I’m all for innovation, but if you cannot execute the best innovation in the world won’t save you. You need to work on being a better YOU!
According to a survey by market research firm Chadwick Martin Bailey and marketing consultancy CMG Partners (download full report here), a lowly 25% of Marketers feel they’re managing their marketing well despite advances in technology and marketing management systems.
Measuring marketing and managing it – I prefer to use the word ‘leading’ – are things you need to stop talking about and simply do it!
It’s far from easy, but you need to take steps to do it. Start small…baby steps.
Bring in your CFO, your client and work at it as a team – develop plans, goals as a team – net, this is a team responsibility.
Let’s face it, marketing never succeeds or fails truly on its own – no singular department does – every department is inter-related. So get it together.
In interactive and social media marketing here are just a few ways to measure performance:
- Increased number of participants
- Total number of customer contacts
- Sales generated
- Click throughs
- Conversion rate (% of participants who become customers)
- Change in volume or sentiment in support calls
- Registrations or leads generated
- Net promoter score
- Volume of user participation
- Success of new products inspired by social applications
- Impact on brand awareness (from surveys)
- Volume of user generated content
- Number of friend connections
- Volume of forwarded content
- Quantity of content re-posted on personal sites
Heck, if you do email marketing – practically everyone does – do you simply test and measure subject lines?
That would at least be a start in the right direction.
And, there are a ton of ways to easily monitor activities too.
Now here is the tricky part.
You need to balance the hard and soft aspects of marketing as well.
Keep in mind what Einstein said, “Not everything that can be counted counts, and not everything that counts can be counted.”
Work on both what you can count and what you cannot count, put a few systems and measurements in place. I’m sure if you work on it as a team, you will outperform the majority of businesses you compete against.