Why We Love Metrics (And You Should, Too!)
Metrics are a key component of data-driven marketing as they provide a standard and consistent way to measure, understand, and track marketing data and results. They track key performances, progress, quality, efficacy, efficiency, and more. When measuring metrics it is important to establish a baseline in order to effectively analyze the information you are gathering. In order to measure effectiveness and growth, a baseline must be in place to do so. It is also important to measure consistently. Most associations measure monthly or quarterly, looking for insights, patterns, outliers, and more. Another key part of metrics is identifying a KPI, or a key performance indicator. KPI’s demonstrate growth and opportunity, as well as success. KPI’s can reflect goals, number of views, values of data, and more.
By using digital metrics, associations have the power to gain member insight. Insights are data-driven, actionable findings that drive business and generate revenue. Insights provide more information about what users and consumers prefer, how often they visit, what they are interested in, and so on.
Why You Should Care
For associations, metrics are a way to analyze data and they have the ability to hyper-personalize content for users and members, all while gaining insight and turning metrics into something actionable. A funnel type framework gives a baseline on how to group metrics and turn them into insights. The framework begins with awareness and moves to participation, to engagement, and lastly, to advocacy. This transitional framework provides organizations the capability to track, understand, and nurture what the user wants, how the user is interacting, and how to respond.
Although very useful, metrics can pose great challenges to associations because the volume of data can be overwhelming. Not to fear however, digital marketers can compile the overwhelming amount of data into one place and provide associations with the opportunity to more deeply connect with users and gain member insight. By using the data-driving marketing tactic of metrics, associations have the opportunity to evaluate and act on the information they are gathering. All in all, associations should remember to identify their key performance indicators, understand the difference between data and insights, establish a baseline for measurement, and lastly, rely on insights for future action and implementation!
*Information provided from our HRU Webinar: Measuring: Using Digital Metrics to Gain Member Insight
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