Marketing Metrics: Leverage Analytics and Data to Optimize Marketing Strategies

331 Pages·2022·7.578 MB·English

by  Christina Inge

PRAISE FOR MARKETING METRICS
The days of fuzzy math and pure right-brained creativity in marketing are
over. To build a career in marketing requires data literacy, but the metrics
used are often superficial and too narrow to build a successful strategy.
Christina Inge shows how to harness the power of big data analytics to drive
better decisions; but beyond that, she addresses the needed mindset, team-
work and soft skills to humanize data and build successful marketing
programs rooted in customer empathy. A must-read for the modern marketer.
Lauren Turner, Director, Global Customer Marketing, Qlik
Christina Inge dives deep into building a data-driven culture to catalyze
business growth. She goes beyond best practices and details techniques that
any business can deploy to make better decisions based on data.
Dale Bertrand, Founder, Fire&Spark marketing agency
This is a book for anyone who is interested in learning about the numbers
and data behind successful marketing campaigns. From direct mail to email,
social and mobile, whatever channel is being used to market products and
services, you’ll learn what it takes to set goals with confidence, gather the
data and analyze the results. It’s a book for anybody who wants to ace the
subject of marketing analytics.
Bob Cargill, former President of the New England Direct Marketing Association
and American Marketing Association Boston
Whether you’re justifying your marketing spend or trying to predict future
market conditions, measurement skills are key to a successful marketing
career. This book insightfully weaves practical measurement tips and tech-
niques into a series of strategic frameworks that will help marketers make
the right choices no matter what the challenge may be.
Todd Van Hoosear, Senior Lecturer, Mass Communication, Advertising and
Public Relations, College of Communication, Boston University
For years I’ve turned to my friend and colleague Christina Inge for any and
all questions related to marketing metrics. Not only does she know the
subject inside and out, she explains it in simple and clear ways for those of
us who are novices. Now that I have my copy of Marketing Metrics, I may
not need to bug Christina quite so much!
Ed Powers, Faculty Lead, MS in Corporate and Organizational Communication,
Northeastern University
Marketing Metrics
Leverage Analytics and Data to
Optimize Marketing Strategies
Christina Inge
Publisher’s note
Every possible effort has been made to ensure that the information contained in this book is
accurate at the time of going to press, and the publishers and authors cannot accept
responsibility for any errors or omissions, however caused. No responsibility for loss or
damage occasioned to any person acting, or refraining from action, as a result of the material
in this publication can be accepted by the editor, the publisher or the author.
First published in Great Britain and the United States in 2022 by Kogan Page Limited
Apart from any fair dealing for the purposes of research or private study, or criticism or review, as
permitted under the Copyright, Designs and Patents Act 1988, this publication may only be
reproduced, stored or transmitted, in any form or by any means, with the prior permission in
writing of the publishers, or in the case of reprographic reproduction in accordance with the terms
and licences issued by the CLA. Enquiries concerning reproduction outside these terms should be
sent to the publishers at the undermentioned addresses:
2nd Floor, 45 Gee Street 8 W 38th Street, Suite 902 4737/23 Ansari Road
London New York, NY 10018 Daryaganj
EC1V 3RS USA New Delhi 110002
United Kingdom India
www.koganpage.com
Kogan Page books are printed on paper from sustainable forests.
© Christina Inge, 2022
The right of Christina Inge to be identified as the author of this work has been asserted by her in
accordance with the Copyright, Designs and Patents Act 1988.
ISBNs
Hardback 978 1 3986 0661 6
Paperback 978 1 3986 0659 3
Ebook 978 1 3986 0660 9
British Library Cataloguing-in-Publication Data
A CIP record for this book is available from the British Library.
Library of Congress Cataloging-in-Publication Data
Names: Inge, Christina, author.
Title: Marketing metrics : leverage analytics and data to optimize
marketing strategies / Christina Inge.
Description: London, United Kingdom ; New York, NY : KoganPage, 2022. |
Includes bibliographical references and index.
Identifiers: LCCN 2022026862 (print) | LCCN 2022026863 (ebook) | ISBN
9781398606593 (paperback) | ISBN 9781398606616 (hardback) | ISBN
9781398606609 (ebook)
Subjects: LCSH: Marketing–Management–Data processing. |
Marketing–Technological innovations.
Classification: LCC HF5415.125 .I54 2022 (print) | LCC HF5415.125 (ebook)
| DDC 658.8–dc23/eng/20220615
LC record available at https://lccn.loc.gov/2022026862
LC ebook record available at https://lccn.loc.gov/2022026863
Typeset by Hong Kong FIVE Workshop
Print production managed by Jellyfish
Printed and bound by CPI Group (UK) Ltd, Croydon CR0 4YY
CONTENTS
Preface x
01 Data-driven strategy 1
The marketing metrics revolution 1
Building a metrics-driven culture 4
Systems thinking: the next level of metrics-driven marketing 6
Testing and experimentation: the other side of the metrics 8
Metrics-driven strategies in real life: Coca-Cola case study 9
Empathy-driven marketing metrics 11
Data as the differentiator 11
What this book is about 12
Endnotes 13
02 Customer data: the core four 15
The shifting sources of customer data 15
CRM data: the core of your customer metrics 16
Basic customer metrics: the core four 17
Revenue-based customer metrics 18
Individual customer revenue metrics 19
Customer conversion metrics 20
Customer loyalty, value, and retention metrics 23
Beyond the individual: other consumer metrics that help you win the
war for customers 25
Web analytics data 32
Customer data in a privacy-driven world 36
Creating a comprehensive customer view 37
CRM data is only as good as the people who use it 37
Conclusion 38
Endnotes 38
vi CONTENTS
03 Metrics-driven customer journeys and personas 39
It’s a group project: turning consumer metrics into large-scale
strategic insights 39
Customer segmentation 39
Putting it all together with metrics-driven personas 42
Putting it all together with customer journey mapping 43
CRM nuts and bots: making customer data live 48
Conclusion 53
04 Channel metrics 56
Channel metrics to know 56
Big-picture metrics 56
Setting channel goals 57
Digital advertising metrics 61
Paid search metrics 62
Influencer marketing 67
Video content metrics 68
PR metrics 70
TV, radio, out-of-home 72
Print advertising metrics 75
Channel metrics for marketing program optimization 78
Conclusion 78
05 Data-driven branding 80
Goal-driven brand metrics 83
Measuring brand equity 83
Measuring price premium vs profit premium 84
Focus groups for brand metrics 87
Trust equity 87
Measuring brand perception vs brand awareness 89
Measuring brand identity 90
Search data 91
Monitoring brand reputation with social listening 92
Brand tracking software 92
Acting on brand awareness metrics 92
Strategies with brand equity data 93
Conclusion 96
CONTENTS vii
06 Content marketing metrics frameworks 97
A few basic content marketing concepts 98
Traditional marketing vs content marketing 99
Thematic mapping 100
Ranking themes for better measurement 102
Audit your content by theme 106
The content value score: measuring the value of content to your
brand 107
Measuring content by theme performance 110
Moving forward: on-page content optimization 111
07 Content marketing: the essential metrics 114
You have a map, now get on the path: taking action with content
metrics 114
A word about B2C vs B2B content 114
The fundamental five content metrics that matter 115
Content metrics by content type 116
Acting on the data 126
Putting it all together: creating a content calendar 131
Conclusion 132
08 Data-driven product strategy 137
The product lifecycle 137
The classic product metrics frameworks 139
Product strategy knowledge gaps 143
Sources of product metrics 143
UX Research 145
Web analytics 151
Conclusion 161
09 Price and place metrics 166
Data for pricing strategy 167
Factors influencing price 168
Price strategies 168
Pricing models 170
Digital marketing metrics 176
Segmenting customers by price sensitivity 178
viii CONTENTS
Using data analysis to set prices 181
Loss leader metrics 181
Exploring price elasticity of demand 182
Price sensitivity in B2B marketing: how price sensitivity impacts
decision making 184
Pricing conclusion 185
Place metrics 185
Point-of-sale data 186
Loyalty card data 187
Using metrics to assess place options 189
Comparing locations 191
Conclusion 193
10 Marketing performance metrics 194
A/B testing 196
Multivariate testing 199
Channel metrics in agile marketing 204
Conclusion 210
11 Data governance and the new privacy laws 215
The current privacy regulation landscape 216
Other data privacy laws 219
Platform-based requirements and restrictions 222
Data governance and ethics frameworks 225
Managing privacy 230
Blockchain and the future of trustworthy marketing metrics 238
Conclusion 243
12 Building dashboards and data evangelism 250
The importance of data evangelism 250
Democratizing data 251
Self-service metrics and data discovery: everyone an analyst? 252
Dashboarding 254
Training for metrics success 263
Conclusion 265
CONTENTS ix
13 What are the skills of a metrics-driven marketer? 270
Critical skill types 271
The big picture: empathy, future thinking, organization, and systems
thinking 273
Hard skills: technologies and tools 277
Tactical and strategic hard skills 280
Future-proofing your career with strategic skills 281
The marketers of the future are metrics-driven—and now, you are
one, too 284
Endnotes 285
14 Marketing metrics resources 286
Major publications 286
Web analytics 287
Market research 287
A/B testing, multivariate testing, and heatmapping 289
Social media 289
Direct marketing, email, text, and chatbot metrics 290
SEO and PPC 292
General marketing publications with metrics coverage 293
Personal blogs 294
Career development and professional associations 296
Data science 301
Hackathons and competitions 301
Dictionary of marketing metrics and related terms 303
Index 311