Dear Dave,
We’re a financial services company having some difficulties getting our marketing measurement process nailed down. There is generally a great enthusiasm across both our marketing and finance teams for getting to the right set of metrics, but a bit of a battle forming between two camps: Camp 1 thinks we should build momentum by focusing on measuring the things we have tons of data for and worry about the other stuff later; Camp 2 thinks we should work on answering the things that matter most, regardless of data availability. Obviously, the folks in Camp 1 are very uncomfortable with the idea of “measuring” things you don’t have the right data for. Can you perhaps guide us on how to approach this problem?
Sincerely,
Frank in New England
Dear Frank:
I am definitely in Camp 2. Just because you have data doesn’t mean it leads you to the promised land. There is an old adage about the guy seen looking under a lamp post. Someone stops him to ask him what he's looking for. The response, “I dropped my glasses a half block away from here and I am now looking for my glasses.” The by passer asks, “Why are you looking under the lamppost given you dropped your glasses way down the street?” The befuddled gentleman says, “Because the light is better here.” The obvious point is just because you have the data doesn't mean it is leading you where you want to go. It is essential you concentrate on what matters the most and figure out what data you need to have. It may be that some of the data helps lead you to the answers or serves as surrogates for what you need. But, what is critical here is getting to what are the firm’s objectives and what drives them and not answering the questions under the irrelevant lamppost.
Dave
