5 Steps to Improved Marketing Effectiveness and Accountability

A 5–Step Process

1. Getting non-marketing

executive management

buy-in

2. Developing initial business

question definition and

refinement

3. Building a marketing data

infrastructure

4. Determining analytics

methods

5. Executing, learning,

iterating & improving

1. Getting non-marketing

executive management to buy-in

Marketers must educate their compatriots about how

consumers act and respond to marketing

1. Getting non-marketing

executive management to buy-in

Marketers must educate their compatriots about how

consumers act and respond to marketing

Demonstrate that it is a science that can

be measured with reasonable accuracy

1. Getting non-marketing

executive management to buy-in

Marketers must educate their compatriots about how

consumers act and respond to marketing

Reasonable cost that yields significantly better decision

making delivering higher revenue, profit, brand and share

Demonstrate that it is a science that can

be measured with reasonable accuracy

2. Initial Business question

definition and refinement Marketers must align their activities to

corporate objectives. These could

include:

Launching new international offices and

operations

Launching new brands

Developing 5% more profit growth

Defending against a competitive threat

Improve the effectiveness of brand

activities

2. Initial Business question

definition and refinement Marketers must align their activities to

corporate objectives. These could

include:

Launching new international offices and

operations

Launching new brands

Developing 5% more profit growth

Defending against a competitive threat

Improve the effectiveness of brand

activities

Develop specific infrastructure

requirements as to how to prioritize:

Marketing Activities

Metrics & Analytics Methods

3. Building a marketing data

infrastructure Develop data structures and data

collection methods & workflows

Align data collection with what drives

consumer purchase decision-making

Manage cost, accuracy, and timeline

issues

4. Analytics Methods

Marketing investment efficiency

Last touch attribution

Experimental design

Look-Alike & propensity modeling

Predictive modeling

Marketing mix modeling

Agent-based modeling & simulation

Consumer choice modeling

5. Execute Learning & Iteration

Results must be tracked and new

insights gathered

Results factored into next planning

cycle

What is the ROI of ROI?

Did the measurement investment

pay off and by how much?

What data is needed to deliver even

better marketing success

ProRelevant.com

Guy R. Powell

Thank you

We have an upcoming webinar series on this topic. If you’d like to learn more about how we can help you deliver successful product launches simply hit

Get in Touch below:

Or sign-up for our blog: @ http://www.prorelevant.com/the-marketing-calculator-blog/