|Are Your Measurement Resolutions Staying on Track?|
By Laura Patterson is president and co-founder of VisionEdge Marketing, Inc.
Tuesday, 5th March 2013
Did you make a resolution this year to do a better job of measuring your marketing? If so, join the ranks of tens of thousands of marketers who did. And if you’re like many of us, this resolution like some of the others you made may be going from resolving to dissolving.
According to Statistic Brain less than ten percent of us actually achieve our resolutions. Experts say that being realistic, outlining a plan, and tracking our progress help us keep our resolutions. These same tips apply when it comes to proving and improving our marketing (quantifying our value and achieving better marketing ROI). To make sure your marketing measurement resolutions sticks, begin with the end in mind, what business needle are you trying to move.
There are three business needles marketers are expected to move: acquiring more customers, keeping more customers, and growing the value customer. A key steps for success is to set the proper metrics for determining marketing’s contribution each of these.
By setting realistic performance targets designed to impact one or all of these needled and integrating the performance target directly into your marketing objectives you will be able to stay on track. Establishing the right metrics combined with tracking progress will help you assess where improvements and adjustments are needed.
The year is just underway. Take a moment to review your marketing plan to ensure that:
1.You established solid measurable customer-centric marketing objectives
2.These objectives are well aligned to specific business outcomes
3.The metrics you selected will demonstrate our marketing is impacting the business and serve as good leading indicators.
By putting customers at the center of your marketing objectives, strategies, and metrics, you focus on initiatives designed to engage customers and impact revenue. And properly aligned objectives and metrics drive results. We wish you success with all of your New Year’s Resolutions!
Laura Patterson is president and co-founder of VisionEdge Marketing, Inc., a recognized leader in enabling organizations to leverage data and analytics to facilitate marketing accountability. Laura’s newest book, Marketing Metrics in Action: Creating a Performance-Driven Marketing Organization (Racom: www.racombooks.com ), is a useful primer for improving marketing measurement and performance.
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