How can you measure marketing success?

You’d think this would be an easy question to answer and in ‘theory’ it is … However, does one really know the value marketing brings to the business when there are so many influencing factors? For instance, how do you value perception either of your partners or customers? I think this is difficult. Yes, there are some basic marketing measurements you can apply and conduct regular surveys but in today’s market with the new science of social media, is measurement somewhat out of our hands, and even control? Ok, let’s bring this discussion down a level. Leads, leads and more leads resulting in marketing influenced pipeline (MIP) and marketing influenced revenue (MIR) – that’s my core measurement. Placements, responses, downloads, event attendance, feedback, etc, etc all demonstrate the value that marketing brings however with mainly flat or decreasing marketing budgets, and on the flip side the power of new media where you can do more for less, I really question how we can truly measure marketing’s success. 

Also, in my experience of channel marketing across EMEA, it’s very difficult to get a true picture of what campaigns are implemented, by whom and when. An example, marketing delivers a campaign kit for Applications Quality; HP Inside Sales conducts a call-out, several country marketing teams host events, there’s a white paper download – all very measureable. In parallel the Partner Account Managers work with our partner community and my team communicate to partners monthly to promote the resources available to them, so without putting barriers in place to make the content more restricted, in months to come, how do you accurately keep a track of the marketing messages that are getting out there?  Of course, if any of the collection of Value Path campaign kits are leveraged, this is good, right?  However, the question is on measuring marketing’s success and I would love to know if anyone has really got the formula? 


I hope to see many partners at the local Business Perspectives event this May and  June, I would welcome taking this debate with you!


Chiara


 

Comments
| ‎03-27-2010 04:55 PM

I'd really appreciate if you remove html formating from your RSS feed. this color: white is destroying everthing RSS is for.

| ‎05-06-2010 11:42 PM

Chiara,

You are correct that it is hard to measure marketing's influence, but not impossible.  Often management wants to know what "lead source" a deal originated from.  They are missing the point because in most cases, wins occur because of multiple touch-points that drove the prospect to have an interest and predisposition.  That being said, we would argue that the marketing funnel (comprised of all leads) should be measured much the same as the sales pipeline gets measured; volume, value, and velocity.  Check out our article on the topic at http://tinyurl.com/263fmr5 and then give us a call if we can be of help to you.

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