- For some time now, I have been toying with the idea of setting up marketing metrics. But, I am not sure where I should start. What are the key measures I should use?
- I have a smart marketing team. From experience, I think what we really need is a better marketing plan. Can you list some ways to improve my marketing plan?
- I head a mid-sized business and feel our marketing has got to be a lot more effective. And, the way I see it, it look like our strategies aren’t the best possible. What would you recommend that we can do to develop better marketing strategies?
- Which marketing efforts are the most cost-effective and also deliver fast results?
- We hear a lot about lead generation and are likely to run a lead generation campaign for our business. What are the elements we need to factor in?
For
some time now, I have been toying with the idea of setting up marketing metrics.
But, I am not sure
where I should start. What are the key measures
I should use?
Illinois
Robert, you belong to a select group of marketing executives. Many marketers do
not measure their marketing programs, though they spend thousands and even millions
of dollars on these efforts.
'What you can't measure, you can't manage,' goes an old management adage. That holds
for marketing as well. Useful and meaningful metrics help marketers track how well
their marketing objectives are being met. Having said that, marketers need to select
meaningful metrics so that they get the insights they need.
Before you create a metric, ask these questions:
- Does the metric reflect and drive business results?
- Is the metric something you can influence?
- Can the metric be measured accurately and consistently in a cost-effective manner?
- Do you have buy-in from all key stakeholders on the metric?
I have a smart marketing team. From experience, I think what we really need
is a better marketing
plan. Can you list some ways to improve
my marketing plan?
Connecticut
Many marketing plans simply don't work very well; they add little value and end up on a shelf, collecting dust. This problem cuts across industries. However, the situation is not entirely hopeless. If you can take care of a few fundamental issues, you could very have a far superior marketing plan, starting with your next plan. Here, in our opinion, are the questions you need to ask and the areas you need to fix:
- Does your marketing plan have clear recommendations? These are the heart of the plan.
- What is the course of action your marketing plan lays out? If this is not clear, your plan is missing something.
- Does your marketing plan jump from data directly to the tactics? Fix the disconnect by first spelling out the strategic initiatives you propose will help achieve your marketing objectives
- Does your marketing plan identify strategic initiatives clearly? One way to be sure is to ask yourself, ‘Are we focused on the right things? If we do these things, will we achieve our objectives?’
- Does your marketing plan detail the tactics associated with each of the strategic initiatives?
- Does your marketing plan provide clear reasons why the plan will actually work? This is critical to create buy-in.
- Does your marketing plan have support from senior management, sales, operations and your other teams that have a stake?
- Are you building a marketing plan in isolation? Involve other teams – sales, operations, finance, customer service etc. – so that you not only have a better, more realistic plan but also increase the odds that the plan will be approved.
I head a mid-sized business and feel our marketing has got to be a lot more
effective. And, the way I
see it, it look like our strategies aren’t
the best possible. What would you recommend that we can do
to develop better marketing strategies?
Nebraska
Well, this is a BIG question. And, there is no simple answer. Whole books have been
written on marketing strategy. If we are to single out one step, we would start
with planning. Before you jump to implement a strategy - as most companies do -
it's absolutely necessary to ensure your planning has thrown up the best possible
strategies. With careful planning, you minimize the chances that you will spend
hundreds of hours and several thousands of dollars to implement a flawed strategy.
So, what questions do you need to address, when you plan your marketing strategy?
We'd suggest the following:
- Objective: The single most important planning step is to be clear about what it is you want to accomplish
- Industry/sector/category: Be clear about your target audience and competitive set.
- Target audience: Within your industry segment, it is important to understand your specific target audience
- Geography: It's almost always an advantage to concentrate your efforts (and budget) in a limited geography before expanding to a wider market.
- Position on the product life cycle: Be sensitive to where your product (or company) falls on the life-cycle continuum.
- Time and expertise available to manage: Time and expertise available to manage
Which marketing efforts are the most cost-effective and also deliver fast results?
Atlanta
- Pay-per-click (PPC) Advertising
- Local Internet Advertisings
- Email Marketing
- Promotions and Special Offers
- Sales Suppor
- Publicity and Public Relations
- Trade Shows and Events
We
hear a lot about lead generation and are likely to run a lead generation campaign
for our business.
What are the elements we need to factor
in?
Colorado
- Set up campaign objectives – these should include aspects like number of leads expected, qualified, contacted, and converted.
- Select the most effective media – typically, these include your website, search engine marketing, direct mail, and trade shows.
- Develop a compelling offer that will motivate a response
- Plan for managing responses, so that you can handle inquiries and fulfill them.
- Qualify the responses, to make sure a prospect is ready to see or talk to a salesperson.
- Develop a process to nurture inquiries.
- Measure your campaign results, so that you know what contribution the campaign has made to your business
- Sign up here to receive our digital marketing tip of the month via email
Turn clicks into lasting relation-
ships
- with CAERUS Marketing System™, Al Dente's innovative lead generation tool
