Measuring and Tracking Your Marketing Effectiveness
Measuring and Tracking Your Marketing Effectiveness
There have been countless studies on how few companies really have a handle on how their marketing campaigns truly perform. And, in the frenetic pace of life that exists within most companies today, marketers simply move on to the next campaign without fully understanding what occurred in the last one. This is pure craziness . . . and definitely where that geekiness comes into play.
Vtrenz has recently written a whitepaper on this very subject and some of the statistics noted within it are astounding. For example, "38% of marketers say that new marketing campaigns are rushed to market based on the limited intuition of a few people." What??!?!?! The paper goes on to talk about the fact that the very nature of many marketers is that they are more drawn towards the sexy, creative, right-brained part of marketing, rather than the "boring" left-brained analytical part of it. As strange as it may sound, this boring stuff is the very thing we live for! Let's face it, without the power of analytics, how are you ever going to know -- beyond a gut feeling -- how your marketing campaigns are actually performing? You can't know unless you close the loop and measure each campaign's performance.
Vtrenz also tells us that most companies are struggling with measuring the financial impact of marketing campaigns, and, in fact "42% of them say that their company's ability to measure financial returns from marketing programs is a long way from where it could be."
We're not saying that it's easy to put measurement systems into place, however, it really isn't that hard and it doesn't have to be expensive.
Vtrenz cites five first steps of getting this measurement system in place:
* Define marketing ROI and obtain agreement from the Leadership Team
* Create a closed-loop process through your marketing systems
* Draft marketing ROI plan and include sales in the thought process
* Monitor implementation for areas of improvement
* Incorporate ROI findings into the planning process
Now, we're not saying that a lot of thought and time doesn't go into this. In fact, it does. However, we'll argue any day of the week, that without some way to track the effectiveness of your marketing programs you are doomed to failure. Some time or another, you are going to be asked about the dollars that you are spending on your campaigns, how what you are doing is increasing sales or bottom-line profitability, or some such question. If you can't provide proof of the success that you are creating through your marketing programs, management scrutiny will increase, your budget will be cut or worse.
It is incumbent upon all of us direct marketers to take a scientific approach to what we do on a daily basis to increase profitability. If you are struggling with putting a measurement system into place, take a look at this whitepaper (just send an email to us at info@rrwconsulting.com and we'll send it to you). It will give you the insight you need to get started on this process and at least provide an outline that you can share with your Leadership to get them to buy-in. We predict that you'll come out smelling like roses.
Measuring and Tracking Your Marketing Effectiveness - To learn more about this author, visit Nancy Arter's Website.
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I hate to admit if for all of cyberspace to know but . . . I guess we are kind of geeky. And, now, we have reason to be proud of our geekiness!
There have been countless studies on how few companies really have a handle on how their marketing campaigns truly perform. And, in the frenetic pace of life that exists within most companies today, marketers simply move on to the next campaign without fully understanding what occurred in the last one. This is pure craziness . . . and definitely where that geekiness comes into play.
Vtrenz has recently written a whitepaper on this very subject and some of the statistics noted within it are astounding. For example, "38% of marketers say that new marketing campaigns are rushed to market based on the limited intuition of a few people." What??!?!?! The paper goes on to talk about the fact that the very nature of many marketers is that they are more drawn towards the sexy, creative, right-brained part of marketing, rather than the "boring" left-brained analytical part of it. As strange as it may sound, this boring stuff is the very thing we live for! Let's face it, without the power of analytics, how are you ever going to know -- beyond a gut feeling -- how your marketing campaigns are actually performing? You can't know unless you close the loop and measure each campaign's performance.
Vtrenz also tells us that most companies are struggling with measuring the financial impact of marketing campaigns, and, in fact "42% of them say that their company's ability to measure financial returns from marketing programs is a long way from where it could be."
We're not saying that it's easy to put measurement systems into place, however, it really isn't that hard and it doesn't have to be expensive.
Vtrenz cites five first steps of getting this measurement system in place:
* Define marketing ROI and obtain agreement from the Leadership Team
* Create a closed-loop process through your marketing systems
* Draft marketing ROI plan and include sales in the thought process
* Monitor implementation for areas of improvement
* Incorporate ROI findings into the planning process
Now, we're not saying that a lot of thought and time doesn't go into this. In fact, it does. However, we'll argue any day of the week, that without some way to track the effectiveness of your marketing programs you are doomed to failure. Some time or another, you are going to be asked about the dollars that you are spending on your campaigns, how what you are doing is increasing sales or bottom-line profitability, or some such question. If you can't provide proof of the success that you are creating through your marketing programs, management scrutiny will increase, your budget will be cut or worse.
It is incumbent upon all of us direct marketers to take a scientific approach to what we do on a daily basis to increase profitability. If you are struggling with putting a measurement system into place, take a look at this whitepaper (just send an email to us at info@rrwconsulting.com and we'll send it to you). It will give you the insight you need to get started on this process and at least provide an outline that you can share with your Leadership to get them to buy-in. We predict that you'll come out smelling like roses.
Measuring and Tracking Your Marketing Effectiveness - To learn more about this author, visit Nancy Arter's Website.
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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