There are articles a-plenty for the “right metric” for each stage of the funnel. Problem is, you end up with one equation for tofu, a different one for mofu, and another one still for bofu. Then you have to take those results upstairs and try not to confuse your leadership team. Feels like a lose-lose situation. You lose precious time coming up with the next big thing to impress AdWeek and your bosses lose brainspace trying to decipher what the hell you’re going on about.
Truth is, there is only one metric you need, no matter what type of marketing you are doing:
Impressions–potential or real, doesn’t matter– x 0 /
Marketing spend + (hourly rate of all people on campaign x hours on campaign)
If the answer is > 0, that’s a win, keep up the great work. If it is 0 or less, you should probably apply for a job in human resources, because you’re clearly not very good at this whole marketing thing.