It’s that time of year when the summer holidays are beginning to wrap up and the air of ‘back to school’ is setting in. We are busy working with our client teams to figure out what we need to do in the final quarter of 2016 to drive more business and at the same time start the planning process for 2016.
Given all of this planning and measuring, one book is never far from hand – Measuring Marketing, 110+ Key Metrics Every Marketer Needs, by John A. Davis. John Wanamaker has been credited with the statement “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” Almost 100 years after this pioneer of marketing’s statement, things are thankfully a whole lot different.
On the sleeve of the book, Davis writes: “The measurement of marketing performance has become one of today’s most important business needs. And while there is no single measure to determine if a company’s marketing is truly effective, knowing what you can and should be measuring, as well as knowing when to do it, will keep you one step ahead of the competition. Measuring Marketing, Second Edition can help you achieve these essential goals.”
And it does! The book is conveniently divided into eleven sections, each dealing with a different area of the business from Corporate Financial Metrics, Brand, Customer, Product Metrics to Distribution Metrics and more in between.
The metrics relating to each area of the business are detailed in a page or two and so it is a great book to pop in and out of as you navigate the planning process, hence my copy is always close by and is quite dog-eared at this stage.
The book is very practical in its approach to measuring marketing and serves as an excellent reference tool rather than a cover-to-cover read. Bursting with helpful examples, it will appeal equally to Marketers as to other Senior Management who need to get to grips with Customer Engagement and how to track, refine and maximise performance.
Getting more familiar with how these metrics are working across your business will make marketing decisions easier. Directing activities and spend, investing more, changing channels and course corrections all become clearer when there are numbers pointing out the successes and potential pitfalls.
Whether your business has established Key Performance Indicators (KPIs) or is considering where to start, I’d really recommend you get a copy of this book. As the title suggests, there are over 110 metrics, but you won’t need to understand or track them all, even I’d say that’d be death by numbers! Start small, get sharp and then grow – pick out a handful of metrics that are most relevant to where your business is today and where you would like to get to and start tracking.
I’m going to end this book review on another cliché, “what gets measured, gets done” and whether this one is attributed to Peter Ducker, Tom Peters or Rheticus it doesn’t matter, the sentiment is important. Once you start measuring effectively, the business will do more!