Digital Marketing / Inbound Marketing

5 Strategies to Build a Successful Measurement Plan

To stay resilient in these uncertain times, strengthening your marketing measurement plan is more important than ever. Having a clear understanding of what works and what doesn’t, enables leaders to make data-driven decisions that drive business growth and set them apart from the competition. To help prepare for 2023, we…

By Japsimran Kaur
February 4, 2023

To stay resilient in these uncertain times, strengthening your marketing measurement plan is more important than ever. Having a clear understanding of what works and what doesn’t, enables leaders to make data-driven decisions that drive business growth and set them apart from the competition. To help prepare for 2023, we compiled a list of the measurement strategies marketers must leverage to deliver on business objectives and navigate changes in the marketing ecosystem:

Define Clear Goals

With measurable goals, you clearly define what will make you successful. Looking beyond the tactical side of the business with a macro viewpoint, one may perceive the business from a competitive, business vertical, and economic standpoint. Once you've identified the company's long-term goals, conduct a SWOT analysis to identify areas for improvement. Establishing SMART goals and deciding on KPIs will help you measure your progress toward stated objectives. A quality measurement plan highlights key metrics to measure the highs and lows of the strategies that can be shared with external stakeholders for better future outcomes and understanding of strategies. Prioritising efficiency in systems is another significant factor that marketers must keep in mind. Refining processes down to what actually produces results allows businesses to run with larger profit margins.

Grow your First-Party Data

Evaluating the website measurement plan to meet the changing needs of customers helps boost business revenue along with creating a unique and personalised customer experience. Having a large and diverse pool of first-party data sets businesses apart from competitors and provides a strategic advantage in decision-making. It also allows them to make data-driven decisions that steer business growth and improve performance. Segmenting first-party data enables brands to tailor their offerings and experiences to specific groups of customers based on common factors, resulting in more relevant and customised experiences. Brands can also optimise their marketing campaigns to target specific groups with offers and messages that they are most likely to resonate with and prompt action.

Optimise For True Business Values

To ensure that all digital marketing activities are pertinent, optimising a marketing strategy necessitates a comprehensive digital transformation that includes a reassessment of business objectives. Building, refining, and optimising on personas ensures your marketing team knows the audience they are trying to reach and reveals new platforms or tactics that are worth testing to measure the impact. Advertisers who optimise for true values, rather than cost, see an average of 14% increase in the conversion values that align with their business values. By incorporating real-world data & tracking the progress, marketers can calculate the incremental value realised and estimate the expected value of addressing remaining root causes.

Leveraging Analytics Technology

Leveraging data and analytics is a crucial project measurement plan. By focusing on the right data points and using them to make informed decisions, you can advance your marketing goals and improve ROI. Many firms have utilised machine learning to gain deeper insights into the customer experience. The market for ML is projected to grow at a CAGR of 39%, from $8 billion in 2019 to $117 billion by 2028. Organisations must tie their CRM software with marketing analytics tools to create a more holistic view of their customers and improve their communication with these stakeholders. Google Analytics is a powerful tool that predicts user behavior, such as the rate of customer churn in a specific period. It provides valuable data that can help allocate the necessary funding to retain customers.

Monitoring Overall Performance

A clear and concise overview of KPIs allows executives and managers to make informed decisions and take proactive measures to improve processes, optimise operations, and drive growth. Build a comprehensive attribution model that distributes each sale among different marketing channels the customer interacted with before making a purchase. Consolidating crucial indicators and assessing top-level outcomes can be simplified by creating a custom report or GA dashboard and sending automated emails to all stakeholders, typically once per month. Understanding which metrics in which channels create the most bang for the buck means understanding conclusively how users interact with the brand, which ones convert to leads, and which ones are closing.

Final Thoughts

A successful data measurement plan should combine reliable and robust data with a structured goal-setting process to ensure that all areas of the business are in alignment. Setting a clear objective and goal for your business, tracking progress, and monitoring performance regularly will help ensure companies can measure the results of their efforts and adjust accordingly. By leveraging the above-mentioned measurement plan into your business, you can stay prepared for the challenges and opportunities ahead.