How do you measure your marketing efforts?
I came across an interesting blog post by Dave Fleet the other day, and wanted to share here as well.
Earlier this week, Dave brought up the question as to whether or not measuring a brand’s Share of Voice is really helpful. (I was originally reading his post about Compete.com, which also prompted this larger discussion on measurement).
As PR practitioners, we know measurement is key. Not measuring impressions numbers or circulation numbers – or god forbid, the dreaded advertising eqivalency (do people still do that?) – but taking a pulse as to the conversations happening about your brand and how that stacks up against your competitors.
We use a few different models here for our clients. We build measurement goals based on business objectives for the client and work alongside other marketing channels to provide a holistic view. And it’s different for each client.
Yesterday I was talking with a colleague at a partnering brand agency, and they use a completely different process to measure success. Which way is right? As long as the client is happy with the results, does it matter?
It’s imperative to develop measurement goals and collect data using legitimate resources. When any of those resources are called into question as to whether or not they’re accurate (as Dave brings up in his Compete.com post) – it’s disconcerting to me.
I know there’s been lots of discussion within PRSA and the Institute for Public Relations Research to create a more standard methodology of measurement for marketing efforts. But I’ve yet to see anyone come up with something that’s really viable.
In the end, it still comes down to knowing your client’s business, understanding their business objectives, and creating strategy and measurement goals against that. Whether or not Share of Voice is something you should measure only matters if it applies to your client’s larger business goals. I do wish there was a more standardized method of measurement everyone could draw data from, but for now, that seems like wishful thinking.
How do you measure your marketing success? Let’s keep the discussion going….