Wednesday, February 21, 2007

Marketing Metrics and Success

Little bit of a conversation going at MarketingPathway on top 10 internet marketing metrics. I'm probably missing something without having numbers to use as examples but Doug's metrics make some sense. He responded back to my post - #1 action in having a conversation. Be responsive to those who take time to comment :)

I'd be curious to hear how some of you value his metrics - and more importantly - the ones YOU value.

My belief is the relationship comes first - money is a bonus! Granted a nice bonus - but still, a bonus. But the relationship - the communication - is what it's all about. What communication metrics do you value?

Success is a whole other ball of wax and pot of stew. I am having too much good fun with Successful Bloggers and the Con in May. Hoping to figure out a way to meet some fine readers while I work on SOB acceptance speech.


doug hudiburg said...

Hi Bob,

Thanks for picking this up and furthering the conversation, and thanks for your comments on my blog.

Before the conversation evolves too much further, I think it is important to note that the list I created is for measuring marketing success when it comes to promoting a specific product or service.

It won't be of much help in measuring success in things like brand awareness, community building, relationship building (except the metrics I listed do measure the strength of the customer relationship well).

For instance, the metrics I listed wouldn't help measure the success of a blog. I think I need to make that clearer with the next update (which should be this weekend).

Also, I agree, that the money can't be put first -- meeting the needs of your customers (or readers) is the only focus that works. Focus exclusively on the money, and you will be out of business soon.

But measuring success in marketing has to ultimately come down to how much money is generated. That's the job of marketing -- to generate income for the company while providing value to the market.

As we are learning in this 2.0 world, there are a lot of great variations on HOW an audience can be reached. Companies are learning that they can be authentic, transparent, and profitable.

Some people have told me (privately) that my emphasis on profit might be a little too much. My feeling is, there is only one measure of effective promotional marketing that really matters -- and that is profit generated.

Phil Gerbyshak said...

Bob - I'm looking forward to meeting you at SOBCon. Should be a great time.

And thanks for sharing this article. Very nice addition to the conversation.

BobG said...

The job of marketing - "To generate income for the company while providing value to the market" - WOW! that is excellent, Doug - if you stole it (which all good marketers - like artists do)...great pick. And if its your original phrase...please continue tapping those flashes of brilliance!

Phil - I'm doing everything I can to get to the Windy City in May -

Doug Hudiburg said...

Since you asked about the definition of marketing, here's the full version:

"Marketing is the business activity of creating value, communicating value, and exchanging value to satisfy the needs of businesses and individuals."

Thanks for your kind comments.

BobG said...

Thank ya Doug - that definition says it all - create, communicate, exchange - a bit like blogging :)

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