Question

Topic: Research/Metrics

Measuring Marketing Objectives

Posted by Anonymous on 2/2/2004 at 4:08 PM ET 240 Points
I have just started in marketing (well about 12 months), but I am confused about how to measure marketing objectives, I have a management meeting tomorrow, and would like some quick sensible advice to talk to them about it HELP
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RESPONSES

  • Posted by ReadCopy on 2/2/2004 at 4:15 PM Accepted
    To be completely honest, there is only one good metric, and that Profit.

    We are all in business to make a profit from our marketing activity, so that is what we must be judged on.

    When I first started, I had alsorts of measurements against me (Customer Retention, Sales Leads, Churn etc), but I spend all my time gathering the data to see how well I did ... its a good idea, but impractical if you are busy (which we all are), and do not have the systems to collect the data (which we never have!).

    So I would say definately Profit, is the main and best measure of success for marketing.
  • Posted by Blaine Wilkerson on 2/2/2004 at 4:36 PM Member
    Since your meeting is tomorrow, you don't have time to come up with any metrics unless previously determined.

    I suggest you focus on GROWTH and Profit...with a combination of B.S. since you are going in unprepared.

    Focus on these topics. Only brush the surface (B.S.) on the topics you do not have numbers for and elaborate on the ones you do. Here's what I suggest:

    Typical metrics for measuring how much business you have or want are:

    1.Number of active clients

    2.Annual, quarterly, monthly revenues or profits

    3.Life-time value of each client

    4.Number of prospects calling or inquiries made

    5.Number of proposals delivered or presentations made

    These topics are the ones most managers are going to want to know about. Be confident, keep it short and concise...then sit down and pray they don't ask you too many questions! On short notice...that's the best you can do!

    I hope that helps! This will be an interesting "lesson" for you to experience!

    Good Luck!
  • Posted on 2/3/2004 at 9:31 AM Member
    there's no point on being in business unless you're making a profit, so I'd go along with that...

    You might also ask 'how many new customers does this get us' because
    - your company will churn customers
    - you're going to need new ones in the future

    hth

    Will Rowan
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