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Marketing Metrics: The Paradigm Shift.
By Laura Patterson is president and co-founder of VisionEdge Marketing, Inc.
Tuesday, 20th October 2015
 

Marketing measurement should be an integral part of every marketer’s job and every company’s culture; 

Metrics are not a means to an end. Rather, they are the be all and end all. If marketing measurement is not accepted and supported in your organization, a paradigm shift is required.

What is a paradigm shift? Colloquially, this term denotes a change from one way of thinking to another. It means a transformation, a metamorphosis or an intellectual revolution!

Before you can begin this transformation, it is necessary to define the metrics that will allow you to understand, track, and manage the cause-and-effect relationships that determine the value of your company.

Selecting the right metrics will allow you to assess the organization’s marketing performance and contribution. There are a number of critical elements the organization needs in order to measure marketing performance, such as:

  • The analytical acumen to develop a measurement framework that will link all marketing activities to consistent performance metrics
  • Access to complete, accurate and timely marketing data
  • Effective systems, tools and processes

Selecting the right metrics begins with ensuring that marketing objectives are properly aligned with the organization’s business outcomes. Ask yourself these questions to make sure you are getting the most out of your marketing metrics, are they:

  1. Relevant â€" Is the metric defined within a business context that explains how the metric score correlates to improved business performance?
  2. Measurable â€" Is there, or can there be, a process that quantifies a measurement for this metric?
  3. Controllable â€" Does the metric reflect a controllable aspect of the business process? When the measurement is not in a desirable range, some action to improve the data should be triggered.
  4. Reportable â€" Does the metric’s definition provide the right level of information to the data steward when the measured value is not acceptable?
  5. Trackable â€" When documenting a time series of reported measurements does the organization gain insight into the result of improvement efforts over time?

As a species, human beings are resistant to change. By taking steps to identify the criteria and metrics that best evaluate your department’s initiatives, you will become an agent of change and play an important role in expanding the awareness of your company culture and your business opportunities.

To learn more about how marketing organizations can achieve best-in-class performance measurement and management, become recognized as a Center of Excellence and experience the benefits that follow, purchase VEM’s 2015 MPM Study: A Diagnosis and Prescription for Marketing Performance Management.

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. Visit: www.visionedgemarketing.com       

Disclaimer: Any VEM information or reference to VEM that is to be used in advertising, press releases or promotional materials requires prior written approval from VEM. For permission requests, contact VEM at 512-681-8800 or info@visionedgemarketing.com. Translation and/or localization of this document requires an additional license from VEM. Note: All content within this website is property of VisionEdge Marketing. Any use of materials, including reproduction, modification, distribution or republication, without the prior written consent of VisionEdge Marketing is strictly prohibited. Reprinted with permission.

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