Week Ten

Article Summaries:

The first article states that a common problem with marketing metrics is that they are not properly linked to financial metrics. The author gives a five step approach to remedy this: Determine your source of truth, get on the same page with finance, build the historical model, reverse the model, and broadcast.

The second article discusses five major areas of importance when dealing with metrics. Help desk KPI’s, Action’s per engagement, response time indicators, conversion rates, relationship freshness, and funnel drop off rates. Out of all of these metrics the funnel drop off rate is most important. With this metric it allows you to find out how often prospects opt out of newsletters/emails ect and by understanding how often potential buyers opt out of your subscription marketing you can make tweaks to correct the behavior.

Key Takeaways:

• Make sure you can clearly articulate what you need from your CRM database
• Use the historical model as a guide for how to plan future investments
• Even if you think your CRM is clean, it’s worth it to invest in a data hygiene project
• Keeping  up with customer relationship management allows a firm to achieve maximum results
• Tracking KPI’s (Key Performance Indicators) makes its easier to retain customers
• Using the funnel drop off rate a struggling advertising campaign can be reinvigorated
• Customer freshness is very important. By keeping notes of where your conversation with clients left off

Sources:

Berke, Adam. "How to Tie Your Marketing Metrics to Real Business Results (5 steps)." VentureBeat. VentureBeat, 31 Oct. 2015. Web. 31 Oct. 2015.

Taylor, Michael. “5 CRM KPI’s You Must Track.” CRM Simplified. 23 Oct. 2015. Web 01 Nov. 2015.