22,393 is a number of incoming emails at my “spam, promotions, maybe I will find good discount” email box. 3 is the number of emails I actually opened this week and didn’t take any action after. 2 is the number of emails I didn’t open but remembered the subject lines and searched for to use when I needed a discount.
Marketing analytics is absolutely becoming one of most important components of being competitive in business today. More than ever, marketing analytics allows you to discover which types of marketing have been profitable – and which have not. It enables you to look forwards, and project with greater accuracy what marketing will be most profitable.
Most marketers are aware their profession is changing quickly – in a manner that’s both dramatic and unprecedented. In brief, marketing is becoming more complex and sophisticated. Whereas previously it was a communications discipline and more of an art, it’s increasingly becoming a science. While this poses challenges, it also offers many opportunities and benefits.
As marketing becomes ever more numbers driven, marketers must master their knowledge of key performance indicators (KPIs).
Marketing is becoming increasingly a science rather than art, with ever greater focus on numbers and key performance indicators (KPIs). In part one of this series, we explored seven KPIs in the business category. In part two, we discovered 10 customer-specific metrics. In part three below, we’ll explore 10 KPIs that measure marketing performance.
Analytics has become such an essential part of business, that Google lists more than 12.3 million news stories mentioning analytics. My favorite is the Detroit Red Wings hockey team using analytics to improve its performance on the ice.