As we noted several times before, firms must know what factors to assess. Thereby, becoming better able to review performance. Here, we take a new look at key marketing metrics. Also known as key performance indicators (KPIs).
First, read these related articles from earlier in 2021:
- An E-Commerce Analytics Handbook
- Competitive Analytics for Social Media
- Key Performance Indicators for Marketers
Media Perspective: A New Look at Key Marketing Metrics
Recently, the ANA Media Leadership Growth Council was established. With an exclusive focus on media. The Council identifies “media KPIs as one of its areas of initial interest due to the direct connection between KPIs and business results. The group intends to learn more about these concepts. (a) The most used KPIs for media. (b) The most important KPIs for media. (c) The new/emerging KPIs for media. (d) The KPIs considered to be ‘head fakes’ — KPIs endorsed by a media partner. But not really useful, and potentially deceptive.”
identified 39 KPIs. A 2021 survey questioned 93 industry respondents. Qualitative interviews supplemented the quantitative work. A key finding: the most important KPIs are generally not the most used KPIs. The most important KPIs for media mostly rely on outcome and measurement quality. These KPIs include ROI/ROAS, brand safety metrics, customer lifetime value, and conversion. The most used KPIs for media primarily deal with efficiency and media exposure KPIs. These include CPM, CPC, unique reach, and viewable impressions. There means an opportunity for the industry to increase the use of outcome and measurement quality KPIs. As media investments increasingly are held accountable for driving results.
We present two tables from the study. One examines the most used media KPIs. While the other notes the most important KPIs. Review the differences between the tables. Your conclusions? And recommendations?