Marketing Effectiveness

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Corporate – Each company operates within certain bounds. These are determined by their size, their budget and their ability to create organizational change. Within these bounds marketers operate along the five factors described below.

Competitive – Each company in a category operates within a like framework as described below. In an ideal world, marketers would have perfect information on how they perform as well as how their competitors act. In reality, in many categories have reasonably good information through sources, such as, IRI or Nielsen. In many industries, competitive marketing information is hard to come by.

Four Dimension of Marketing Effectiveness

Customers/Consumers – Understanding and taking advantage of how customers make purchasing decisions can help marketers improve their marketing effectiveness. Groups of consumers act in similar ways leading to the need to segment them. Based on these segments, they make choices based on how they value the attributes of a product and the brand, in return for price paid for the product. Consumers create brand value through information. Information is received through many sources, such as, advertising, word-of-mouth.

Exogenous Factors – There are many factors outside of our pressing control that can impact the effectiveness of our marketing activities. These can include the weather, interest rates, government regulations and many others. Understanding the impact these factors can have on our consumers can help us to design programs that can take advantage of these factors or mitigate the risk of these factors if they take place in the middle or our marketing campaigns.

Five Factors Driving the Level of Marketing Effectiveness

Marketing Strategy – Improving marketing effectiveness can be achieved by employing a superior marketing strategy.

By positioning the product or brand correctly, the product/brand will be more successful in the market than competitors’ products/brands. Even with the best strategy, marketers must execute their programs properly to achieve extraordinary results.

Marketing Creative – Even without a change in strategy, better creative can improve results.

Exogenous Factors - Generally out of the control of marketers external or exogenous factors also influence how marketers can improve their results.

Taking advantage of seasonality, interests or the regulatory environment can help marketers improve their marketing effectiveness.

Marketing Execution – By improving how marketers go to market, they can achieve significantly greater results without changing their strategy or their creative execution.

At the marketing mix level, marketers can improve their execution by making small changes in any or all of the 4-Ps (Product, Price, Place and Promotion) (Marketing) without making changes to the strategic position or the creative execution marketers can improve their effectiveness and deliver increased revenue.

At the program level marketers can improve their effectiveness by managing and executing each of their marketing campaigns better. Whether it’s improving direct mail through a better call-to-action or whether it’s editing web site content to improve its organic search results, marketers can improve their marketing effectiveness for each type of program .