Having a marketing measurement plan in place can help you understand your conversions and simplify your marketing so you can scale your offers sustainably

In this blog post, we will go into more details about what a marketing measurement plan is and why you need one in your business

One of the most common reasons our clients come to work with us is because even though they have already had some type of success, they don't necessarily know how to repeat it

That's where having a marketing measurement plan can really help to figure out what is working and what isn't

What is a marketing measurement plan?

A marketing measurement plan essentially helps you identify the key marketing metrics and dimensions you need to hit your business goals

This framework can help you make smarter business decisions without worrying about any negative consequences or making mistakes

It allows your team to take initiative as they know what's expected of them and how success is measured and most importantly, it gives you an understanding of what “great” looks like so you can repeat your wins again and again

What is included in a marketing measurement plan?

The beauty of creating your marketing measurement plan is that it is completely bespoke to you

An e-commerce physical product brand would have different KPIs than an online course creator

Some of the key ideas that we focus on when creating a strategy with our clients are:

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

Do you need a marketing measurement plan?

If you are at a point in your business where you are clear on your product suite and have validated offers that you want to scale then we would recommend using one in your business

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

Your business direction becomes clear

If you find yourself being distracted by the latest trend or feel that you are constantly on the launch rollercoaster, having a clear direction can help you simplify your business

One of our recent clients was spending 30% of her weekly time creating content for Instagram and it was only after looking at her measurement plan that we realised it only drove 8% of her monthly traffic

Having access to insights like this can help you decide on what's really worth your time

Your team has clarity

Look, we get it – building a team is freaking hard

We've tried it before and the transition from solopreneur to CEO is a tough one

That's why we know from experience having a measurement plan can be a godsend when it comes to managing your team

Within days, you can go from having a team who isn't aware of what they are doing without your delegating tasks to one that takes initiative, is proactive rather than reactive and can manage the day-to-day while you take time away (hello to the day spa trip!)

Difficult conversations become much easier

Ever had to have a difficult conversation with someone on your team? Yeah, those conversations are a nightmare even for the most seasoned CEO but the truth is, once your team has clarity difficult conversations become much easier

Rather than basing decisions on how you feel about a situation, you can base decisions on facts – what the data is telling you about their performance

You can finally stop hustling and spreading yourself thin

Having access to data that clearly tells you what is and isn't working means that you can let go of what isn't serving you without the FOMO

You can focus on a ‘test and learn' approach for your live launch or evergreen funnel to build on what worked last time rather than just reinventing the wheel every single time

You can focus on optimisation for business growth

It goes without saying that scaling comes hand-in-hand with visibility and for some CEOs, that means using paid advertising

The biggest mistake we see with our clients is assuming that because your CPC or CPA is low, it is the best way for you to get in front of new audiences

The truth is without tracking the right metrics, you might be pouring money into a pitless hole that doesn't return much on your investment

We've helped our clients understand not only which ad has been sending them the best return on investment but also which platforms can help them get closer to their quarterly goal

One of our recent clients was hoping to get more sign-ups for her week-long challenge and was using Facebook ads and getting very few results

It was only when we went through our measurement framework with her that we realised she was more likely to build her email list by advertising Pinterest that she saw real results that made an impact

You can utilise the power of automation

We are no longer surprised by the number of times our clients send us a copy of their Google Sheet or Excel file that is manually updated by someone in their team

Manually entering data leaves so much room for error and also wastes valuable time that your team could be using on money-generating activities

Once you know the right KPIs for your business goals, you can use the power of automation to do the heavy lifting for you

We like to collect all sales and marketing data in Google Analytics and then create a custom dashboard for our clients so they have one source of truth

This allows our clients to answer complex questions in a matter of minutes without having to open multiple tabs or tools

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, you can start creating actions to support reaching the goal

Ready to implement a measurement marketing plan in your business?

If you would like to work with us 1:1 and have a custom measurement plan and dashboard created for you, check out Measure, Automate, Scale