Introduction to Marketing Metrics
Marketing Metrics tell us whether or not we are spending our money wisely.
The current view of business is that we are trying to maximise the networth of the company – defined as the aggregation of the net present value of all of the income streams that we have. You can think of this as the sum of the net present value of the customer lifetime value of each customer.
The things that contribute to this are
- What is the cost of acquisition
- Advertising costs
- Site performance and efficiency
- How much does each customer buy per year
- How long do you retain the customer
So most of the discussion of metrics in this course are based around these ideas. Obviously the business model has to deliver a profit – otherwise you will be scaling losses but in this course we will be looking mainly at customer acquisition and site performance.
What this course teaches us about marketing metrics.
We will discuss how can we use Google Analytics, Machine learning and other approaches to using Big Data to improve our ability to
- Identify our most promising customers
- Communicate to them in such was as to attract them to the site better
- Develop the site so that they achieve more of the microgoals we have identified
- Improve the eventual sales or engagement rate.
We will show you how to create dashboards based on the key metrics important for your particular business and to present them in a way that leads your organisation to take action through a limited number of critical KPIs.
It is particularly important to think through what these might be for Business to Business or not for profit sites. This is because we need to track engagement via downloads or video views rather than progress to an online sale.
Find an Introduction to Machine Learning
Find out more about Google Analytics for Websites