Marketing Measurement and Metrics
Marketing professionals from the CMO on down are under relentless pressure to prove their worth to the organization. As a result, marketers everywhere have embraced metrics and performance measurement. Marketing measurement and marketing metrics are ways to justify budgets based on returns and to drive growth and innovation. But metrics not developed and used properly will be to no avail. Too often, marketers are offered a genericlist of metrics to track. And too many marketers fall victim to measuring siloed marketing tactics such as Web analytics, response rates, awareness or results from other activities. To be effective and demonstrate value, overall marketing performance must be linked to relevant business outcomes.
It's easy to get swallowed up by a sea of passable marketing metrics. Our methodology will help you to balance between transactional measures, such as program ROI, and leading indicator metrics, such as brand preference and share of wallet, so that you connect marketing efforts torelevant business outcomes, such as market share and customer value.
An outside perspective can help ensure you have the right balance of internal operational efficiencies with metrics that show how you're moving the needle for key business outcomes.
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Because every organization's mission and goals differ, the measures to assess performance will also differ in every organization. Your metrics will vary depending upon industry, product category, what the company is trying to accomplish and the circumstances the company is in. That is why it is vital that you take an outcome-based approach to your metrics so that you can develop a handful of metrics that measure those indicators directly connected to the organizationís goals.
VisionEdge Marketingís (VEM) MetStrat MPM Services focus on marketing performance measurement and management and are designed to advise and guide you in developing the right measurements and metrics. VEM uses a collaborative, pragmatic approach to establishing metrics, processes and systems and implementing an actionable roadmap for creating a performance-driven marketing organization.