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Rule 5: Keep the metrics simple. As a career marketer, most people in marketing and pretty much every leader outside of it, want intense analytics. They don’t
by bryanmgreen 6y ago
Rule 5: Keep the metrics simple.
As a career marketer, most people in marketing and pretty much every leader outside of it, want intense analytics. They don’t matter in the long run unless you have a big budget to make rapid iterative changes.
Total Revenue & Total Ad Spend ROI are the best metrics. Customer Acquisition Cost is second. Website visits and anecdotal brand measurements are third.
- jlbnjmn 6y agoYeah. Analytics is the unit testing of the marketing world, but for some reason it's become the main event. More copywriting audience building and creative, less analyzing. Every penny spent on analytics is wasted if it doesn't improve the copy, targeting, or creative. Sigh.
- bryanmgreen 6y agoThe biggest issue with analytics is that it doesn't tell you what is right or wrong. Say you just made an instagram ad - how do you improve it? Well, you need to have 3 different images, 3 different sets of copy, 3 different targets. That's 27(!!!) different scenarios to determine the most optimal option. For. An. Instagram. Post. Then you repeat that EVERY SINGLE TIME because nothing ever has a fixed rate of return in advertising. Plus, you have to educate all the stakeholders as to why you're doing that and why you're knowingly spending money on 26 out of 27 things that are proven to not be the best way to spend money. Unless you've got a stupid size budget, at some point you have to call it quits on analytics and just set a benchmark for both revenue and customer acquisition-costs you feel emotionally comfortable with and only use analytics to make gains from obviously underutilized resources.