The Six Marketing Metrics CEO Actually Cares About by M. Volpe - Article Example

The trend in the effectiveness of marketing metrics, cost of application of the metrics, and trend in usage of the metric by competitors are the salient factors to decision making. The trend in the effectiveness of the metrics is important in determining whether they are significant in the contemporary marketing environment. If not significant then a decision against their application is necessary. The cost of applying the metrics, which include data collection and cost of expertise, is another factor.

This is because the metrics should only be used if they are cost-effective. Usage by other players in the industry is also an important factor in decision-making. A shift to alternative methods, for example, could indicate the emergence of better methods that an organization should adjust to, and means that a chief marketing officer should consider the alternatives. The decision-making process that relies on marketing metrics could be expensive to implement. In addition, the process limits the creativity of marketing personnel and may not be sensitive to the contemporary marketing environment.

Marketing chiefs should, therefore, rely on creativity and customers’ responses in making and reporting marketing decisions.