AMR published a study of marketers in North America that showed that only 50% of marketers formally analyze metrics to judge ROI. To me that’s a stunning statistic. Only 50%!? I’m a bit of a numbers nut, I’ll admit it. I blame my engineering background. But seriously, half of the marketers out there aren’t tracking any metrics to determine what’s working and what isn’t?
I got thinking about it. Why wouldn’t you want to measure any metrics to track ROI? Here’s what I came up with:
1/ You don’t want to spoil the purity of your artistic vision with all of those icky “numbers” – Some days I wish I was an artist and I didn’t have to worry about pesky things like revenue and profit and feeding my children, so I could just concentrate on the beautiful-ness of my lovely marketing. Yeah, OK, no I don’t.
2/ You don’t think it can be measured – I hear this one a lot and frankly I just don’t understand it. Yeah, OK, there might be the odd small thing you are doing that you can’t track but seriously people – you’re driving people to your website, don’t you care how many convert? You’re trying to get folks to call you, doesn’t it matter how many of them actually buy? You are running specials and promotions, but you don’t care how many take you up on them?
3/ Your executive team never asked you to measure it – This might be a good reason except that one day you’ll get a new CEO who asks where your metrics are and you won’t have them, just like you won’t have your job a few weeks later. Or worse, they never ask for it. Ever. Because they don’t believe marketing has any real impact on the business. And it probably doesn’t because hey, nobody every showed anyone any numbers that proved that it did.
4/ You don’t do lead generation – You must not be doing it because if you did then you would be wondering how to generate more business with less money or which tactics work well and which are a waste of money. Heck you probably aren’t managing a budget at all, at least not one you can justify.
5/ You don’t measure it because your marketing sucks (and if you did measure it you might lose your job). This may or may not be true of course, buy you’ll never know, because you aren’t measuring anything.