Monday, April 10, 2017

The Seven Steps to a Perfect Measurement Program

As I mentioned in a previous blog, measuring your company is very important and can save you money in the long run, but only if you are measuring correctly. Below, are seven steps to the perfect measurement program as described by Katie Delahaye Paine in her book, "Measure What Matters". 

1. Define your Goals and Objectives

Why are you launching this plan or pursuing this strategy? Typically, marketing goals fall under sales, message or public safety and education. The flaw with most objectives is that they combine the categories. Try to be as specific as possible with the company's goal. 

2. Define your Audience, Environment, and your role in influencing them

Keep in mind that your advertising is seen by more people than just your target audience. Examine all the possible target audiences and determine what will benefit the most relationships.

3. Define your Investment

What will this strategy cost? What is the goal return on investment? Do not overlook the free tools available to you. 

4. Determine your Benchmarks

Paine states that ideally a company will compare themselves to their goal company, a peer company and an underdog who is just beginning. Also, compare this strategy to your company's past performance. 

5. Define your Key Performance Indicators

What are the metrics you will report with? Each objective may require different measurement. Remember awareness is not the same as visibility. 

6. Select the Right Measurement Tool and Vendors and Collect Data

You should collect three types of data: content analysis of social or traditional media, primary research via online, mail or phone and web analytics. 

7. Turn Data into Action

Data does not mean anything unless you are actively using it to improve your company. 

Now that you have the perfect measurement program, watch your company grow!

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