Marketing Skills: Metrics: The Marketing Mix

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Course Overview

This one day workshop is designed to meet a growing demand for 'marketing mix metrics', with a view to determining the return on marketing investment (ROMI), specifically at campaign or tactical level. The workshop also covers how this is relevant to the customer and organisational level. It will help you to determine an optimal marketing mix - which delivers the value proposition with maximum effect and minimal cost.

Audience

You will already understand metrics, but now need to apply them. You should also be proficient in using spreadsheets (e.g. Excel(TM)).

This workshop is designed for people and organisations that understand the critical importance of measuring and evaluating your marketing mix activities and expenditure with a view to doing the best you can with the resources you have.

• This workshop focuses primarily on tactical marketing rather than on strategy or process
• it is specifically geared to metrics such as efficiency and effectiveness.!

If you are more interested in an overview of your marketing metrics efforts, our introductory workshop 'Marketing Metrics - An Introduction' may be more suitable.

Skills Gained

You will understand the pros and cons of key marketing mix elements as well as average costs, likely returns, efficiency, effectiveness and key metrics. Exploring ways to optimise the mix coupled with an understanding of how marketing works will assist in increasing your confidence when allocating resources.

You will also develop a better understanding of your value proposition and drivers and how the various marketing mix tools and techniques contribute explicitly to value delivery, leading to a better ROMI.

You will be encouraged to ask fundamental questions about your marketing mix and provide quantitative answers regarding the efficiency and effectiveness of the tools you use, both individually and collectively. This critical assessment will lead to better knowledge and increased confidence in making marketing mix decisions and allocating budgets. The ultimate objective is to increase the ROMI, however, a consequence of your investment in training and subsequent metric development may also improve marketing's positioning and accountability both within your organisation and with your senior management team.

Course Outline

• Set 'SMART' quantitative marketing mix objectives, metrics and controls
• Develop internally consistent metrics (linked to 'SMART' objectives) using a 'metric definition' template
• Perform key marketing calculations (such as churn, contribution, cost per acquisition (CPA), net present value (NPV), price elasticity and ROMI)
• Understand and utilise basic maths and 'descriptive statistics' within your reporting
• Measure both the efficiency and the effectiveness of tactical marketing mix activities - key tools and sequencing
• Compare, contrast and test different mix elements against each other using control groups
• Calculate the ROMI at the tactical level (e.g. marketing communications mix - direct mail, e-marketing,) using various formulae
• Set up and test marketing mix hypotheses to expose truths or myths (if we don't advertise/exhibit..., business will...)
• Utilise the latest state-of-the-art tools and techniques to build a model of your marketing place (econometrics)
• Design and deliver appropriate and targeted marketing mix activity reports, dashboards and scorecards

Marketing Skills: Metrics: The Marketing Mix / 1316