Metrics are the numbers that provide information about the performance of the business. They are needed when making decisions that will improve the use of resources and areas that are important for the company. Usually, there are three types of metrics: department, strategic initiatives and a combination of both.
Some metrics for marketing include customer acquisition cost, lifetime value, loyalty, customer value and social digital metrics. These metrics tell us how our marketing efforts are doing, what marketing dollars are producing in customers and revenue and they are needed when calculating the Return On Investment of any business.