When I have conversations with marketers, I’m always fascinated to hear the answer to a question of “what are your KPIs?“ It’s a polarising question. Some marketers have very clear KPIs relating to metrics of attention and engagement, some have financial and sales targets. A few marketers have the ideal scenario where their KPIs incorporate both engagement and financial metrics.
However a surprising number of marketers respond with a vague answer about not having KPIs set at the moment due to a period of change or new management or timing or some other reason that I’m sure sounds ok until it’s said out loud. Is it just me who then wonders about how you can possibly prioritise and focus as a marketer if you’re not entirely clear on what you’re being measured on? After all, as an employee taking a salary, don’t you have a responsibility to consider whether you are earning your keep? Adding more value than you cost, so to speak?
In my opinion, not having KPIs is exactly why the joke exists about marketing being a glorified “colouring in department.” A perception that ambitious marketers have been working hard to overcome since marketing became more measurable and transparent a few decades ago.
And now a marketer without clear KPIs is like a soccer team without a goal. They have plenty of enthusiasm and space to play, but they can never actually score or win the game.
And unlike other parts of life, marketing is not about the journey, but about the destination. If there isn’t progress, goals being kicked and KPIs being met, then what’s the point?
As we approach mid year it’s a good time to check in on your KPIs and talk to other areas of the business to ensure they are aligned. Because marketing doesn’t, and can’t, exist in a silo. Because we need marketing to be a revenue centre, not a cost centre and we need to be clear about demonstrating our worth to other areas of the business.
If you want to see how other marketers are doing this and hear some tips about understanding the metrics that matter to the business, join us at Interactive Minds in Brisbane on June 5th. Details here.