Definition
A marketing metric is a measuring system that quantifies a trend, dynamic, or characteristic. Often a metric is obtained by taking two or more measurements to create a value.
In virtually all disciplines, practitioners use metrics to explain phenomena, diagnose causes, share findings, and project the results of future events. [1]
The Marketing Accountability Standards Board has identified ten characteristics of an “ideal metric” according to the Marketing Metric Audit Protocol (MMAP).
Baseline metrics are time-lagged calculations (usually averages of one sort or another) which provide a basis for making comparisons of past performance to current performance. Baselines can also be forward-looking, such establishing a goal and seeking to determine whether the trends show the likelihood of meeting that goal. They become an essential piece of a key performance indicator (KPI). [2]
References
- Farris, Paul W.; Neil T. Bendle; Phillip E. Pfeifer; and David J. Reibstein (2010). Marketing Metrics: The Definitive Guide to Measuring Marketing Performance (Second Edition). Upper Saddle River, New Jersey: Pearson Education, Inc.
- American Marketing Association, AMA Dictionary.