Build Momentum for Marketing Excellence
As a value creator you know that creating value for your customers ultimately creates value for your organization. You have the foundation in place to act as a value creator. You speak the language of business, operate marketing as a center of excellence. To build momentum for Marketing excellence you need to be able proving your contribution and impact.
Measuring contribution and impact requires knowing how to gain insight into customers and the market, leveraging data, and selecting the right metrics. Keep your marketing excellence momentum going with these three Marketing Performance (MPM) best practices.
Promise to Improve Your MPM Capabilities
Marketing Excellence Best Practice 7: Resolve to select more relevant Marketing metrics
Metrics are required in order to quantify your value, contribution, impact, and results. Marketing metrics come in all shapes and sizes such open rates, response rates, on time delivery, cost vs. budget, share of preference, product adoption, share of wallet, and market share. The list is nearly endless and includes a mix of efficiency and effectiveness measures. Some are related and others stand alone. Here’s some tips for navigating the metrics maze.
Marketing Metrics: The Paradigm Shift
Ready to Set Your Marketing Metrics: Think Like a General
Efficiency vs. Effectiveness Metrics
How to Choose the Right Metrics for Your Marketing Dashboard
Marketing Excellence Best Practices 8: Resolve to employ data and analytics to facilitate better decisions
Quantifying, measuring, and fact-based decision making have data and analytics in common. You and your team either need to build these skills or need access to data and analytical experts. And once you have the skills or data, you will need to be able to transform it into business value.
More Data Does Not Mean Better Insights
Just Add Data: Some Assembly Required
Tame Big Data and Gain Big Insights
Analytics the Essential Ace in Every Hand
Analytics and Marketing Ops: A Match Made in Heaven
Four Tips for Translating Data into Business Value
Marketing Excellence Best Practice 9: Resolve to know thy customer
Value creators are customer-focused and customer-centric. They conduct research and use the data and analytics to keep a pulse on market trends; customer product, service, and engagement preferences; and the customer experience.
Three Tips for Cost Effective Research
Implementing Customer Analytics
Exploring the Win in Win/Loss Analysis
Customer-Centricity: Mining for Gold in Your Customer Data
Align Sales and Marketing Around the Customer Buying Process
Cultivating Sales Ready Qualified Opportunities
Check out the remaining three Marketing best practices.
See the companion posts on best practices:
Resolve to Be a Marketing Center of Excellence
Start on the Right Path to Value Creation
Take Your Marketing Performance Management Over the Finish Line
Authors Hugh Burkitt and John Zealley in their book ‘Marketing Excellence’, argue that “excellence has to be unusual and rare”, it must be accompanied by “endurance and sustainability”. We can help you build your endurance and sustainability.
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