The “L” word: A new Holy Grail
As marketing continues to evolve, the increasing number of tactics and tools put in the hands of marketers has begun to outgrow the yard stick(s) used to measure their success.
Organizations of all shapes and sizes are challenged to consider what success looks like, and marketers are left searching for the magic metric that satisfies the C-Suite while simultaneously keeping directors of marketing confident that they’re doing all the right things with their budgets.
So, what’s the best way to measure campaign success? The truth is, there is no one-size-fits-all option and increasing sales shouldn’t be the default simply because of the easy-to-read surface indicators.
Sales may seem like a straightforward baseline, but without consideration for the myriad of factors that affect those numbers, organizations run the risk of oversimplifying themselves away from tactics that serve as more long-term support for the growth of the business.
Funnel, meet Flywheel
Savvy brands have begun looking beyond conversions, recognizing that the linear nature of the marketing funnel has evolved. A more cyclical approach prioritizes engagement throughout the lifecycle of the consumer journey, challenging brands to provide value even before a customer becomes a customer, as well as during and after the traditional conversion. This approach puts consumer needs—rather than brand goals—in the driver’s seat to propel activity.
And this brings us full circle (see what I did there?). While the funnel pointed to the sale, the flywheel presents a shift that emphasizes the need for thoughtful, relationship-driven outreach to attract consumers and engage them with useful and purposeful content.
So if the model’s changed, what does the new yardstick look like, and what does it measure?
With your baselines in mind, first measure brand perception, sentiment and recall as markers of campaign progress and success, then look for the link to business objectives.
And finally, tempting as it may be to focus on surface success like sales and conversions, marketers should recognize that real performance indicators are much deeper. The new Holy Grail of marketing success is a long-game goal: loyalty.