Friday Five: Muddled marketing metrics

Anyone interested in marketing metrics ought to check out this article from the MIT Sloan Management Review‘s Spring 2016 issue.

But there’s a catch.

To access the entire article, titled “The Metrics That Marketers Muddle,” you’ll need to create a free account. That free account gives you free access to three articles per month, so it’s a good deal, in my opinion, and this article alone is worth the price of signing up.

As you might have guessed, given the topic of this Friday feature, there are five marketing metrics that we often muddle, according to the authors. They are:

  • Market share
  • Net promoter score
  • The value of a social media “like” (discussed recently on this blog)
  • Customer lifetime value
  • Return on investment

These are the most well-known marketing metrics, but, as this article points out, they also are among the most “regularly misunderstood and misused.” The authors provide some great insights into how to unmuddle these metrics and conclude:

If the marketing profession is serious about advancing the marketing discipline’s reputation for delivering results, marketers need to be prepared to improve measurement. To the extent that metrics are used in marketing, they are often used inconsistently. … The first step in unmuddling metrics is clarifying what the metrics represent and how they can be used.

In deference to MIT Sloan Management Review and its decision to require registration to read the full article, I’m not going to share anything else about it or the findings. But if you geek out over marketing metrics, then I encourage you to sign up just to read this piece, if for no other reason. It’s well worth the price of admission.

Image via Pixabay.

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Author: andrewcareaga

Higher ed PR and marketing guy. Communications director for Missouri University of Science and Technology (Missouri S&T) in Rolla, Missouri, USA. Slow runner, mediocre guitarist, lover of music and puns, and an avid St. Louis Cardinals fan. I blog and Tweet about #highered, #music, #gocards and #random stuff.

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