Vanity Metrics vs Actionable Metrics
Just some few years ago, brands were okay with people seeing their ads, having high impressions, followers and likes (all vanity).
What Are Vanity Metrics?
Simply put, Vanity Metrics are nice to put out, makes you feel good about your brand with no tangible impact on your bottom line. So you know those impressions, reach, clicks and even some times leads you get? They are vanity metrics.
If your bottom line do not feel the impact of your marketing, then really, what are you doing? You spend millions and get back nothing? You should change your ‘supplier’ lol.
Recently, I had a meeting with a prospective client who is on the look out for an agency that will deliver on leads and conversion.
He said that they do not want awareness, if they need that, they will meet the agency signed up with them. His words ‘They are not looking for brand building, they are looking for conversions so they are meeting digital agencies they know will deliver on that’
He ruled out some ad agencies because he said they were only good for brand building (PS: this is a good thing too)
A Fin-tech firm also reached out, says they want a strictly Cost Per Acquisition (CPA) campaign. So they only pay when someone actually takes a loan, they are not interested in ‘noise making’
I have seen different companies like this, even the big banks, no one wants to throw money in without knowing how that N1 is spent.
What different thing are you doing for your client? How do you ensure your new campaign impacts your client’s bottom line?