When it comes to measuring metrics and return on investment for any company including the GWC Valves USA, you need to understand where metrics go wrong and the right way to measure them. There are hundreds of marketing metrics to choose from and almost all of them measure something of value. it is okay if you choose to track your metrics internally but it is best to avoid sharing them with other executives unless you’ve previously established why they matter. Vanity metrics is too often something that marketers rely on which is a feel good measurement to justify their marketing spend. Measuring what is easy is when marketers will often end up using metrics that stand in for those numbers but it raises the question in mind of fellow executives whether those metrics accurately reflect the financial metrics they really want to know about. Focusing on quantity and not quality is another way that metrics go wrong since it can look good initially and not drive profits. Activity, not results is a marketing activity is easy to see and measure but the marketing results are much harder to measure. Efficiency instead of effectiveness means that effectiveness is what convinces sales, finance and senior management that marketing delivers quantifiable value. Efficiency metrics are likely to produce more questions.
The right metrics involve having financial metrics such as being able to measure the revenue metrics, marketing program performance metrics, business performance metrics and KPI’s, diagnostic metrics and as well as leading indicator metrics. The right metrics also measures the time dimension, which is looking at the past and seeing how did we do? Present, which is looking at how, are we doing? And the future, which is how will, we do? Finally the last good metrics involves being able to set goals to see what was expected and if the goals were simply met or exceeded.