Data-Driven Marketing | Mark Jeffery

Summary of: Data-Driven Marketing: The 15 Metrics Everyone in Marketing Should Know
By: Mark Jeffery

Introduction

Embark on a journey to explore the powerful world of data-driven marketing through our summary of Mark Jeffery’s essential guide, ‘Data-Driven Marketing: The 15 Metrics Everyone in Marketing Should Know’. As businesses increasingly focus on generating results, marketers must arm themselves with the pivotal metrics that drive success. This summary will provide marketers with the knowledge to use data effectively in their decision-making processes, ensuring they are equipped to rise above their competition. Discover how to apply classic marketing metrics and internet-related calculations to a variety of situations, from building customer trust, to segmenting customers, and tracking customer journeys to create stronger brand loyalty.

The Power of Data-driven Marketing

Marketing departments are under increased pressure to produce measurable results, which has led to more nonmarketing executives scrutinizing them. However, many pivotal marketing functions are not directly connected to generating revenues. This has resulted in 55% of marketers not using basic marketing metrics at all, and 80% do not use marketing data to make decisions. Marketers who regularly use data are promoted faster and hold more senior positions than their less data-literate counterparts. Data-aware firms are able to define their strategic objectives more clearly and exploit databases for data-driven marketing campaigns, segment customers, build customer trust and quantify what actually works. All you need are the right data. For example, Walgreens tracked how its customers responded to sales flyers inserted in newspapers, allowing the company to focus its advertising on zip codes with stores within two miles of large customer clusters, thereby saving the company’s marketing budget $5 million.

Unlocking the Metrics of Marketing

The business of marketing involves measuring several key metrics that are pivotal to business growth. The ‘Marketing Behavior Impact Model,’ which dates back to the 1960s, consists of 15 major measurements that track customers from awareness of a product to becoming repeat customers. The model comprises of classic marketing metrics and 5 Internet-related calculations. The primary classical marketing metrics are brand awareness, test-drive, churn, customer satisfaction, and take rate. The four essential financial metrics are profit, net present value, internal rate of return, and payback, while the most important measurement is customer lifetime value. The five internet marketing metrics that complete the list are cost per click, transaction conversion rate, return on ad dollars spent, bounce rate, and word-of-mouth. By measuring these metrics, marketers can control their marketing campaigns, enhance strategic planning, and ultimately increase sales.

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