Last week I attended HubSpot’s 2013 Inbound Conference in Boston, MA. I learned so many things that my head is still spinning, but I think that the biggest takeaway from the week for me was this simple statement (that hit me like a ton of bricks driving back at 1:30am from Dayton), Marketing is the Science of Art.
Marketing like art is created to move people, or to resonate with them. Art may have a more noble cause, but art is not created just for the sake of art. Just as marketing is not created just for the sake of putting your logo on something pretty in the hopes that people will take notice. Marketing is the creation of meaningful materials, tactile and digital, that move people to purchase your product or service.
I am a creative type myself. I went to DAAP for Interior Design, and I enjoy applied arts. I love good design, and for the record, good design isn’t just aesthetics. It is both form and function. But how do you know if your designs or applied arts are functional?
This is where the science comes in. How do you know that your marketing efforts are moving people? The simple answer would be that sales are increasing, but YOU MUST DIG DEEPER! Here are the 5 marketing metrics that every business must measure to ensure successful marketing efforts.
- Don’t just measure engagement by numbers of likes, shares, calls, downloads, or clicks. Look at the patterns. Time is money, and if you can figure out the right places, times, and “venues” you can leverage your marketing efforts to create much more revenue.
- Throw lead volume out the window. Lead volume is irrelevant to track. What you should be tracking is the quality of your leads. Are you engaging with the right leads, and converting them into the right customers?
- Measure your funnel. What is your conversion rate from visitor to lead and lead to customer? You must also measure the ROI of each venue. For every dollar spent with client outreach, networking, sponsorship, etc how much revenue are you gaining? You may quickly find out that some of your methods are actually COSTING you money.
- Do you have a tribe? A tribe is a group of people connected to an idea, connected to a leader, and connected to each other. Every business and every business leader has a tribe. Have you found yours? Are you leading them? Are you engaging with them? A tribe is important because these are your advocates. These are the people that will help you create business success. Find your tribe, and measure your influence.
- What is your Net Promoter Score? Simply stated how many of your customers would recommend your product or service to a colleague or friends? It is much more cost effective to keep a current customer than to acquire a new one, and a client that is an advocate or promoter of your business is worth 10X his/her initial purchase. Having a happy client base may be the best marketing tool in your entire arsenal. As HubSpot would say, keep them delighted.
Be sure to check back for more information from Inbound 2013!
PS: What metrics do you use to ensure success?