Isn’t it interesting that “marketing” and “measuring” are such poor bed partners?
Accountability is an area of management that is looked upon by many as a necessary evil. You see, these people are usually employees. Measuring simply adds another list of things to do. After going through all the sweat and toil, they now have to write reports, do up some charts and be accountable.
Marketing is one area that is notorious for a lack of accountability. It is hard to measure. To some extend, it is true. But to a large extend, it is an excuse. Now, when times are bad, economy is slowing down and there is a “crisis”, suddenly, everyone wants to know how well they are doing.
It is perfectly possible to measure your marketing results. You just need to use the right methods to fit the right objectives.
Quantify your objectives, decide how you will measure them, collect the data that you need to meet the objectives, establish a baseline, gain commitment to the measurement plan, and, finally, measure.
Quantify your objectives
You must be able to state in a measurable format, your objectives. For example, “We want to get more sales lead” is not a good quantification. The word “more” is ambigous and unclear. A better objective would be “We want to have 200 people sign up for our newsletter”.
What and How you will measure
When you measure, you must pick a measurement that is going to be relevant to your business. Following up from the above example, how will 200 people subscribing to your newsletter affect your business? If it has minimal impact, why measure it at all? It is difficult for marketing campaigns to be linked directly to sales, but it is possible. For example, discount coupons can tell us who made a purchase as a result of which promotion. The method of capturing your data is important. Coupons can be counted, but not always reliable. But discounts are accounted for through the sales receipts and will be an excellent way to counter check.
Establish baseline
A baseline is important so that you will be able to tell whether you are doing better or worse over time. If you already have a baseline, good. If not, you need to create one. For example, if you have 5000 coupons redeemed at the last promotion, that could become a baseline. Or you can have an average over several promotions and you know that any marketing that falls below that is “below average”.
Gain commitment
Everyone must be committed to measuring your marketing success. If the sales people feel that it is not important, they might not bother with the coupons, or they might not submit the subscription forms. Worse, everyone is doing their best, but the boss ignores the efforts.
Collect Data
Collecting the data is as simple as establishing a procedure by which it can be done. Once this is briefed and everyone is trained, it is then up to the whole team to make sure that the data is duly collected and used.
Marketing is all about results. Everyone knows that. But until you start to measure it, then anything and everything you say is nothing more than words.
More reading:
http://www.marketingprofs.com/8/tackling-marketing-accountability-patterson-kushner.asp?adref=znnpbsc598