A comprehensive marketing strategy includes many different platforms, objectives, data points and more. There are a lot of moving parts, and it can be tricky to determine whether or not you’ve covered all your bases. A measurement plan forms a foundation for your marketing efforts, so that you can ensure that your objectives are being met, and everything gets done.
In this post, Blend Commerce looks at what a measurement plan is, how to create one, macro conversions and more. Keep reading to find out how you can incorporate measurement planning into your business.
What is a measurement plan?
A measurement plan, simply put, is a document that clearly identifies the main objectives of your organisation. This metrics plan is also a great way to report on all the information related to your marketing efforts. This allows your team to determine whether your objectives are being met, and how aligned those objectives are with the reality of your market and business.
This plan will form the foundation of your overall marketing strategy. Instead of operating in the dark, this plan will allow your organisation to determine which areas need attention while aligning processes to achieve your particular goals. This plan also provides a structure that will help you to implement different strategies and measure the results of your marketing efforts.
What should always be the first step of creating a measurement plan?
Whether you’re in the business planning phase, or your organisation has been around for a few years, it’s important to consider the foundational elements of your business. First things first, what are your business objectives? Defining your objectives while considering why your business was created in the first place is the perfect place to start when defining your marketing plan.
What are macro conversions in a measurement plan?
A macro conversion is the main action that you want customers to take on your website. These typically refer to a complete transaction or purchase from your eCommerce store or business. Product conversion measurement enables you to measure the success and popularity of your specific products. This data can be analysed with tools like Google Analytics to show whether or not you are achieving your business goals set out in your measurement plan.
How to create a performance measurement plan
In order to define what success will look like for your particular business, and how to work towards it, it is time to create a measurement plan. Here are the five steps to follow in order to make a successful measurement plan:
- Define your objectives: Consider what the primary purpose of your website is. Knowing your particular objectives will give you direction in your marketing, content creation and business branding efforts.
- Establish your goals and how to achieve them: Now that you know your objectives, you can consider the particular strategies you need in order to achieve each of them.
- Plan how to measure and track performance: With analytics, there is little you cannot measure. So consider your business’ primary objectives in order to determine the key performance indicators that will allow you to measure and track your site's performance. These can differ from business to business, so consider your specific metrics, and include any targets you have.
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Segment your data: In order to discover useful insights and actionable data, you will need to segment your data. This means that you’ll associate a particular audience with your specific objectives. Segmenting is best done when defining your KPIs, and allows you to attribute, predict and plan in the most effective way possible.
