Conducting Marketing Research - Measuring marketing productivity
3 important questions on Conducting Marketing Research - Measuring marketing productivity
Why do you want to measure marketing productivity?
- Marketing expenses are an investment
- Marketing competes for resources
- Motivate, evaluate and reward managers
What are complementary approaches to measuring marketing productivity? And explain marketing dashboards.
- Marketing metrics: to assess marketing effects
- Marketing-mix modeling: to estimate causal relationships
- Marketing dashboards: structured way to distribute the insights gained from these 2 approaches within the organization.
Marketing metrics(set of measures that helps marketers quantify, compare and interpret their marketing performance)
Internal
External
- Awareness of goals
- Commitment to goals
- Active support
- Resource adequacy
- Staffing levels
- Desire to learn
- Willingness to change
- Freedom to fail
- Autonomy
External
- Awareness
- Market share
- Relative price
- Number of complaints
- Customer satisfaction
- Distribution
- Total number of customers
- Loyalty
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