Tuesday, August 25, 2015
Measure Performance and See Success
If you were to ask George what the secret is to a successful fantasy football season, he would answer, "statistics." You need to have a good understanding of the strengths and weaknesses of each player. You can use this understanding to see how performance metrics can dictate how the fantasy team performs. After players perform in real games, their every move is broken down and analyzed to determine how they would have performed according to the setups of the fantasy team. Performance metrics are an incredibly important aspect of any fantasy team.
If you've ever participated in a fantasy team, you've also been exposed to the importance of statistics and performance metrics. This fun game can provide you with incredible insight you can use to improve your marketing efforts. Here are just a few lessons you can learn from fantasy sports teams that can be transferred to marketing.
Performance Metrics are Everything
As any sports fan knows, performance metrics are continuously analyzed for every athlete. Whether batting averages, average distances thrown, or the typical number of points scored, the actions of every player are regularly scrutinized.
In marketing, performance metrics are equally important. While it can be tempting to run marketing campaigns based solely on best practices -- and best guesses -- these types of campaigns will have limited value for your brand. To be successful, a campaign must be perpetually monitored to see how well the different aspects are performing.
Performance Metrics Should Be Used to Guide Decisions
On the sports field, coaches will use statistics about players to form their starting lineup and opening plays for the next game. In football, for example, it's common for coaches (and players) to study film of their upcoming opposition to determine the weaknesses they can exploit in the other team. Coaches will also use the statistics of their own team to see who's at the top of their game and who needs to sit the game out in an effort to create the optimal lineup.
In marketing, you should regularly make adjustments and tweak your marketing efforts to reflect what your performance metrics tell you. If the metrics tell you your direct mail campaign or your email campaign is not having the desired impact, you need to examine why that may be and what you can do to better reach the intended demographic. By perpetually measuring the success of your campaigns, you'll be able to see how well your changes perform and continue to refine your campaign. This will help you avoid spending unnecessary money on unsuccessful campaigns, while also better reaching your intended audience to bring in more customers.
As anyone who loves fantasy football (or any other fantasy sport) knows, statistics and performance metrics are critical for developing a successful team. This lesson also translates well to marketing, where perpetually measuring customer behavior will help you refine your efforts and boost your bottom line.