Measuring and Managing Marketing Performance (ONE DAY)
No CEO or CFO wants to hear that their marketing investment was a gamble, which makes marketing accountability one of the biggest issues facing the marketing community today. As a result Marketers must prove marketing ROI by demonstrating the impact marketing dollars have on revenue, then and only then, will Marketing stop being treated as a cost center and become a respected part of a company's revenue process.
Marketers know they need better analytic tools to demonstrate their impact, but too often reporting tools are inefficient and don't give marketers the information they really need. Add to this, the dichotomy that finance teams are paid to count things which causes them to look backwards (you can only count what has actually happened), while marketing people are paid to look forward.
Marketers therefore need to measure things like sales growth, market share, margins, customer retention; critical success factors based on what makes people buy what they buy. Measuring factors like those will help marketers pull the right levers. But this requires knowing what needs measuring, why it needs measuring, when it should be measured, who should measure it, how frequently you should measure it, and to whom should it be reported.
This workshop will cut through the confusion and complexity of marketing analytics to help you understand the techniques being used today to measure and manage marketing performance -- how they work, when to use them, and the best approaches to measure the effectiveness of your marketing expenditures. You will also learn that measuring results is only one of the stages in the process, planning or decision-making are as every bit as important as measuring. But what's even more important for Marketing to demonstrate is the ability to improve performance and profitability. Marketing earns credibility when it leverages measurement insights to improve targeting, contact strategy, marketing mix integration, and offers measurements and performance analysis that drive good business decisions.
Just because you have data doesn't mean it will lead you to the promised land. This course therefore focuses on helping marketers understand what matters the most and how to determine the data needed to tell that story. In the end what is critical is getting to finding out how to measure your company's objectives and what drives them versus answering questions about your activities because you can.
Who is this course for?
Marketers at all levels, including marketing vice presidents, directors and managers-as well as managers and executives in other departments (finance, operations, customer service, R&D) who work with or support marketing. An understanding of the fundamentals of marketing is highly recommended.
- Understand how effective your marketing spending is
- Justify the value of your marketing efforts to your boss and your CEO
- Make better brand decisions using correct marketing ROI information
- Marketing ROI: challenges, opportunities and roadblocks
- How leading companies track and assess marketing ROI
- Key components to successful marketing ROI measurement
- Integrating measurement into the marketing plan and budgeting process
- Determining potential marketing ROI assessments