Marketing Skills: Metrics: Measuring Marketing Performance

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Course Overview

Marketers are in the spotlight like never before, with CEOs and CFOs demanding more accountability - an uneasy discipline for many (if not most) marketers. As numbers represent the language of business, marketers need to adopt a more quantitative methodology to the development and implementation of marketing plans and activities. They need not only to be able to explain their plans but also justify the strategy, tactics and outcomes with numbers.

This course is designed to help you answer relatively simple questions such as How successful was our last e-mail campaign? and more challenging ones such as What's the explicit link between satisfaction and loyalty? Answering such questions will help you to successfully answer the ultimate question... What exactly do we get in return for our substantial expenditure on marketing?

Audience

For people who understand the critical importance of measuring and evaluating their marketing activities and expenditure, and are ready to invest time and brainpower in developing a metrics oriented approach to doing the best they can with the resources they've got.

Skills Gained

Benefits for your organisation:

Your organisation will see a better return on its investment in marketing and a better understanding of how the various marketing tools and techniques work. It will appreciate the rewards won through focused measurement and it will therefore be more confident in allocating resources to marketing. In other words, it will be happy - if not delighted - with the return on its investment in this learning, development and application!

Benefits for you as an individual:

You will understand the critical importance of measuring marketing performance and specifically the efficiency and effectiveness of both your strategic and tactical marketing activities. You will be able to set up a 'marketing performance measurement system' and communicate more appropriately and effectively with your managers, directors and/or board.

You will learn how to:

• Explain and use tools such as 'effectiveness metrics', 'brand equity' and 'ROI'
• Design appropriate marketing metrics with appropriate calculation formulae
• Locate these metrics within a 'Marketing Performance Measurement System'
• Use common performance measurement frameworks (such as the 'Balanced Scorecard') within your marketing department
• Avoid common design, implementation and management pitfalls
• Determine what works and what doesn't and allocate your marketing budget accordingly
• Measure the efficiency and effectiveness of strategic and tactical marketing activities
• Understand the growing relevance and usefulness of direct marketing tools and techniques with their in-built response mechanism and metrics
• Use models (econometric), basic marketing mathematics and statistics
• Develop marketing plans with the emphasis on implementation, evaluation and feedback (control)
• Establish links between market activities, performance and results
• Ensure that marketing is seen as focused, accountable and adding value

Course Outline

• Understanding the 'what, why, how, who, when and where' of marketing metrics
• Undertaking a metric design exercise
• Undertaking a metric implementation exercise
• Exploring value-oriented marketing (the value equation, brands and shareholder value)
• Understanding two key stakeholder perspectives with appropriate strategic metrics
• Strategic and tactical metrics workshop
• Orange(tm) CRM Case Study
• Using performance measurement frameworks Balanced Scorecard video
• The performance prism
• Using IT in both marketing and measurement
• Understanding the testing options available e.g. before & after, control groups etc.
• Understanding econometrics
• Isolating the individual and collective impact of simultaneous marketing activities
• Preparing and delivering your 'marketing metrics presentation'

Pre and post learning support:

In preparation for a fruitful experience and in order to hit the ground running, delegates will receive some 'prep' along with their joining instructions. This will include a scene setting article discussing 'the current state and challenges of marketing' as well as a self-completion metrics questionnaire and audit. Post event, all delegates are given the facility to run their marketing plan/metrics past their Course Director with a view to enhancement and/or 'signing off'.

To take away from the course:

• Checklists, exercises, formulae, metrics, templates, tools and techniques
• A PowerPoint(R) presentation containing an outline metrics implementation plan to be further developed and implemented on return to your organisation
• Free marketing metrics textbook
• An Excel(R) spreadsheet enabling you to determine 'go/no go' on your defined marketing activity based on a specified 'target return'

Marketing Skills: Metrics: Measuring Marketing Performance / 0517