Marketers, like any other professionals, rely on authentic data measurement strategies to arrive at fast and meaningful decisions. Based on Google reports, an estimated 83% of marketers contemporarily depend on Google’s Cookie marketing program to formulate effective marketing response strategies. This aspect is a threat as Google projects to terminate Cookies-based marketing programs. Marketers must leverage various marketing measurement tactics to gain insight into their settled marketing activities. As a result, marketers are capable of developing post-cookies marketing measurement strategies to establish more complex and effective marketing campaigns that maximize the marketing budgets. Marketing metrics denote measurable values utilized in monitoring, recording, and tracking a campaign’s performance over time. Failure to instigate these marketing metrics strategies, a marketer, is incapable of quantifying the impacts of their marketing efforts. Marketing metrics strategies are, however, numerous and organized based on the relevance of the organization’s Key Performance Indicators (KPI) and the goals of an organization. This assignment analyzes Classical Marketing Metrics (CMM), Essential Nonfinancial Metrics (ENM), and Social Media Metrics and Measurements (SMMM) in the context of a health institution setting.
The Classical Marketing Metrics defines the metrics of growth. It seeks to focus on the most appropriate measurable marketing tactics a health institution should use to deliver revenue-centered outcomes. These marketing metrics mark a paradigm shift from the conservative marketing agencies whereby shares and likes matter the most and incorporate the notion of performance marketing. Performance marketing endeavors towards improving customer acquisition metrics and qualified leads are crucial in defining a marketing strategy’s actual impacts. Through performance marketing, a marketer can quantify whether or not a market-centered video or advertisement clip generated the intended impression, whether a blog earned the projected website traffic, and whether the resulting outcomes align with the organization’s KPI (Jeffery, 2010). CMM is structured towards inducing performance marketing strategies in measuring sales resulting from a utilized marketing strategy.
These measures incorporate cost per lead, sales revenues and growth, conversion rate, a customer’s lifetime value, and the ultimate return on a marketing cost. This advanced tracking strategy enables marketers to effectively target their markets through activity accelerations that gradually emerge as valuable. CMM, in particular, measures the sales revenue, sales growth, leads, cost per lead (CPL), customer value, lifetime value (LTV), return on marketing investment (ROMI), return on AD spend (ROAS), and the lead to customer ratio. CMM in a health institution setting is significant in guiding the marketer’s program, alongside aligning the target community health needs with the institution’s programs. This move is critical in arriving at the appropriate customer-centered marketing techniques anchored on performance needs metrics, which are thus measurable.
Secondly, Essential Nonfinancial Metrics denote the inexpensive quantitative metrics in monetary units. ENM performances serve as critical future financial performance indicators that provide insights into the organization’s effects on stakeholders and society. This factor necessitates an improved understanding of an organization’s internal operationalization, providing critical analysis points on the contemporary financial results of an organization. ENM categories include brand preference, take rate, customer retention, customer experience, market share, company reputation, customer influence and value, competitiveness, and innovation. According to marketers, these categories provide crucial insights to an organization’s executives that are significant in formulating critical corporate social responsibilities, alongside understanding the organization’s dynamics based on the target consumer perspectives.
Brand preference is critical in understanding a company’s position alongside the value of the offered products or services in relation to the competitors (McDonald, 2014). Most marketers denote the aspects of awareness that reiterate whether consumers are aware of their existence. The take rate points to the rate of call to action that consumers perceive services and products of an organization; this strategy analyzes the response aptness of client basis in responding to a call to action by an organization. Customer retention and churn reinforce customer acquisition techniques. This metric analyzes the retention capabilities of an organization in its current clientele base. Customer experience metrics analyze all the point of contact an organization comes with its markets and elicits direct effects on customer retention and churn techniques (McDonald, 2014). Innovation metrics denote an organization’s capabilities to create new products and services that bring in a unique taste and retain their contemporary clientele basis. The ENM strategies are crucial in a health institution setting whereby marketers can analyze the reputation of a health program, determine the feasibility and evaluate the appropriateness of the program to their target markets.
Thirdly, the SMMM denotes the most common and fundamental metric marketers need to focus on, particularly in the technological advancement era. Specifically, marketers need to focus on engagement, sharing of the invoice, reach and impressions, conversions and referrals, and time and response rates. From the count of followers to the post engagement percentages, the scope of social media metrics can indulge. Moreover, a fundamental metric is introduced continuously. An organization’s social media goals consequently determine its metrics. For each specific goal, an organization requires an associated metric that is crucial in analyzing the significance of the social strategy. Various social media platforms have various native analytics that marketers can utilize (Mintz, 2013). Twitter denotes Twitter Analytics, while Facebook incorporates the Insights tab. Marketers analyze the user’s engagement levels, including elements such as likes, comments, shares, and clicks. The engagement rate metric is often utilized in tracking the effectiveness of a brand campaign alongside the involvement levels an audience is with the posted content. Consumers engage with a brand and often interact through acts like social sharing and liking. Marketers constantly evaluate likes, comments, and retweets, post engagement rate analysis, and account mentions rate.
Furthermore, through SMMM, marketers analyze awareness based on impression and reach context. Marketers focused on brand perception and awareness track awareness aspects. Impression denotes the frequency or the number of times a post may appear on an individual’s timeline, while reach attributes the potential unique viewers a post may have. SMMM is viable within a healthcare institution, particularly in tracking the feasibility of a health program. How target markets engage with the used social media platform serves as an analytical basis for evaluating the program.
References
Jeffery, M. (2010). Data-driven marketing: The 15 metrics everyone in marketing should know. ProQuest Ebook Central
McDonald, M., Mouncey, P., & Maklan, S. (2014). Marketing value metrics: A new metrics model to measure marketing effectiveness. ProQuest Ebook Central
Mintz, O., & Currim, I. S. (2013). What drives managerial use of marketing and financial metrics, and does metric use affect the performance of marketing-mix activities? Journal of Marketing, 77(2), 17-40.
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