5 steps to improved marketing effectiveness & accountability
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As a marker, it’s intimidating when your CEO asks you “Every other department can measure their effectiveness, what can we do to measure the marketing department’s effectiveness?” What would your response be?
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5 steps to improved marketing effectiveness & accountability
- 1. 5 Steps to Improved Marketing Effectiveness and Accountability
- 2. A 5–Step Process 1. Getting non-marketing executive management buy-in 2. Developing initial business question definition and refinement 3. Building a marketing data infrastructure 4. Determining analytics methods 5. Executing, learning, iterating & improving
- 3. 1. Getting non-marketing executive management to buy-in Marketers must educate their compatriots about how consumers act and respond to marketing
- 4. 1. Getting non-marketing executive management to buy-in Marketers must educate their compatriots about how consumers act and respond to marketing Demonstrate that it is a science that can be measured with reasonable accuracy
- 5. 1. Getting non-marketing executive management to buy-in Marketers must educate their compatriots about how consumers act and respond to marketing Demonstrate that it is a science that can be measured with reasonable accuracy Reasonable cost that yields significantly better decision making delivering higher revenue, profit, brand and share
- 6. 2. Initial Business question definition and refinement Marketers must align their activities to corporate objectives. These could include: Launching new international offices and operations Launching new brands Developing 5% more profit growth Defending against a competitive threat Improve the effectiveness of brand activities
- 7. 2. Initial Business question definition and refinement Marketers must align their activities to corporate objectives. These could include: Launching new international offices and operations Launching new brands Developing 5% more profit growth Defending against a competitive threat Improve the effectiveness of brand activities Develop specific infrastructure requirements as to how to prioritize: Marketing Activities Metrics & Analytics Methods
- 8. 3. Building a marketing data infrastructure Develop data structures and data collection methods & workflows Align data collection with what drives consumer purchase decision-making Manage cost, accuracy, and timeline issues
- 9. 4. Analytics Methods Marketing investment efficiency Last touch attribution Experimental design Look-Alike & propensity modeling Predictive modeling Marketing mix modeling Agent-based modeling & simulation Consumer choice modeling
- 10. 5. Execute Learning & Iteration Results must be tracked and new insights gathered Results factored into next planning cycle What is the ROI of ROI? Did the measurement investment pay off and by how much? What data is needed to deliver even better marketing success
- 11. ProRelevant.com Guy R. Powell Thank you We have an upcoming webinar series on this topic. If you’d like to learn more about how we can help you deliver successful product launches simply hit Get in Touch below: Or sign-up for our blog: @ http://www.prorelevant.com/the-marketing-calculator-blog/