success with all of your New Year’s Resolutions!