Marketing metrics have moved beyond simple last-click rates, judging by a new global study from the University of Technology Sydney (UTS) Business School and published in Journal of International Business Studies.
The most important measurement is customer satisfaction, the study says. It is deployed in eight out of 16 countries studied, and contributes to 53% of all marketing mix decisions.
How this metric is determined is unclear, and the study announcement does not go into details. Nor does it address specific channels.
Next are awareness and return on investment. Awareness is used in 45% of plans, and ROI is used in 43%.
Companies also measure target volume, likeability and net profit — metrics that seem more strategic than those typically utilized in an email campaign.
The authors studied 84 marketing and financial metrics in use. On average, managers employ around nine metrics per marketing-mix, the study says.
Of the countries studied, South Korea, China and India had the highest use of metrics, while Japan, France and the U.S. had the lowest use.
Success, of course, varies with the country and organizational culture.
"Rigid organizational cultures were less effective than more organic, free-flowing cultures where there was flexibility for managers to exchange ideas and choose their own metrics, rather than focusing on a strict set of instructions," states lead researcher Ofer Mintz, of the UTS Business School.
Mintz concludes: "Despite trillions spent on marketing globally, managers have said consistently over the last couple of decades that one of the most difficult activities is demonstrating the impact of their marketing actions."