Pivot to a Customer-Centric View
What is the best practice then? How do you measure accurately to make the best customer-centric, strategic choices and marketing investment decisions? The answer is not to lean wholeheartedly into a flawed set of metrics that tell an incomplete story. Or to lean solely into whichever metric or report is available first.
Instead, you need to start with a customer-centric measurement approach from the get-go. With a commercial view where the customer is at the center, you can better understand what is driving business performance. Privacy-conscious, customer-centric measurement helps to showcase the role of marketing in the context of the full commercial business drivers – brand, product, operational, and external factors.
See the Forest for the Trees
It’s time to take stock and reassess the utility of the deluge of data and analytics we have access to every day. That is not to say these siloed metrics are not useful in some cases, but rather that we should be interrogating whether they are being applied appropriately. Are we looking at the whole forest, or are we fixating on a small section of trees?
Shifting to a customer-centric commercial view avoids costly, blinkered decisions and helps cut through biases – for instance towards all things digital, driven by the prevalence of digital and clickable metrics.
Everyone sitting around the table has the same goal: to add value and grow the business. But many commercial decision makers only have a narrow view on a single aspect of sales and the quick perception of marketing’s impact. Introduce a customer-centric view of the business to make big, business-wide choices. This will lead to investment decisions that drive real value, and not value that only exists when you look at it in a certain way.