Stop all the metrics ... only measure what matters
This is NOT a "less is more" blogette to satisfy some overwhelming urge to stop all the approaches from agencies offering to "help" me with data, metrics, scorecards, etc etc. And neither is it a winge about "analysis paralysis" (well...maybe a bit of both...)
The point is this: As a CMO of mid-cap company, with investors, financial analysts and so on... the world is a very different place from my first job running campaigns. Different things matter, at different times and for reasons that have much narrower & sharper focus.
I no longer care about "cost per lead", for example. I care much more about customer tenure, wallet share and customer influence/value, growth markets, markets to invest in and those to withdraw from. Fundamentally it boils down to the simplest thing: How do we drive profitable growth. And so the simplest metrics just have to follow. I dont want 200 metrics. I want 10, or 20, but no more. I want my team focused on the same ones. They need to be driving simple, effective, metrics harder and faster than before.
If we dont grow profitable, we dont have a business. And we certainly dont have a marketing function in that scenario!
Who has cracked the code? At this time of year, I am open to input...
And a Happy New Year to you all!!