Is efficiency even the goal? Finding the metrics that matter.

Efficiency has become the gold standard. The default objective. The thing we’re all supposed to chase.

But should it be?

A recent interview with Ben Collins, CEO of the Onion, points to inefficiency as one of the reasons they are so good at what they do.

And in government, Ezra Klein warns us not to confuse efficiency with purpose. A well-run system isn’t necessarily a good one. The government’s job isn’t to be efficient — it’s to create opportunity, build a strong middle class, ensure the rights and freedoms of all citizens, and foster thriving, functional societies.

Last week, we unpacked how the same holds true for marketing and how, most importantly, efficiency must be in service of a greater objective. 

The truth is: Marketers don’t exist to be efficient.

(may we direct your attention to the 95/5 rule?)

We exist to create value.

To spark connection.

To drive growth.

To build brands that matter.

And those outcomes don’t always map cleanly to efficiency metrics. This is where we tend to see the wheels start to come off. 

So. How do you identify the metrics that truly matter? And, how do you reset the ones you may have in place today? 

Here is our 5-Step Guide to reset your KPIs to refocus towards the metrics that actually matter. 

Step 1: Realign with Business Strategy and Goals

Connect with leadership and key stakeholders to understand the organization's updated strategic priorities, revenue targets, and market positioning. Map your marketing objectives directly to these business goals, ensuring every potential KPI will serve a clear purpose in driving overall company success. 

Tip: Consider factors like new product launches, market expansion, customer retention initiatives, or shifts in the competitive landscape that might require different measurement approaches.

Step 2: Audit Current KPIs and Performance

Conduct a comprehensive review of your existing KPIs. Document what metrics you're currently tracking, their performance over the past 6-12 months, and identify which ones are no longer serving your business objectives (and the ones that are!). Gather feedback from team members about which KPIs feel outdated, irrelevant, or misaligned with day-to-day activities. 

Tip: This audit should also include an assessment of your data collection methods and tools to ensure you have reliable measurement capabilities.

Step 3: Select Balanced and Actionable KPIs

Choose a mix of leading and lagging indicators that provide both predictive insights and results validation. Focus on 5-8 primary KPIs that cover the full marketing funnel - from awareness and acquisition to retention and advocacy. Ensure each KPI is specific, measurable, achievable, relevant, and time-bound (SMART). 

Tip: Include both quantitative metrics (conversion rates, CAC, LTV) and qualitative measures (brand perception, customer satisfaction) to get a complete picture of marketing performance.

Step 4: Establish Baselines and Set Realistic Targets

Using historical data and industry benchmarks, establish baseline performance levels for each new KPI. Set realistic yet ambitious targets that account for seasonal variations, market conditions, and available resources. Create tiered goals (minimum, target, stretch) and define the timeframes for measurement. 

Tip: Ensure targets are communicated clearly and that everyone understands what success looks like for each metric.

Step 5: Implement Tracking Systems and Communication Protocols

Set up dashboards, reporting tools, and data collection processes to monitor your new KPIs consistently. Establish regular review schedules - weekly operational reviews, monthly deep dives, and quarterly strategic assessments. Create clear communication protocols for sharing KPI performance with different stakeholders, including executive summaries for leadership and detailed analytics for team members. 

Tip: Build in flexibility to adjust targets or add new metrics as you learn what works best for your organization.

By re-evaluating our approach to marketing metrics, we can shift from simply being efficient to truly being effective. The goal isn't just to streamline processes, but to unlock significant growth, forge meaningful connections, and build enduring brands that resonate deeply with audiences. The right questions lead to the right metrics, and the right metrics lead to real, measurable impact.