In 2019, Google partnered with Boston Consulting Group, a leading management consulting firm, to study the digital marketing practices of 200 companies around the world. Their goal was to identify the features and technologies that define today's most advanced and successful marketers, and measure the value of those top-notch features. Among the most successful and digitally mature organizations, several common characteristics have emerged, including a concept that should be on the minds of digital marketers everywhere: each of the companies has demonstrated an "actionable measure". According to the study, actionable measurement occurs when: Marketing objectives are linked across channels to unified brand objectives; Goals are validated by sophisticated digital marketing attribution; and attribution data is used to drive smart, targeted actions. The benefits of actionable metrics-based marketing systems were clear: Companies the study found successful in this regard generated on average 20% more revenue and 30% lower costs from digital marketing compared to to their less advanced peers. A company assessed in the report proved the point even more clearly: After collecting insights from data-driven attribution and using it to take quick and appropriate action by optimizing ad budgets and word bids the company saw an immediate increase in lead volume of 6% and a reduction in cost per lead of 17%. Fortunately, collecting attribution data has never been easier. Unfortunately, collecting data and knowing what to do with it are two very different animals, and attribution data only has value when it leads to targeted action. In the sections that follow, we'll explore how to set up a marketing system based on actionable metrics powered by sophisticated attribution.
Starting with the Employee Email Database definition of actionable measurement included above, we'll look at: How to create linked marketing goals across channels How that attribution data to measure those goals is collected and analyzed How attribution data can be used to drive to action and optimize systemsLink marketing goals to unified brand goals The first step in implementing an actionable metrics-based marketing system is to create a framework within which your data can be used. To do this, your organization must: Develop a plan based on your company's overall brand goals Create marketing goals that support this plan Evaluate those goals by measuring key performance indicators (KPIs) supported by attribution data brand goals are your company's overall priorities. They include the top level plans of your business model and strategy. These may involve launching new products, expanding into new markets, or scaling up operations and production. They are usually tied to financial metrics such as growth targets and profit margins. Marketing objectives are your plans for using marketing efforts to achieve your brand goals.
They outline what your marketing team intends to do and how, including clear direction for team members on implementing plans, and provide reports you can share with the property or teams management to support oversight. Examples of marketing goals include growing your online presence, generating new leads, increasing sales, and building brand awareness, among others. Key performance indicators (KPIs) are quantifiable metrics that measure the performance of your marketing efforts. Depending on your marketing efforts, your KPIs may include sales growth, profit evolution, customer lifetime value, conversion rates, website metrics, and SEO performance. A common set of guidelines for creating marketing objectives is called SMART. It is an acronym that incorporates the characteristics of successful marketing goals. Goals should be specific, measurable, achievable, relevant (linked to brand goals), and time-bound. Validate marketing objectives with attribution data Your marketing objectives should be designed to s