Introduction to Marketing Metrics: The Manager's Guide to Measuring Marketing Performance, 3rd Edition
This chapter is from the book
This chapter is from the book
This chapter is from the book
In recent years, data-based marketing has swept through the business world. In its wake, measurable performance and accountability have become the keys to marketing success. However, few managers appreciate the range of metrics by which they can evaluate marketing strategies and dynamics. Fewer still understand the pros, cons, and nuances of each.
More than a decade ago, we recognized that marketers, general managers, and business students needed a comprehensive, practical reference on the metrics used to judge marketing programs and quantify their results. This book was the result and seeks to provide that reference. This is now the third edition of the book and we continue to wish our readers great success using this book to improve their understanding of marketing.
1.1 What Is a Metric?
A metric is a measuring system that quantifies a trend, dynamic, or characteristic.1 In virtually all disciplines, practitioners use metrics to explain phenomena, diagnose causes, share findings, and project the results of future events. Throughout the worlds of science, business, and government, metrics encourage rigor and objectivity. They make it possible to compare observations across regions and time periods. They facilitate understanding and collaboration.