If you want to understand the math behind the metrics, or need to educate members of your staff who will be responsible for collecting and analyzing these metrics for you, then I recommend you check out “A Simple Explanation of the Math Behind 7 Common Marketing Metrics”, written by Ryan Ghods and published on the Hubspot website. He argues that whatever role you play in the marketing world, it’s becoming increasingly important that you have an understanding of—and level of comfort with—the math behind the metrics you cite every month.
Based on my experience and research, there are three actions that I recommend you take as you incorporate marketing metrics into your organization:
Today more than ever, it’s critical that you understand the impact of each marketing investment on your organization. If you can’t confidently identify and measure which aspects of your marketing deliver financial returns for your company, then your credibility and influence will suffer. Not to mention your career.
What metrics do you track to improve the performance of your marketing efforts? Which metrics have been the most helpful in improving your business?