Marketing Metrics—An Introduction
- 1.1 What Is a Metric?
- 1.2 Why Do You Need Metrics?
- 1.3 Marketing Metrics: Opportunities, Performance, and Accountability
- 1.4 Choosing the Right Numbers
- 1.5 What Are We Measuring?
- 1.6 Value of Information
- 1.7 Mastering Metrics
- 1.8 Where Are the "Top Ten" Metrics?
- 1.9 What Is New in the Fourth Edition?
- 1.10 New Developments in the World of Marketing Metrics
What are marketing metrics, why are they important, and the top ten metrics you should be tracking.
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Data-based marketing swept through the business world and was followed by the era of big data. Measurable performance and accountability have become the keys to marketing success. However, even now, few managers appreciate the range of metrics by which they can evaluate marketing strategies and dynamics. Fewer still understand the pros, cons, and nuances of each.
In the early years of the millennium, we recognized that marketers, general managers, and business students needed a comprehensive, practical reference on the metrics used to judge marketing programs and quantify their results. This book was the result and seeks to provide that reference. This is now the fourth edition of the book, and we continue to wish our readers great success using this book to improve their understanding of marketing.
1.1 What Is a Metric?
A metric is a measuring system that quantifies a trend, dynamic, or characteristic.1 In virtually all disciplines, practitioners use metrics to explain phenomena, diagnose causes, share findings, and project the results of future events. Throughout the worlds of science, business, and government, metrics encourage rigor and objectivity. They make it possible to compare observations across regions and time periods. They facilitate understanding and collaboration.