In marketing, it is very important to determine what is worth spending money on and what is not. Analytics is an integral part of doing business, and without analyzing costs and benefits, it is impossible to plan further work. That's what marketing metrics are for.
Marketing consists of a wide variety of tasks, and it is important for marketers to be able to correctly measure marketing activities. This will save the company time and money. Marketing metrics are used to help companies make effective decisions and take control of the situation more fully. They perform several tasks:
· Help marketers to determine what problems need to be solved, to outline solutions;
· Find effective ways for communication;
· Track how consumer preferences change;
· Determine how the market is changing, its boundaries and structure;
· Finally, show what is the contribution of marketing to the company's performance.
Controlling marketing metrics is the last function of marketing. This function is called control, or measuring, since it is carried out last, after all stages of the marketing plan have been completed. Control over metrics allows you to manage marketing activities and determine the effectiveness of the result.
Marketing metrics are needed to try and measure metrics that cannot be measured directly. There are many variables in marketing that cannot be directly tracked, for example, how satisfied the consumer is with the product, how much he likes this particular brand. Therefore, marketers come up with and create sets of indicators that allow us to correlate the performance of marketers as well as performance indicators.
Different metrics can measure different types of company activities: customer behavior, different sales indicators (for example, the size of the average check), products (for example, the number of products that customers buy), and more.
