If you’re facing the challenge of mastering marketing performance management (MPM), you’re not alone. According to a new study, measuring and quantifying marketing ROI across channels is the single greatest challenge for marketers.
The articles below provide five ideas you can use to build and optimize a marketing performance framework within your organization.
Identify Functional Goals
“Set goals that clearly identify in functional terms what marketing must achieve, establishing context by comparing the goals to the existing situation. As part of this planning process, take time to understand the roles and activities that will be involved, establish for each of them ways to measure their efforts, and provide flexible software that is accessible to everyone in marketing. Educate yourself about executives’ view of marketing performance, which typically is framed in terms of its cost and thus its cost effectiveness as applied to achieving targeted outcomes.” – Read more at Ventana Research.
Appoint an Evangelist
“The evangelist/employee should have a clear understanding of the structure of your internal marketing organization, and should be aware of each team’s present objectives, Key Performance Indicators (KPIs), planning processes and schedules and incentives. Only then would they be sufficiently empowered to identify a suitable currency of measurement and optimization that can be utilized across the entire organization. The evangelist would operate with the team leads and executives to adopt organizational change, and would ensure that suitable levels of platform access and training is provided across teams to leverage the technology.” – Read more at MarTech Advisor.
Build a Digital Hub
“We’ve reached a critical point at which a central digital marketing platform is a must-have piece of infrastructure. These hubs essentially function as digital brains, analyzing and communicating with customers across online and offline channels and touch points to present a comprehensive view of customer experiences.” – Read more at Marketing Land.
Balance Activity Metrics with Strategic Business Outcomes
“An effective marketing performance management system will include:
- Financial and non-financial measures
- Metrics for leading and lagging performance indicators
- Measures that focus on the strategic impact of marketing and metrics that support tactical decision-making
- Measures of ultimate business outcomes and measures of activities, outputs, and intermediate outcomes
- Revenue and cost metrics”
– Read more at CustomerThink.
Explore Experimental Testing
“Experimental design is a real-time, continuous multi-variant test. It provides marketers a more scientific and rigorous approach to measuring and identifying which media investment is generating sales and driving business outcomes. Vodafone, for example, has applied experimental design to their marketing efforts by taking different parts of the country and investing various levels of marketing spend across different media channels, then comparing them to other areas where spend is kept at constant.” – Read more at Marketing Insider Group.
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