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An assignment on Measure Marketing Performance and Productivity for effective decision making

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Measure Marketing Performance and Productivity

PURPOSE OF MEASURING MARKETING PERFORMANCE AND PRODUCTIVITY (MMP&P):

MMP & P is also popularly known as marketing performance management wherein the results and the outcomes of the marketing activities are being computed for the analysis of the effectiveness of the same. The practitioners of marketing are having increase in pressure so as to compete towards measurement of the performance and the productivity under taken by them which can be reflected by the analysis of the performance of the firm. The same is helping for effective decision making, thereby having increase in the investment by the marketers in the development of abilities for more reasonable management of performance. The major purpose of MMP & P are listed below:

• To cover the movement of the firm to non-financial measures of output rather than financial measures

• Analysis of the marketing inputs along with the analysis of the outputs of the marketing

• Multidimensional measures of performance have evolved over and above the one-dimensional one. 

All the above suggested the need for the community of marketing to develop measures that would be enough to manage all the above aspects. 

USERS OF THE INFORMATION GENERATED FROM MMP &P WITHIN THE COMPANY:

The information derived through the MMP & P is used by the internal company management officers so as to evaluate the gap of the results which was estimated and which was actually achieved. The personal framing policies of Marketing and its related productivity analyse the same for the research of the market, management of performance and for analysis of the operations conducted by the non for profit making organizations. The management analyses the same so as to learn the taste of the client for the improvement of effectiveness of the same. 

CHARACTERISTICS DEFINING THE INFORMATION:

The information as derived by the analysis of MMP & P should have all the characteristics that makes it easy for the firm to have the clear picture of the marketing activities, programmes and proposals undertaken. This again helps in calculation of deviation if any is present in between the estimated outcome from the marketing activities and the actual outcome thereby makes it clear to adopt fresh marketing activities or to fill the gap wherein there is a loop. The information should have the following characteristics:

• The research of market should be done in such a way which is a knowledge enhancing one. 

• The market research information should consist of the internal use of it in a political manner

• The information should be such that there exist no misuse of the same

• The information should generate an understanding of the market with clarity.

MOST IMPORTANT METRIC USED FOR MMP & P & WORK EXAMPLE OF THE SAME:

There are many kinds of metrics being used for MMP & P as because the marketing in today’s world it’s a science. Therefore, the measurement of the same has become a very important part. The most effective metrics used by firms in today’s world are Predictive Revenue, Predictive Analysis and Customer Engagement Patterns.

In case of Predictive Revenue, the forecast of the final implications of the strategies adopted by the company through various means are analysed. A software for the same is developed wherein the likelihood and plotted under various circumstances to arrive at a specific result. In case of Predictive Analysis, the behaviour in relation to the purchases are analysed. In case of the analysis under the Customer Engagement Patterns metrics, the analysis of the customer strategies of engagement are taken into considerations. Therefore, we see that a platform where the marketing automation is of a good quality, results in data’s being offered as per the needs by way of measurement of the impact of the same on the decision making with respect to the business. 

METHOD OF COMMUNICATION OF INFORMATION GATHERED:

In today’s world the communication of information have been made very simple wherein everything is communicated by way of digital means. Therefore, in case of the information gathered by way of Measurement of Marketing Proposals & Performance, the digital means should be used so as to communicate the information so gathered by using the metrics for the same. The faster the communication of information takes place, the faster is the analysis of the same and methods for improvisation can be achieved. This helps in meeting the goal of Optimum Utilisation of Resources for Optimisation of Profits.

METRICS THAT WILL BE PRESENTED:

The metrics that will be presented by way of method/tool for the communication of the same using the website of the company are as follows:

• VISITORS ANALYSIS: The analysis of the number of visitors of the website in numbers.

• NUMBER OF TIMES PAGE IS VIEWED: The number being cumulative in nature clicked by the visitors.

• TRAFFIC OF SEARCH ENGINE: The traffic of the website should also be analysed.

• RATE OF BOUNCE: The number of visitors coming to the page and leaving back immediately.

• LINKS INBOUND IN NATURE: The links external in nature and the visitors checking the same. 

PLANS FOR OVERCOMING THE CULTURAL BARRIERS:

Although the fact that cannot be denied is that the MMP & P is a very essential tool being used by the market researchers in order to have clarity of the effectiveness of the same but still there exists many barriers to it, one of them being the Cultural Barriers. The people due to cultural thoughts does not effectively implement the same and thereby there arises a need for an effective plan to be in action so as to overcome the barrier of culture. The plans includes the communication of the effectiveness of the information thus generated through it to external stakeholders of the firm, to have a widespread of research so as to attain the goals. The use of the digital methods of marketing should be spread more as because they have high impacts, featuring large and often formats of interaction. This will help the researchers of market to have the information which is more pure and which can help in the optimal usage of the proposals and performance.

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