Creativity and science converge at digital marketing. Unlike the days of Don Draper when advertising strategy was based on intuition and whisky, modern analytics packages give you the ability to measure thousands of campaign metrics and to react accordingly. But thousands of data points aren’t helpful. The sheer volume of data is overwhelming. If you’re spending more time sifting through data than you are understanding it, the benefit is lost. So what do you do?
Remember the ‘K’ in key performance indicators (KPI’s). If it’s not ‘key’, it’s probably not the best use of your time. What do you really need to know in order to improve the performance of your campaign? Choose a handful of metrics that really matter and focus. Repeat the mantra, what’s measured gets managed, and be judicious in your choices.
Proficiency with analytics for optimizing your ad campaign doesn’t happen overnight. Tweak KPI’s as you learn. In the end, you want actionable insights. If you’re not taking action based on your insights, it’s a sure sign you’re measuring the wrong thing. Fortunately, even choosing the wrong metrics brings you a step closer to the right ones.
Follow three guidelines for best results when identifying your performance measures:
1. Remember the ‘K’.
2. What’s measured, gets managed.
3. If you’re not acting on results, you’re measuring the wrong thing.