Despite all the hand-wringing over marketing getting "a seat at the boardroom table," the irreversible trend we’re seeing in measurement of marketing effectiveness has improved both the return on marketing expenditures and the credibility of the marketing function within the corporation. Database technology, analytics, and Web presentation tools have all contributed to an unstoppable wave of desire to understand and quantify the impact of marketing expenditures on the company’s bottom line. All this is unquestionably for the better.
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How do you know if your "brand advertising" is creating real financial value?
Let’s say you have a tracking study out in the market in which you’ve identified 15 key brand attributes and have a sampling of customers and prospects rating your brand vs. competitors on each attribute. You also ask about self-reported purchase activity in your category. You survey 200 people each month and read the results on a rolling three-month basis.
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Let’s say you have a tracking study out in the market in which you’ve identified 15 key brand attributes and have a sampling of customers and prospects rating your brand vs. competitors on each attribute. You also ask about self-reported purchase activity in your category. You survey 200 people each month and read the results on a rolling three-month basis.
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Most of us have a pretty keen ability to look backward and know where we’ve been. Many of us have even advanced that skill to be able to look around and know where we are at the moment. But knowing whether you’re on track for where you expect to be six, 12, 18 months from now … that’s something only a very few managers have mastered.
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Marketers show a tendency to use dashboard metrics that relate to revenue (topline sales) as opposed to profits (bottom line). This is a critical error that not only risks misleading decision makers about the effectiveness of marketing investments, but also perpetuates the cynicism with which other departments view marketing.
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Globalization, multichannel marketing, supply-chain management, strategic alliances, regulations, corporate governance — marketing is riskier today than ever. To put their companies at competitive advantage, marketers need to take more calculated risks. Yet to most marketing departments, "risk management" is limited to customer credit and vetting vendors — functions usually handled by finance or purchasing.
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One of the most common questions we get on marketing measurement begins with "How would you measure ...?"
When I hear those trigger words, my mind immediately goes to the response question: "What would you do with the information if you had it?"
There are two reasons the response question is so important prior to answering the original question.
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When I hear those trigger words, my mind immediately goes to the response question: "What would you do with the information if you had it?"
There are two reasons the response question is so important prior to answering the original question.
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In the midst of a dashboard planning session last week, the VP Marketing Intelligence brought the meeting to an abrupt halt by saying, "This is all nice in theory, but we don't have the data to measure half of these things."
Hmmm. Good point. Very pragmatic. Or at least that was the initial reaction of most of his teammates in the room.
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Hmmm. Good point. Very pragmatic. Or at least that was the initial reaction of most of his teammates in the room.
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Peter Drucker, perhaps the greatest business academic ever, died on November 11 at age 95 in Claremont, California. Many know him for developing concepts like knowledge workers and decentralized management. We at MarketingNPV thank him for two insights that have an impact on every minute of our working days.
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I recently had a conversation with the CMO of a leading global technology company in which they described for me their desire to construct a marketing dashboard focused on the “5 most important metrics” for their business. When I asked her what those might be, she quickly began to list the possibilities – around 10 of them as I recall – before she stopped and admitted that the task might not be so easy.
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There’s a new community emerging within the world of marketing called marketing operations management, “markops” for short, MOM for shorter. Most of the markops people I’ve spoken with so far describe their roles as identifying opportunities for process improvement, and generally getting data and information from point A to point B in a marketing context. There’s great emphasis on improving the customer experience, capitalizing on lead generation, and generally promoting efficiencies.
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