Marketing is one of the biggest and most important expenditures in any firm. In order to grow their market share and revenue, companies must attract new customers as well as retain the loyalty of existing ones. Simply put, effective marketing communications and media choices are essential to ensuring business success.
But how do businesses define success in marketing and ensure they are making the most out of their limited budgets? First of all, they need to gather data to measure results; and second, those results need to be analysed closely to determine how, when, and where to spend money wisely.
Using metrics to quantify different aspects of marketing is the only way for businesses to truly know which marketing efforts are successful and provide a financial gain. As the choice of metrics is broad, each company must start by looking at their strategic objectives and plan carefully before taking action. This short course discusses a variety of perspectives to use when selecting metrics – all the way from measuring market performance to calculating click-through rates.