From the course: CMO Foundations: Measuring Marketing Effectiveness (ROI)
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Understanding types of marketing metrics
From the course: CMO Foundations: Measuring Marketing Effectiveness (ROI)
Understanding types of marketing metrics
- When it comes to metrics, many CMOs think of the obvious ones like sales or Website Clicks. The problem is there are so many to choose from so you need to understand the types of metrics and how to choose the right ones. Here's a clear and straightforward taxonomy about the four types of marketing metrics. First are Milestone Metrics. These give you information about performance against a stated goal. Think of milestones as a progress report and you can apply those metrics to virtually any marketing initiative. If you spend money and resources on a marketing initiative, you probably should be measuring it's progress against some milestone goal. For example, if your success depends on getting new customers to try a new product, you could establish a milestone metric on how many customers try it on a monthly or even daily basis. Another type of metric is what I call Marketing Inputs. These metrics show you the level…
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