Measurement is the Strategy

(I know that's a lame title for a blog post but being a huge fan of Marshall McLuhan, I couldn't help it...I'm always looking for "x is y" around me...if you hate this piece, you'll abhor what I'm going to write next...."marketing is the product"..."customer is the business"

“you can't manage what you can't measure” is a bold statement but I think it still undersells “measurement” to people. There are certain aspects of measurement (marketing measurement to be precise)  that are so fundamental to your strategy that they actually decide what your strategy should be; and you can't possibly outsource this part to cheap data crunching analytics companies; but before I talk about that, consider this:
  • Do a Google search for contemporary marketing gurus/strategists and 9 times out of 10, you’ll end up with someone who’s actually a marketing measurement guru. Seriously, try it! I’m not kidding. And while you are at it, see if you can distinguish between a non-measurement-focus-marketing-guru and Deepak ChopraJ

Why measurement is so important for marketing today:
  • There are two parts to any kind of measurement (1) the act of measuring something and (2) deciding what to measure. The “act of measuring” has its own challenges like finding relevant data sources, integrating disparate data types/sources and the availability of tools for processing and visualizing data etc. etc. but these are mostly tactical things (though difficult).  “deciding what to measure” on the other hand is a more strategic/fundamental problem. Internet is full of marketing-measurement discussions about “act of measuring” but not too many people are taking about “what to measure”!
  • “Deciding what to measure” is what forces you to really evolve/refine your strategy. In fact, it could be an acid test that’d decide whether your strategy holds water or not.
  • I’m gonna go out on a limb here and say if you begin by “deciding what to measure” (in the context of your business) and then jump into strategy, you’d save money and have more success.

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