• Build a benchmark system incorporatingindustry standards with your own spin onimportant marketing activities needinginsights.• Goal is to provide overall guidingprinciple(s) for marketing measurement.• Bonus – Benchmark marketing forecastingfor modeling revenue forecasts.1. Establish best practices for measurement.
• Determine the right technology platform tosupport your measurement practice.• Look for solutions that will facilitate attributingmarketing results across multiple customertouch points and campaigns.• Recommended: Integration capabilities intoCRM system.2. Determine the right supporting technology.
• Automation Must-Haves:• Centralized marketing database.• Time series analytics (trending of historical data). Musthurdle big data challenge and be able to store data for atleast 1-2 years.• Basic reporting for non-analysts (Dashboards best for easeof use, build custom report builder, etc.).• Advanced reporting and dashboards for in-depth businessanalysts (spreadsheet-like and charts are most effective.).• Data export capabilities to Excel and Access.2. Determine the right supporting technology.
• Visualize the right metrics mix of:• Traditional marketing metrics (ad metrics,PR metrics, direct mail/email, etc.).• Web metrics.• SEO metrics.• Social monitoring and metrics.2. Determine the right supporting technology.
• Goal is to link marketing outcomes to businessresults to assesses the value, focus and precisionof marketing campaigns and activities.• Must understand business objectives so youknow what the relevant business outcomes are.3. Define campaign-specific measurement plans
• Design marketing campaigns to bemeasureable.• Define marketing activities/processes alongentire marketing activity life cycle forcampaign. Plan for measurementthroughout.3. Define campaign-specific measurement plans
• Plan for determining ROI:• Define Key Performance Indicators thatsupport campaign success based on• Marketing operations,• Social analytics, and• Business results.3. Define campaign-specific measurement plans
• Determine how you will measure marketingresults and how you will convert those intobusiness results.• Ex. of marketing results: Increased awareness,higher web visitations.• Ex. of business results: Increased salesrevenues, lower customer acquisition costs.4. Determine measurement framework
• Avoid measurement pitfalls:• Vanity metrics (“Feel good” metrics with no tiesto business results).• Quantity without consideration to quality.• Efficiency without consideration foreffectiveness.4. Determine measurement framework
• Take active role in revenue forecasting.• Design measurement to forecast yourcompany’s revenue by modeling howmarketing leads will convert to sales overtime.5. Bonus – Marketing forecasting
Challenge – Information hoarders.Solution –• Create a shared vision.• Foster a culture that recognizes information sharersas valuable subject matter experts. Rewardcollaborators with:• Financial incentives.• Personal incentives.• Keep people focused.
Solution – UseMeasurement to turnmarketing into revenuecenter from cost center.Show how revenuecontributions will outpacespending.Challenge – Budgetary –How do we pay formeasurement?
For other clients, she defines technology requirements thatwill heighten business effectiveness.Kathy Herrmannbuilds better businesses.She propels businesses as a T-shaped pro with verticalpenetration in diverse types of data analysis and horizontalexperience in marketing, sales, customer service, andoperations.For some clients, she improves businessperformance by providing results-focuseddata insights into customer activity andbehaviors, or into operational activities.