Develop a brand and marketing performance measurement strategy, and apply it consistently over time.
Today, virtually all marketing and corporate executives believe that tracking brand and marketing metrics is important to their overall success. At the same time, few organizations consistently track the brand and customer experience metrics which could improve performance. Why? It isn’t easy. System-wide marketing and brand performance measurement is daunting and difficult.
But with a performance measurement strategy in place, every organization can begin to take simple steps with existing programs to understand, measure and improve performance, setting the stage for increased accountability, proof of ROI, and expansion of revenue generating programs.
Questions for Your Organization to Ask:
- Would a better understanding of what a “performance dashboard” might look like help your organization plan for a measurement strategy?
- Do you track some of your marketing programs consistently? If so, develop a strategy to track all recurring programs by the same set of performance metrics.
- Have you considered the potential intersections of brand and marketing measurement programs through quantitative customer research?
- How difficult would it be to choose a single customer metric – such as loyalty – and begin to track performance?
Do you think that one of the obstacles to marketing and corporate executives leading the charge to measure what matters about marketing is that they aren’t sure what aspects are worth measuring? I recently bought a book that contains 103 marketing metrics, and NO WAY would I recommend anyone try and measure them all! So how do you where to start? One strategy I’ve found very useful is to:
1) decide what are the very few results that great marketing should deliver (eg high quality leads that the sales team can more easily convert to customers)
2) flowchart the marketing process and decide which are the critical steps in the process that impact the results from step 1 above
3) measure just a few of those “in-process” steps and then start testing and tuning to get better results as defined in step 1
What do you think?
Smiles, Stacey.
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