Making Metrics Matter - Beyond the Madness👨💻
Chirodip Basu Roy
LinkedIn Top Voice. Branding & Marketing Strategist with 25+ years of experience helping businesses grow through digital transformation, social selling, and online strategy. Former banker, LBS graduate, and board member.
I recently enjoyed a great chat with a driven young founder aiming to boost his startup’s trajectory. We dove into the complex world of marketing analytics - specifically which key performance indicators should truly direct strategy amid the data deluge.📊
Today’s marketers risk information overload with vanity metrics that dazzle more than deliver. I offered 5 North Star KPIs to cut through the haze: 💫
1. Campaign Conversion Rates 🎯
Like a lighthouse beaming through the fog, unambiguous response metrics demonstrate your messaging resonates and compels action. Are more site visitors registering based on your outreach? The proof of concept is in the pudding.🌠
2. Cost Per Acquisition 💰
What price in time, creativity and budgets yields a new lead or customer? Maintain healthy returns by benchmarking CPA as you scale spend. What channels offer the most bang for buck? Double down on those with wisdom. 💡
3. Marketing Originated Revenue 💸
Demonstrate exactly how much income your activities directly generate. Money talks. This links smart creative campaigns to actual sales impact in black and white. 🏦
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4. Lifetime Value 🌐
Delve deeper beyond initial response to uncover longer-term engagement and repeat purchasing trends. This quantifies loyal customer equity over time. Where else can you expand wallet share? 👛
5. Marketing Expense to Revenue Ratio 📈
Fuel expansion goals through sustainable metrics balancing department costs with growth targets. Scale impact not just spend. 🚀
While these 5 metrics provide that aerial view, we can’t lose sight of “soft” indicators like social engagement, NPS and experiential signals that put the “Human” in Human-Centered brands.🔭
The human connection and truly listening to customers must shape decisions as much as the figures. After all, we serve people first - the numbers simply guide the way. ❤️
What measures matter most in your marketing mix? I welcome perspectives on striking the optimal balance between art and science as modern marketers. 🤝
- Chirodip Basu Roy
International Keynote Speaker | The Unlock Moment Podcast | Executive Coach | TikTok 8 million views | 100 Coaches Agency | Thinkers360 Top Voice 2024 | The IDEA Mindset | Board, Rambert School, Rambert Grades and Malt
11moAgreed. I don't think enough people pay attention to the idea of customer lifetime value, and instead get obsessed about the value of each individual interaction. Time and time again, the first interaction is for low (or no) value but it can trigger a long-term relationship and much higher spend over time. People like to build trust before they invest. Developing an understanding of the markers of those high value customers in their initial behaviour makes you a powerful marketeer.
Business Coach 🚀 I Help Coaches, Consultants, SME & Entrepreneurs to Grow Their Bizz Online 🌟🎙📞💰| Personal Growth Coach💎 | TEDx Speaker 🎤| LinkedIn Wonder Woman 🦸♀️ | AI Enthusiast | Visit LHMAcademia.com
11moBrilliant article Chirodip Basu Roy, numbers are important but I personally value this the most: "The human connection and truly listening to customers must shape decisions as much as the figures. After all, we serve people first - the numbers simply guide the way."
Award winning TEDx Speaker- Super Connector- Done For You Networking- Co Founder of the Elite 100 Network- Where Business Meets Luxury.
11moyou can't fool the metrics, real insights Chirodip Basu Roy
Chief Business Officer | Strategy, Partnerships, Portfolio Management, Revenue Growth, Business Development
11moVery insightful Chiro! Thanks for sharing.
Principal and Managing Director @ Holtarka | FCA Approved
11moHelpful guidance from Chirodip Basu Roy