Beware Vanity Metrics (Member Article)

by Leah Brunskill, Head of Marketing at MFS

Marketers are obsessed with metrics. And rightly so, for the most part. I’m often asked what metrics I like the most, which is tricky for me to answer.

I think what sits behind the MFS success is that we are not obsessed with metrics for metrics sake. Yes, they are important. We need to understand what posts or campaigns are generating the greatest number of impressions, engagement, click throughs etc.

But we need to remember that these metrics are part of a bigger picture. There’s little point of viewing them in isolation. I prefer to think of the marketing world’s typical metrics as single pieces so a larger puzzle. We need to know how they fit together. We need to plug gaps.

It’s easy to manipulate these figures. Your click through rate may be skyrocketing, but do you know which CTA link worked best to replicate it next time? A high open rate always looks good in a monthly or quarterly review. But how many of those who opened will convert, or become long-term customers?

It’s a simple point, but having as much context as possible makes life easier for marketers, and everyone else.

Obsessively focusing on a few “key” metrics can be counterproductive too. It’s easy to fall into the trap of matching metrics with KPIs. One team member needs to get x impressions by the end of the year. Another must hit y click throughs. A third really needs to push their engagement rate to z.

Tunnel vision is the risk here. Individual goals may be hit, but if they’re not in sync, what’s the point? Marketing – in fact, every element of a business – is a team effort. I need my content writer to work with my digital analyser, so my graphic designer can create appropriate campaign images, that are easily tracked by my CRM executive.

Also, personally, I try to remember that there are real people behind all this data. The metrics I’m a fan of include revenue generation, social proof, and word of mouth. I want to hear what people think of our event stands, see the discussions that emerge from an article, and collate more and more 5-star Trustpilot reviews. Heat maps are also a godsend.

It takes half a second to “like” something on LinkedIn, Instagram, or Facebook. Many will drop a like without even thinking about it, scroll, and then forget all about your post forever. A written review praising your company’s event stand, ad campaign, or promotion will take time, commitment, and genuineness.

I would prefer one broker to tell me they liked what we did with our latest campaign, than have 1000 email opens and no action taken.

Leah Brunskill Head of Marketing, MFS