The marketing department has traditionally existed outside the revenue column. But, it's time to demand the same demonstrable results that you would require of any of your business units. Marketing is more than a maker of multi-media; it is a catalyst that reenergizes how the company thinks, invests, acts and connects to your bottom line. However, traditional business standards of measurement don't tie marketing directly to that bottom line and companies struggle to establish performance benchmarks for their marketing teams. So how do you measure the efficacy of your marketing efforts?
Revenue is still the key metric. And your marketing department will help you produce it. But rather than simply measuring quarterly spikes in sales revenue, growth should be linked to activities along the entire customer continuum: reinforcing the brand message with your customer-facing employees, setting up the consumer to be sold and empowering the sales team to close the deal, and training customer service departments to protect your customer relationships.
Evaluate your customer engagement program against goals. There is a lot of available data. Lead generation, website visits and click-to-open rates must be measured. But a deeper analysis of the synergistic relationship between marketing and sales should reveal the programs that have delivered the most profitable, long-term customers that every business needs. There are clear indicators of success. How many potential customers are at the top of the pipeline? How did they find out about your service? How many pitches are you converting into business? More important, is the business you're converting in line with your marketing strategies? Global diversification, channel development, and breaking into new customer segments can be more important markers for success than overall sales volume.
Buzzmetrics may be a better indicator of market awareness. Market awareness is always a marker of performance. But, traditionally, it has been a static statistic. In today's engaged marketplace, customer-generated media such as blogs and online forums can influence your brand's image and impact sales and are important to track. Articles involving your corporation, expert quotes, invitations to speak or requests for intellectual capital are measures of trust and credibility. Determine if your Google page rank is ascending as you look at mentions of your brand online. By finding the baseline of coverage, you can identify the tipping point for when your company's ideas went mainstream.
Retaining top quality staff is critical in driving revenue. The ethos of your organization should be defined when a new hire walks in the door. By firmly establishing your corporate culture and the expectations of staff, you're enabling your team to create a better customer experience. The appropriate step at every interaction for the customer should be understood and assessed through internal interviews and training knowledge surveys.
Client satisfaction is a key indicator of continued financial stability. However, client satisfaction surveys are most often top-line reports of marketplace position based on general measurements. Surveys should be a diagnostic tool designed to capture specific customer feedback, identify service gaps and pinpoint weaknesses in operations to more effectively strengthen customer relationships.
Ultimately, you need to develop a dashboard of richer metrics of success, which account for other aspects of business development, in addition to revenue growth. With the creation of multi-dimensional metrics, you can create the same culture of accountability in your marketing department. By formalizing the capture and reporting these metrics, you can streamline your marketing initiatives and also develop a deeper understanding of what drives revenue growth and bottom line performance.
Triple Bottom Line Reporting
1. Craft your vision statement: Answer the question, ?Why does my company exist?? This is the heart and soul of your organization and the platform from which you should make every decision be it marketing, product development, or customer service related.
2. Identify your ideal client: Take a hard look again at why you're in business in the first place. Then identify who's really going to want what you're selling. Who's going to understand exactly where you're coming from and jump at the chance to do business with you? If you can identify those quality consumers, you will have a much easier time finding them.
3. Target your SWOT (Strengths, Weaknesses, Opportunities, Threats): The first two components are internal--what's going on inside of you and your company. The last two areas are external or the outside forces you must consider. There are unlimited applications for the SWOT exercise.
4. Ask, ?What makes my company unique?? Why should anyone do business with you as opposed to your numerous competitors? Consider how you make decisions when faced with a choice between similar products from different manufacturers. How do you decide which car or soda to buy? Remember, each potential client asks the same question when they consider buying from you. How do you stand out? If Starbucks just sold cups of coffee, they would not have become the dominant force they are today.
5. Expand your possibilities: Think BIG. A gold fish will only grow as large as its environment allows. Slip the fish into a bigger bowl and watch it grow. The same is true of your marketing plan. Think conservatively and small and your business is likely to remain that way. Dare to dream and think large. You will never reach the big goal if you think it's not possible.
6. Hone your goals & tactics: Using your vision statement as a compass point, ask what goals do you need to achieve in order to reach your vision? Remember to set SMART goals (specific, measurable, action-oriented, realistic, time sensitive). Once you have them all listed, ask, ?If I accomplish every single one of these goals, will that guarantee success?? If the answer is not a resounding ?Yes!? keep adding goals until you are satisfied. Next, break each goal down into the specific steps or tactics necessary to accomplish each goal. Ask, ?If I finish every listed tactic will I reach this goal?? If the answer is no, keep breaking it down to the last detail.
7. Set your priorities: Once you've got your goals and tactics in place you have got to put them in order. Write each one out on a separate piece of paper and shuffle them around. Look at each one and ask, ?How important is this to my success in the next 3 months?? Use the ABCDE method of prioritization. Sort them in groups of As, Bs, and Cs, based on importance. Ds are anything you can delegate. Es are anything you can eliminate. Next, prioritize within each group: A1, A2, A3. Finally, get to work. Even though you might be tempted, don't move on to the Bs until you have completed all the A tasks.
8. Take action: One of the most critical steps in any marketing plan is to get your hands dirty and get started. The marketing plan that never reaches the public will net you zero sales. Learn to embrace the notion of ?failure? as feedback on how to get it right. With this attitude, any setback becomes an opportunity to fine tune your plan and make it better. A parting anonymous quote: ?Failing quickly is at least better than failing slowly.?
9. Be consistent and patient: Without these two pieces of the puzzle, your marketing plan is doomed to failure. Create a marketing plan that covers the next 12, 24, and 36 months. Once you have taken the time to unlock doors with the first 8 keys, use consistency and patience to broadcast your message to your customers. A client might need to encounter your message a minimum of 9 times before he/she is ready to buy. Therefore, understand that you will never know whether your plan is working within the first 60 days. Practice patience.
Both Linda Passante & Kim Nishida are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Linda Passante has sinced written about articles on various topics from Chief Executive Officer, Marketing. As CEO, Linda Passante has been the engine driving 's consistent growth and evolution into a finely tuned Brand Development Agency. Visit The Halo Group's. Linda Passante's top article generates over 1900 views. to your Favourites.
Kim Nishida has sinced written about articles on various topics from tax, Massage and Marketing. Not enough clients for your small business? Kim Nishida, author of the innovative program Conception to Completion helps you realize your full potential. Pick-up your free Success Kit while supplies last at. Kim Nishida's top article generates over 9900 views. to your Favourites.
Baby Gifts For Dads After all while choosing a personalized gift your common sense can be your best personal advisor. There is a really cool ensemble of personalized baby giftson the internet. Check right now!