What is a marketing measurement plan?

Measurement Marketing

Making the jump from solopreneur to agency owner or CEO can be tricky. Not only do you have to step into the leadership role, but you also have to start focusing on the bigger picture that will help you scale and grow your business. 

A big part of growth is setting up the foundations so your team can keep your business running without your day-to-day involvement. This can help you plan to take extended time off for a vacation or to have a baby.

Having a marketing measurement plan in place can help get you there and support the critical business decisions you need to make.

What is a marketing measurement plan?

A marketing measurement plan is a document that helps you identify the metrics and dimensions you need to measure to hit your business goals. 

This is not only for your website analytics (Google Analytics and Google Search Console) but your overall marketing strategy. 

Essentially, it’s a framework that you can use to identify key performance indicators across your business.

These include but are not limited to:

  • Brand awareness and visibility 
  • Sales and revenue growth
  • Customer loyalty and retention
  • Social media community growth
  • Marketing and content reach

Why you need a marketing measurement plan

More than likely, right now, you are using various tools and spreadsheets to track metrics that you think are important but aren’t focused on your big picture. 

Here are some of the reasons why I recommend having a solid measurement plan in place:

Your business direction becomes clear

When you have a plan in place that holds you accountable and keeps you on track with your goals, rather than focusing on strategies, the focus is on what drives conversions that lead to business success.

Your team has clarity

Building a solid team foundation where you can leave your business behind for an extended time starts with team clarity. 

Often we share our goals and vision with our team but don’t show them the nitty-gritty of how we make the decisions we do. 

While you may not want to disclose your full financial details, having a measurement plan in place can give your team clarity so they can make autonomous decisions. 

This can cultivate a growth mindset culture where your team feels more confident and less reliant on you.

Measuring your live launches or evergreen funnels becomes easier when you know what you are measuring. 

You can focus on a ‘test and learn’ approach where you can review the performance of your last launch rather than reinventing the wheel every single time. 

You can also start tracking performance for each team member according to their outpoint and impact on the business. This encourages career development within your team and supports your long-term vision.

Everyone is aligned on what they need to do next

Having a clear direction holds everyone accountable, so you know what actions and metrics will lead to success. 

After a while, this becomes second nature, so you know what tactics work and what you can remove from your marketing. This leads back to being efficient and productive as a business.

You can focus on optimisation for business growth

Business growth often comes hand-in-hand with visibility. I see CEOs pour thousands into paid advertising, whether it’s Google, Facebook/Instagram or Pinterest, without considering their metrics.

While paid advertising may get you in front of a wider audience, it doesn’t necessarily convert as well. 

Having this type of in-depth knowledge can be immensely beneficial and powerful for a CEO. Knowing when to switch off your paid advertising off can help you keep a healthy P&L while increasing your conversions. 

This can support the different seasons of your marketing and launches, so you stay profitable when you don’t need a big push in advertising.

You can utilise the power of automation

It’s surprising to hear how many six and 7-figure CEOs are still using Google Sheets, Excel or multiple tools to track their marketing and sales data. 

Manually entering data into a spreadsheet leaves not only room for error but also wastes time. Having multiple tools to track important metrics can be confusing and increase the time wasted when you need an answer straight away.

Once you know the KPIs that you want to measure in your business, you can use the power of automation to do the heavy lifting for you.

Automated reports are visual and answer complex questions in a matter of seconds without opening multiple tabs or tools. 

This not only saves you time but can make you a more efficient and productive team. 

What metrics should you measure with your measurement plan?

There are so many metrics that you could measure, but it’s important to remember your business objectives and start from there. 

More than likely, you will have a revenue goal for the year that you can use as a starting point. You can then break these down into goals and KPIs.

Here’s an example of what it could look like:

Business objective: Increase revenue by 50% this year

Goal: Increase sales of program A by 10% in Q1

KPIs: increase revenue, reduce cart abandonment, increase upsells, improve conversion rate

Now you have these KPIs in place, and you can start creating actions to support reaching the goal.

How do you get started with creating your plan?

Before you start creating your measurement plan, you need to consider who should be involved.

Depending on the size and organisation of your business, you may decide to include:

  • You (the CEO)
  • Other C-suite executives like your CMO or COO
  • Director level or Head of roles

These individuals should understand your primary business objectives and strategies.

You’ll need to find a measurement marketer who understands the following:

  • Web analytics and how you can use them
  • Technical optimisation to set up your custom tracking and reporting

Once you have your team in place, you can go through each business objective and start creating your goals and KPIs.

Your measurement marketer will be able to support you in the technical aspect and give you advice on what metrics and dimensions you can track across your digital platforms.

After your plan has been created, your measurement marketer will configure your Google Analytics and other relevant reporting tools to create an automated dashboard.

This can be shared with the relevant stakeholders across your business so you can start making decisions straight away.

Want to create your own measurement plan?

If this is something you need support with, you may be interested in my Measure, Automate, Scale VIP Day. 

While other agencies take weeks, even months, to set up a measurement plan and automated reporting, I’ve created a framework that can complete it for you in 6-hours. 

For more details on the Measure, Automate, Scale VIP Day, get in touch to set up a coffee chat.

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