Quantifying the downstream impact of everything we do is on the to-do list for most marketers. But with a variety of metrics to use, ways to derive custom measures, and methodologies to compare and analyze performance, most marketers struggle to identify the best way to tie marketing activity to sales and revenue. Many brands—particularly customer-centric organizations—have turned to engagement to help understand marketing ROI. eMarketer tapped Beckon co-founder Jennifer Zeszut to hear some of the ways they’re doing that. Here’s a quick excerpt of Jennifer’s responses in the Q&A:
Some brands look at a basic volume count of total engagements. For example, they might see that they have 1.2 million customer engagements this quarter, and they’ll benchmark it against prior quarters. They might also benchmark among brands to understand why one brands has more engagements than another.
There are other brands that believe not all engagements are equal. Some brands choose to weight or score engagements more highly than others. They might say a “like” or a favorite is more valuable than an open. A formula is created, and whatever weight formula a brand chooses to place on an engagement is calculated as well.
For us, volume counts aren’t that interesting. They can be skewed if you’re doing a lot of advertising or a big push. In general, rates and ratios tend to be more diagnostic of the brand, or how well the brand is engaging consumers.
The rest of the interview, with specific examples of how global companies are using these engagement metrics to understand the cumulative effects on performance and beginning to predict business outcomes, can be found here. It’s a great read if you’re an eMarketer subscriber.