I spent some time yesterday thinking about the following: “If I wanted to be a data-driven marketer, what would that look like?”.
Fortunately, I have a dusty old book on an office bookshelf called, “Data-Driven Marketing: The 15 Metrics Everyone in Marketing Should Know.” Author Mark Jeffery from the Kellogg School of Management lists out the 15 things that marketing executives should be able to reference (and calculate). But it was published in 2010. Ugh.
I took gander anyways. Jeffery details out the following metrics:
- Brand awareness
- Test-drive
- Churn
- Customer satisfaction
- Take rate
- Profit
- Net present value (NPV)
- Internal rate of return (IRR)
- Payback
- Customer lifetime value (CLTV)
- Cost per click (CPC)
- Transaction conversion rate (TCR)
- Return on ad dollars spent (ROA)
- Bounce rate
- Word of mouth (WOM) (social media reach)
- My customers
- My channels
- My campaigns
- Who are my best customers?
- What products do my customers prefer?
- When are the most effective campaigns delivered?
- Where do my customers buy?
- Why do they buy in this channel vs. that channel?