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THE GOOD, THE BAD AND THE
UGLY OF MARKETING
MEASUREMENT
June 2024
2
3
Blondie: [counting Angel Eyes' men] “One, two, three, four,
five, six. Six. Perfect number.”
Angel Eyes: “Huh. Isn't three the perfect number?”
Blondie: “Mm... yeah. But I've got six more bullets in my gun.”
4
“If the metrics you are looking at aren't useful in
optimizing your strategy - stop looking at them.”
Mark Twain
5
What I Will Cover
• Meaningless marketing metrics
• The difference between attribution and incrementality
• The importance of the customer journey
• Why you should care about prospects that are in market
• Measuring the unmeasurable
• 3 metrics that should get you fired
• 5 metrics that will get you promoted
• Key take-aways
• Q&A
6
77% of CEOs want marketing to have a measurable
impact on their bottom line.
Source – research by agency Bango
7
Meaningless Marketing Metrics
Likes and follows
Page views
Impressions
Open rates
Clicks
Contacts
Can be easy to obtain, and valueless if not relevant contact
Contacts not valuable if not MQLs or SQLs
Bot traffic, immediate bounces, etc all skew value
Need to ensure we hit the right audience in the right context
Auto-open of emails skews value hugely
Bot clicks, accidental clicks, wrong audience, etc.
8
Attribution vs Incrementality
Attribution
Incrementality
Attributes sale/action to marketing activity
E.g. someone clicks a Google Ad and then buys (later)
Many different attribution models (last touch, first touch, etc)
Correlation is not causation!
Links marketing activity to increase in sales/conversions
Achieved by testing
E.g. we ran ads in city A, but not city B and sales in A grew
Testing can be challenging
9
The Importance of the Customer Journey
Need new
widget
Research
vendors
Understand
vendors’
offerings
Benchmark
different
widgets
Discuss with
colleagues/
DMU
Get
authorisation
from
procurement
Buy widgets
for prototype
Enter
production
and buy
volume
Click on Google
Search Advert
Process can take months!
10
I love the car, but I’m not in the
market for a new one because I
don’t drive…
11
TAM
How Many Prospects are in Market?
SAM
In-Market
Next 3 months
In-
Market
But determining who is in-
market can be very
challenging.
If contact is in-market, then
conversions are probably
much more valuable
12
Measuring the Unmeasurable
• How valuable is reputation?
• What is the value of my PR
(or billboard ad, or…)?
Picture credit – Flickr user EG Focus
13
Three Metrics that Should Get You Fired!
14
The Terrible Three…
• Impressions
– What channel, audience, visibility, etc.?
• Cost per click
– Need to understand value as well as cost!
• Website/web page traffic
– Simple volume tells you nothing
These are
particularly bad if
you are comparing
different channels
15
Bonus Bad
Metric – Arbitary
Monetary Values
• How much is a PDF download worth?
• Don’t allocate a monetary value to non-monetary conversions unless you have run
the numbers
• And if you do allocate a value, don’t double-dip:
– Allocate £10 for a PDF download
– 1 in 10 downloaders buy
– You should remove £100 from the sale value
16
Five Metrics that Will Get You Promoted!
17
Five Metrics to Get You Promoted
• Incremental revenue / incremental RoI
– We know incrementality is key
• Customer Acquisition Cost (CAC)
– Widely used in SaaS – CLTV also important
• Change in Time to Conversion
– Speed matters!
• Return on Marketing Investment (ROMI)
• Qualified leads generated
18
Bonus Metric(s) – Customer Journey Model
Target
Audience
Aware of
our product
Researching
our product
Evaluating
our product
Meet sales
Trial
product
Purchase
PR campaign
Increased in
engaged
website
visitors for
product X
White
paper
popup
LinkedIn
campaign
White paper
downloads
Email
Sales
Meetings
Product
Trials
Revenue and
Profit
19
Key Take-
Aways
20
Questions?
www.napierb2b.com
mike@napierb2b.com

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The Good the Bad and The Ugly of Marketing Measurement

  • 1. THE GOOD, THE BAD AND THE UGLY OF MARKETING MEASUREMENT June 2024
  • 2. 2
  • 3. 3 Blondie: [counting Angel Eyes' men] “One, two, three, four, five, six. Six. Perfect number.” Angel Eyes: “Huh. Isn't three the perfect number?” Blondie: “Mm... yeah. But I've got six more bullets in my gun.”
  • 4. 4 “If the metrics you are looking at aren't useful in optimizing your strategy - stop looking at them.” Mark Twain
  • 5. 5 What I Will Cover • Meaningless marketing metrics • The difference between attribution and incrementality • The importance of the customer journey • Why you should care about prospects that are in market • Measuring the unmeasurable • 3 metrics that should get you fired • 5 metrics that will get you promoted • Key take-aways • Q&A
  • 6. 6 77% of CEOs want marketing to have a measurable impact on their bottom line. Source – research by agency Bango
  • 7. 7 Meaningless Marketing Metrics Likes and follows Page views Impressions Open rates Clicks Contacts Can be easy to obtain, and valueless if not relevant contact Contacts not valuable if not MQLs or SQLs Bot traffic, immediate bounces, etc all skew value Need to ensure we hit the right audience in the right context Auto-open of emails skews value hugely Bot clicks, accidental clicks, wrong audience, etc.
  • 8. 8 Attribution vs Incrementality Attribution Incrementality Attributes sale/action to marketing activity E.g. someone clicks a Google Ad and then buys (later) Many different attribution models (last touch, first touch, etc) Correlation is not causation! Links marketing activity to increase in sales/conversions Achieved by testing E.g. we ran ads in city A, but not city B and sales in A grew Testing can be challenging
  • 9. 9 The Importance of the Customer Journey Need new widget Research vendors Understand vendors’ offerings Benchmark different widgets Discuss with colleagues/ DMU Get authorisation from procurement Buy widgets for prototype Enter production and buy volume Click on Google Search Advert Process can take months!
  • 10. 10 I love the car, but I’m not in the market for a new one because I don’t drive…
  • 11. 11 TAM How Many Prospects are in Market? SAM In-Market Next 3 months In- Market But determining who is in- market can be very challenging. If contact is in-market, then conversions are probably much more valuable
  • 12. 12 Measuring the Unmeasurable • How valuable is reputation? • What is the value of my PR (or billboard ad, or…)? Picture credit – Flickr user EG Focus
  • 13. 13 Three Metrics that Should Get You Fired!
  • 14. 14 The Terrible Three… • Impressions – What channel, audience, visibility, etc.? • Cost per click – Need to understand value as well as cost! • Website/web page traffic – Simple volume tells you nothing These are particularly bad if you are comparing different channels
  • 15. 15 Bonus Bad Metric – Arbitary Monetary Values • How much is a PDF download worth? • Don’t allocate a monetary value to non-monetary conversions unless you have run the numbers • And if you do allocate a value, don’t double-dip: – Allocate £10 for a PDF download – 1 in 10 downloaders buy – You should remove £100 from the sale value
  • 16. 16 Five Metrics that Will Get You Promoted!
  • 17. 17 Five Metrics to Get You Promoted • Incremental revenue / incremental RoI – We know incrementality is key • Customer Acquisition Cost (CAC) – Widely used in SaaS – CLTV also important • Change in Time to Conversion – Speed matters! • Return on Marketing Investment (ROMI) • Qualified leads generated
  • 18. 18 Bonus Metric(s) – Customer Journey Model Target Audience Aware of our product Researching our product Evaluating our product Meet sales Trial product Purchase PR campaign Increased in engaged website visitors for product X White paper popup LinkedIn campaign White paper downloads Email Sales Meetings Product Trials Revenue and Profit

Editor's Notes

  1. Likes and follows- mention Lake District tourism getting 20K followers from Bangladesh Impressions – also mention non-viewable impressions Open rates – apple hiding if people open Clicks – mention whole ad being clickable in eBook – gets great clicks as people try to turn page. Also inexplicable Google ads clicks Contacts – MQL and SQL need to be good definitions.
  2. Mention that LinkedIn figure is 5% of audience are in market at any time But it depends on what you are selling and buying cycles
  3. Value of reputation is hard to measure, but easy to show. On April 23, 1991, Gerald Ratner stood up in front of 6,000 of the great and good and sank his jewellery empire in a matter of seconds. 'We do cut-glass sherry decanters complete with six glasses on a silver-plated tray that your butler can serve you drinks on, all for £4.95,' he told the Institute of Directors event. 'People say: 'How can you sell this for such a low price?' I say: 'Because it's total crap.' He added: 'We sold a pair of earrings for under £1, which is cheaper than a shrimp sandwich from Marks and Spencer, but probably wouldn't last as long.’ Ultimately it comes down to testing. This might be something you are not prepared to do, or not able to do (e.g. might not be able to split two audiences that are the same and PR to one and not the other). And it may be that unmeasurable is unmeasurable….
  4. Mention the fact that half of Napier’s traffic is irrelevant as it’s to the SMART goals page
  5. You run a PR campaign to make the LI campaign more effective. Highlight opportunities to test – e.g. trial running PR campaign (or not) in different markets. What’s the impact on the LinkedIn campaign performance? You can measure LI performance immediately using clicks/traffic But ultimately it’s about impact on revenue