Summary
During this session Lianne Becker walked us through the use of metrics with marketing. Using metrics to measure marketing effectiveness is critical to the success and direction of your firm’s marketing strategy. Using quantitative measurements gives an accurate representation of what is working, and more importantly, what isn’t working.
You can use measurements to calculate the value of marketing efforts and justify the investment of them. Many database programs can be used to track and analyze marketing efforts and customer relationships.
The goal of using metrics is to improve your marketing efforts. In order for metrics to be effective you must use the information gathered to take an action of some sort. Gathering this information is not easy, it takes time and effort to properly build a database/baseline.
Presentation Tidbits to Remember
- Reasons to measure include
- To understand what is working
- To fix the things that are not working
- To justify the investment into marketing
- To calculate the value of marketing
- To improve the results
- To drive future decisions
- What to measure
- Client standards for service performance
- Data that helps make financial investments in clients that will bring the greatest financial return
- Gain understanding of why respondent became a customer and how to keep them a customer
- Realistic goals need to be set
- You need to remember that the data will usually be imperfect, and you will have to use it as best as you can to make educated decisions
- The information gathered must be presented in an effective way to decision makers
- Some action must stem from the data collected
Hopefully this serves as a reminder to keep using metrics to gain insight into what is working for your particular firm, and what you may need to change to stay competitive. The presentation slides are loaded with useful information and are available for our SMPS members through the members section of the SMPS-TC website.
Scott Dunnwald
Marketing Assistant
Karges-Faulconbridge, Inc.