How to Create an Effective Measurement Program
“More organizations die of indigestion than starvation.” – David Packard, Hewlett Packard
In today’s world, companies have large amounts of data feeding in to their organizations at any given time. Firms are looking at data from all aspects of their business, from sales to PR and marketing to purchasing - but when is too much data too much?
Financial communications professionals are starting to feel this big data overload and we often hear clients asking three main questions about data: 1) “How do I get it?” 2) “What do I do with it?” and 3) “What does it mean?” Even if clients have access to the relevant data, they don’t know exactly what to do with it or what it means. This is where measurement comes into play.
Measurement has a central role in all three questions as you need to know what you want to measure in order to obtain the correct data, set up a process to get the data, analyze the information based on metrics you’ve put in place, and then interpret the results in order to influence business decisions. This is easier said than done.
The financial PR industry has learned that measurement plays a fundamental role in how programs are structured and executed, yet many firms don’t measure their communications activities. According to PR Academy, approximately 35% of professionals they surveyed earlier this year didn’t measure their activities.
To think about measurement in a business-beneficial way, we advise the following:
- Start with your business objectives – It’s important to understand these, what they mean to your program and how you can start to measure your impact on them
- Make sure there’s an infrastructure in place – This way you you know what data you want to capture and are able to create a process to capture it
- Establish a benchmark – It’s fundamental to know where you’re coming from in order to measure your progress and business impact
- Create an in-sync program – Make sure all elements of your program are working toward the same goals
Due to the overwhelming amount of data available, it’s easy to get bogged down with “Big Measurement” syndrome. The tips above will help narrow down the measurement focus to key business drivers and value metrics. Always remember, data is meant to drive action and your metrics and measurement should support that.
Cognito Insights is focused on providing data, research, insights and measurement to C-suite executives and professionals in communications, marketing, and sales in the financial sector.
Our best practice methodology has been honed over years of client consultancy learnings, and our agency dedication to measureable impact and research practices. Today, we pride ourselves on being a global leader in understanding data and providing insights to our clients.
By combining our financial PR and marketing expertise and best practice methodologies, with extensive knowledge of the top tools in the market, we provide clients with strategic recommendations that take their research and reporting capabilities to the next level. We work closely with their in-house teams to execute analytics plans that are aligned with their internal processes and overall business objectives.
- We provide actionable intelligence that helps:
- Inform companies’ communications and marketing strategies
- Monitor and benchmark activity and progress
- Demonstrate the value of financial marketing and communications activities against business objectives
- Competitive intelligence and insight