The finance guys focus on it. The athletes spend their lives improving it. The examination system measures it (however faultily). The MD’s are really bothered by it. Internet service providers claim they outdo each other on this. The entire sport of FI is built around it. Is it time the marketing guys focus on this very same thing?
Yep – performance management – which for marketing becomes MPM – marketing performance management, is another area where we need to set up metrics, measure performance and figure out ways to improve the effectiveness in a continuous cycle. Sounds like just one more process, eh?
The questions are –And what are the benefits of making this additional effort? Is there anything new in this?
Lets start with the benefits
• The process ensures that we focus on the metrics that matter – whether it is strategic or tactical – we need to be very clear on what we are measuring and why – so is relevant by definition
• We figure out ways to measure what we need to measure – not what is easy to measure. The metrics need to accurately reflect the performance of marketing elements. And as we know anything that is measured can be improved
• MPM uses database modeling to identify the impact of various marketing drivers and find ways to optimize them
• The metrics will be team player specific and uses dash-boarding techniques to give clear visibility on performance in real time
• A” what if “scenario builder is integrated that brings in insights from modeling for accurate estimation of future effects
• Net net, Marketing is measured and marketing is continuously improved and this leads to savings and effectiveness
And what’s new is that MPM integrate the theory with the practice without each having their own merry lives!
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