Measuring Marketing

By: EconomyWatch   Date: 30 June 2010

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EconomyWatch

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Why Measuring Marketing Effectiveness is So Hard

  • Cost attribution
  • Many marketers got into the game because of their creative talents - they 'don't do' numbers!
  • Some marketers feel that this focus on Excel is a betrayal of what builds great brands. Sometimes they are right
  • How do you measure brand advertising?
  • How do you measure intangibles and long term activities in todays revenue?
  • There are over 200 metrics or KPIs that could be measured - which ones are right for us?
  • What data do I need for that?
  • Which internal departments and external partners do I need to get the data from?
  • Do I need to make changes to IT systems or manual processes to get that data?
  • How much will it cost to collect that data?
  • Has the cost of collecting that data just made a profitable product/ campaign/ business unprofitable?
  • Do I need to find other ways to sample or approximate data to measure my metrics?
"More money is wasted in marketing than in any other human endeavor (other than government, of course)."

Al Ries & Jack Trout


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