One Metric That Matters (short OMTM) is a concept, with the idea that your whole team or company focuses on one metric only at a particular time.
If you want to know how to define your OMTM and what to take into account while working towards reaching your OMTM in the context of your marketing, you are in the right place. 🙂
Why you should not ignore OMTM
OMTM brings a lot of clarity and certainty into the team’s and the company’s spirit. When there is a clearly identified goal to reach and the employees know, towards what all their efforts are leading to, it does not only bring team motivation but also work transparency and structure in the daily work. Moreover, it fosters the creativity of the whole team towards finding new and different ways on how to get there - with the one metric in mind.
Simply said: Focusing on one single goal can help to lower unproductivity, distribute efforts towards the right tactics and avoid wasting any energy on irrelevant goals which may be important but actually not critical.
What is important to think about before defining your OMTM?
There are no golden rules on how to define the right OMTM, but various aspects need to be considered by you before:
- What Industry are you in? (can change the OMTM heavily - quality vs. quantity considerations as an example)
- Who is your target audience? (I.e. B2C or B2B)
- What is your business model?
- For whom is the OMTM? (For the whole company or your marketing team or even just for a project?)
1. What’s your company’s status?
Before starting any discussion, it is important to consider the stage your company is in: fresh startup, MVP, BETA, 3-year old startup, 6- year old company or an established corporation Why is this important? The short term goals for 6 months old startups are totally different from that of a company that has been operating in its own field for years already.
2. Find your company’s weaknesses.
Start with a brainstorming session with your team and figure out your company’s weak points.
3. Tactics to reduce your weakness.
Next, would be to think about the tactics on how to diminish or liquidate these points or turn them into a positive factor for the company. Here, you are on a short-term, and more tactical level. The goal is to come up with a list of potential actions.
4. Strategies - think about your end-goal.
Which is the most important goal that needs to be achieved within the next 1-2 years? Discuss this with the team; now you are in a long-term thinking discussion. After finding the end-goal, analyze and brainstorm with your team members what it would take to reach this goal. As an example: Your end-goal is to get 50 new customers by the end of the year. Therefore, you have to set up your OMTM to be customer acquisition.
5. Team contribution:
Determine the teams and employees that can contribute to reaching the goal. Now, after you have identified the OMTM, think about the teams and employees; how can they assist and contribute to reaching the OMTM?
What is important: The whole team is responsible for it from the start.
6. Distribution within the team.
As a next step, you want to set up an OMTM for each team or employee, that supports the overall OMTM. This way, the work is distributed in the most favourable manner in order to attain the set objective. It is totally fine for the employees to have the same personal OMTM as the company. This is totally fine. When you’re doing it for the first time, you can decide to skip this point and just focus on the Team’s OMTM first.
Set up a regular reporting schedule for your OMTM. After the OMTM for your company is defined, set up regular reporting sessions that will help you to evaluate the status of your OMTM. This ensures that the OMTM is always in everyone’s mind. For example, if your goal was to reach your OMTM within 6 months, you should create monthly reports and analyze the probability of reaching that goal through short sessions every month with that theme.
your OMTM will change. While your team executes towards the OMTM, the OMTM will most likely be challenged and maybe will have to change depending on the stage your team/company or project is on. This is totally ok as long as everybody is aligned to it. After a certain period of time, it is also important to re-evaluate the objectives anyhow.
Examples of OMTM’s for Marketing
Here is a short-list of examples of OMTM’s that Marketing Teams mostly apply:
- Cost-per-acquisition (CPA)
Important to reflect: the whole team would always focus on one metric solely. As a responsibility, you obviously need to keep an eye on the other KPIs (key performance indicators) and be ready to initiate the re-evaluation of your OMTM with the team.