Measuring Your Marketing
How do you know where to invest your marketing dollars, how much to invest, and if you are getting a good return for that investment? I just read "Marketing and the Bottom Line" which covers these topics and stresses the importance of measuring the impact of your marketing. Among other things, it has a great list of questions to get you thinking about what to measure. These include, in my own language:
- Do you research your customer motives and behaviours?
- Have you aligned your marketing metrics with your marketing strategy?
- Have you quantified what success means and how to measure it?
- Are you connecting marketing activities with your performance in-market and your financial performance?
- Does your top management pay close attention to those connections and metrics?
- Do you compare actual performance to forecasted performance of those metrics?
- Do you compare your performance of those metrics to the performance of your competitors?
- How does brand equity enter into the evaluation of marketing activities?
In my opinion, if you are good at marketing, then you can answer yes to all of these questions.