March 16th, 2009
You cannot manage what you cannot measure…And what gets measured gets done.” Bill Hewlett, co-founder of Hewlett Packard
This quote entails the essence of data driven Internet marketing. Do you know where your customers come from, how much the average customer spends or how often your customers come back? Powerful decisions can be made from looking at the answers to these few questions alone. You could target your marketing efforts to the places where most of your customers come from. You could try up-selling techniques to improve your average profit per sale. You could give your most loyal customers tools to spread your message via word of mouth to their friends.
Wal-Mart keeps track of the number of items per hour each of its checkout clerks scans at every cash register, at every store, for every shift as a means of measuring their productivity. These obsessive data gathering habits are at the heart of Wal-Mart’s strategy. A small business cannot afford to ignore the importance of marketing accountability and measuring success.