Does it feel like every day you see a new article on marketing metrics? Lately, there has been a lot of buzz around the RIGHT metrics to focus on. Today it’s pipeline, yesterday it was MQLs, and last week it was customer acquisition cost (CAC).
In marketing, the one thing that is a constant is change, and it can feel overwhelming to finally agree on a set of metrics with your team, then go to a conference or see a tweet from an analyst and realize that you’re missing five more.
Today, I saw that pipeline is the #1 thing your business should be looking at if you’re in B2B. I can’t say I disagree with this, but I do really think it’s less about one metric like pipeline and more about what metric matters for when you’re measuring.
Here are a five things I’ve learned over the years about marketing metrics, and while they may not be the trendiest, they still hold true to this day:
1. It Starts With Understanding Your Business Objectives
Be clear on your business objectives first, then determine what metrics to measure. One way to do this is by mapping your business stages to the customer journey. In the example below, the customer journey is broken into stages, including: awareness, engage, convert, retain, and advocacy, but they may differ for your organization depending on your business model. These stages represent the different business outcomes your company is driving towards (e.g. retention or share of voice), and it’s critical to establish this first to determine the right set of metrics and timing that map to those objectives.