Marketing Metrics: 50+ Metrics Every Executive Should Master
Book review time.
The Elevator Summary: Thorough, clear reference book explaining how to measure what marketing is supposed to produce. Knowing what the metrics mean doesn’t tell you how to improve them, but this book does tell you what the metrics mean.
Standout Moments: The Customer Profitability chapter. For example, Prospect Lifetime Value = response rate x (initial margin + (Customer Lifetime Value of acquired customers – cost of prospecting efforts)). Metrics like these bring sweet focus to the sales and marketing mind: if we’re delivering negative PLV, then what the hell are we doing about it?
Not so much: Most marketing teams I’ve seen don’t have the historical data or reporting tools to calculate the metrics. This problem may be rooted in fractured ownership, lack of data capture, functional unwillingness to share data, etc. But it also reflects fear and ignorance on the part of the marketing teams. Why not ask for the information we need to determine how we’re doing?
Who should read it: Marketing and sales executives, and their bosses. Every agency which purports to improve the life and times of the marketing or sales exec.
Bottom Line: Definitely not beach reading, but worth it. A little math will make us stronger.
More about the book: Marketing Metrics: 50+ Metrics Every Executive Should Master
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