In our data-driven business environment, marketing teams need to be agile and lean to bring the most value to the organisation. Tracking metrics that don't bring value is a waste of time, so here are a few examples of marketing metrics that are ready to be retired and suggestions for better ones to replace them.
Leads and Cost per Lead (CPL) are both misleading metrics, as they don't track how dollars are contributing to the bottom line. Instead, tracking Pipeline dollars per channel and Customer Acquisition Cost (CAC) provides better insight into how Marketing is adding value. Similarly, vanity metrics like website bounce rates, page-one keyword rankings and Facebook Likes don't add to pipeline and revenue. Replacing these with Customer Lifetime Value (CLTV) will show which segments bring in long-term, profitable customers.
Keeping track of the right marketing metrics is critical for efficient teams. Replacing outmoded metrics with those that provide more meaningful insight into Marketing's contribution to growing pipeline and revenue is key to success.
Three Marketing Metrics to Stop Tracking—And What to Measure Instead
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