Marketing Performance Measurement Terminology
The terminology that most marketing professionals use to evaluate the effectiveness of a marketing strategy is known as marketing performance measurement. By focusing on key factors such as business goal metrics, marketing activity alignment, and strategies, a company can effectively measure how well or how poorly a marketing campaign is working. Using a marketing measurement assessment tool will help you to create a framework metrics so you can monitor the level of your marketing performance.
How MPM differs from Regular Performance Management
With this, you will be able to design, develop, and use marketing measurement dashboards to manage your marketing strategies and their performance levels. Normal performance management is made up of a number of functions, however the goal is always to achieve the optimum objectives and results. You can also optimize group, individual, and organizational performance at the same time. However, MPM goes further and is more specific than regular performance management. It also focuses on analyzing, managing, and measuring the performance of marketing campaigns in order to maximize effectiveness while optimizing your marketing ROI.
Marketing Measurement and Reporting Capability Assessment
Whenever you use a marketing measurement assessment tool, you can customize key factors that include and help with reporting capability assessment. These include:
- Advertising and public relations
- Branding
- Customers
- Direct marketing
- Events and tradeshows
- Executive dashboards and top level key performance indicators (KPI’s)
- Marketing channels
- Marketing collateral
- Marketing dashboards and high level KPI’s
- Pricing and discounts
- Product management
- Website and online marketing
In marketing measurement assessment, there are typically three elements that play a significant role - analytics, data, and metrics.
Benefiting from Marketing Measurement Assessment
In closing, the easiest way to describe how your company will benefit from the utilization of a marketing measurement assessment tool is by using five words – people, placement, price, product, and promotion. You are convincing people to purchase what you are offering by reaching them effectively (placement). Additionally, by giving them a better price and delivering a message that gets their attention (promotion), they will be more apt to purchase your product.
