Measurement a key to success

BtoB's final NetMarketing Breakfast of 2005 was held in NYC today featuring an exceptional panel of Internet marketing managers and directors from IBM, Microsoft and Nextel. While the three diverse companies stood in agreement on a key component of an Internet marketing strategy - metrics - they didn't necessarily agree on the amount or type of metrics that is required.

"Metrics" come in many different flavors and can range from basic traffic statistics through to the best metric of all: sales. Mike Moran, distinguished engineer and manager of site architecture at IBM Corp., put it best when he said, “Listen to your customers. They’re voting with their mice.”

The Internet provides us with one of the best marketing metrics machines around. As Mr. Moran had alluded, customers are typing and clicking their way from searches to your site at several different levels through the buying cycle. The ability to track that data and analyze it is the key to refining your strategy to improve success rates. The days of "waiting and seeing" if a print ad worked have been reduced down to campaigns that can be deployed in sheer minutes.

At the same time, all of the power of measurability Internet marketing affords us, a company needs to focus on the metrics that best illustrate and define their processes and sales cycles and use those metrics to their benefit. It's best to avoid "information overload" and over-analysis and focus on those key indicators that can help you to refine process.

Some key indicators for Internet marketing success or flaws include:

1. Sales - The only question I would have is "how can we sell even more?"
2. Information requests - a customer requesting help on the site may indicate a flaw in your information flow. Don't dismiss it; have someone take a quick look.
3. Traffic statistics - not necessarily how many people visit, but what are they doing when they get there? Are they bailing on the home page? Are they abandoning their shopping carts?
4. PPC performance - Getting clicks but no sales? Do the landing pages match the keyword requests? Are the calls to action clear? Is there a benefit statement?

What metrics do you find most helpful to your Internet marketing efforts? Let us know.