The Importance of Tracking Marketing Spend and Testing Hypotheses

– Many marketers struggle to track their marketing spend and lack the necessary processes to understand what is effective.
– Learning and testing with hypotheses is important, but many marketers lack a framework for testing and grading their changes.
– The text raises the question of how marketers currently evaluate the success of their tests.Implement a framework for testing and grading marketing strategies to better understand what is working and what is not.It’s really scary when you begin to realize just how much marketing spend can’t be tracked. It gets even worse when you ask your marketing teams basic questions and they don’t have answers. The truth is, the vast majority of marketers are progressively learning but don’t have the processes in place to truly understand what’s working and not working. Learning is okay to do, I’m a huge fan of it, but testing with hypotheses and having a framework for testing is a requirement. Too many times, people just do things for the sake of doing things without having a rubric to grade the changes. How do you currently grade your tests? #marketing #ecommerce #customerjourney

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