Marketing metrics is one of the key lessons of the business world and which i have discussed in a lots of my blog posts.Each of these pots will help you improve the performance,gaining and credibility of your marketing analytic.
Today I am going to disclose the 9 points of Global marketing plan relations towards Information Technology & tools.
1)Planning of Future Success:–
Allocating sufficient resources to your marketing reporting is important to benefiting from the insights offered by the reports. Reports are not an end,they are a means of supporting decisions that improve profits,and to discover which strategies work best at increasing ROI.Planning involves setting goals and scenarios for all marketing initiatives prior to actually funding the initiatives.All programs must be measurable,and should benefit from insights developed during previous planning cycles.
2)Maintain Financial Credibility:-
Senior management cares about increasing profits and revenues,so use metrics that speak to these concerns.Be scrupulous in accounting for the costs generated by your marketing campaigns.You should create models of your revenue cycle that include lead flow, conversion rates,and sales rates.
3)Always Work Strategically:–
Know your measurement priorities before starting campaigns and make sure you include specific measurements for each campaign. Different measurements from different methodologies should be integrated so that you can leverage the unique strength of each strategy.You will see that multiple measurements have a beneficial cumulative effect.Review all expenses that relate to customer value and find ways to improve the profitability of each account.
4)Successful Environment Creation:-
Allow all interested parties to access critical sales,marketing and financial data.Select tools,such as dashboards,to display information that is relevant,important and urgent. Technology helps you extract increased productivity from staff.Invest in business analysis expertise to advance the precision of ROI analytics.If possible,hire and/or train experienced technicians who don’t mind experimenting with methodologies. Be sure to maintain good communications with top management.
5)Continuous Improvement:-
It is essential to establish a long-term roadmap for increasing marketing ROI and boosting measurement capabilities. Your marketing and measurement processes should align with business objectives.Feel free to budget small pilot programs that experiment with new capabilities.The insights you develop should help you create a winning momentum,and will spur you on to continuously evolve your strategies for improving marketing ROI.Think of it as a never-ending process,you can always find ways to make things better.
Another option of IT tools is now become Globally essential components to a marketing measurement system.Spreadsheets are handy for quick and dirty analysis,but are by no means sufficient for implementing a robust analytics process.With the right tools,an analyst’s time can shift from data collection and presentation to developing valuable insights and refined processes.
6)Central Marketing Database(CMD):–
highly detailed marketing data is essential for reliable analysis and forecasting.The data should be collected in and available from a central repository.Data should be organized by marketing campaign attributes,when the campaign ran,who it touched(contacted),its cost and benefits,etc.Nothing meaningful can be developed without first having high-quality data.
7)Real Time Analytics:–
systems must store a sufficient amount of historical data to allow for trend measurement and comprehension.The system should allow for reporting on any arbitrary time period,rather than requiring a snapshot of previous reports or spreadsheets.Analysts often need to go back and inspect earlier periods in order to understand the big picture of performance trends over time.
8)Expert Analyzers:–
because most marketers are not business analysts,the systems that provide analytic data must be easy to use and have extensive built-in capabilities.Analyzing software is often packaged in the form of dashboards – visual displays of all the relevant information needed to measure and report effectiveness versus goals.Dashboards are set up to deliver information quickly and intuitively,you don’t have to be an expert to use one.At the same time,experts should be able to manipulate analysis systems to give them custom results when needed.
9)Draft or Ad Hoc Reports:–
as mentioned,trained business analysts should be able to design and generate ad hoc reports as needed.This requires the ability to comb the data in a flexible manner.Ad hoc reports are usually configured as tables and charts.It is estimated that an automated system that allows Marketing and Sales to coordinate lead management business processes will see a 50 percent increase in conversion rates and a five to ten percent annual increase in revenue.
1)Planning of Future Success:–
Allocating sufficient resources to your marketing reporting is important to benefiting from the insights offered by the reports. Reports are not an end,they are a means of supporting decisions that improve profits,and to discover which strategies work best at increasing ROI.Planning involves setting goals and scenarios for all marketing initiatives prior to actually funding the initiatives.All programs must be measurable,and should benefit from insights developed during previous planning cycles.
2)Maintain Financial Credibility:-
Senior management cares about increasing profits and revenues,so use metrics that speak to these concerns.Be scrupulous in accounting for the costs generated by your marketing campaigns.You should create models of your revenue cycle that include lead flow, conversion rates,and sales rates.
3)Always Work Strategically:–
Know your measurement priorities before starting campaigns and make sure you include specific measurements for each campaign. Different measurements from different methodologies should be integrated so that you can leverage the unique strength of each strategy.You will see that multiple measurements have a beneficial cumulative effect.Review all expenses that relate to customer value and find ways to improve the profitability of each account.
4)Successful Environment Creation:-
Allow all interested parties to access critical sales,marketing and financial data.Select tools,such as dashboards,to display information that is relevant,important and urgent. Technology helps you extract increased productivity from staff.Invest in business analysis expertise to advance the precision of ROI analytics.If possible,hire and/or train experienced technicians who don’t mind experimenting with methodologies. Be sure to maintain good communications with top management.
5)Continuous Improvement:-
It is essential to establish a long-term roadmap for increasing marketing ROI and boosting measurement capabilities. Your marketing and measurement processes should align with business objectives.Feel free to budget small pilot programs that experiment with new capabilities.The insights you develop should help you create a winning momentum,and will spur you on to continuously evolve your strategies for improving marketing ROI.Think of it as a never-ending process,you can always find ways to make things better.
Another option of IT tools is now become Globally essential components to a marketing measurement system.Spreadsheets are handy for quick and dirty analysis,but are by no means sufficient for implementing a robust analytics process.With the right tools,an analyst’s time can shift from data collection and presentation to developing valuable insights and refined processes.
6)Central Marketing Database(CMD):–
highly detailed marketing data is essential for reliable analysis and forecasting.The data should be collected in and available from a central repository.Data should be organized by marketing campaign attributes,when the campaign ran,who it touched(contacted),its cost and benefits,etc.Nothing meaningful can be developed without first having high-quality data.
7)Real Time Analytics:–
systems must store a sufficient amount of historical data to allow for trend measurement and comprehension.The system should allow for reporting on any arbitrary time period,rather than requiring a snapshot of previous reports or spreadsheets.Analysts often need to go back and inspect earlier periods in order to understand the big picture of performance trends over time.
8)Expert Analyzers:–
because most marketers are not business analysts,the systems that provide analytic data must be easy to use and have extensive built-in capabilities.Analyzing software is often packaged in the form of dashboards – visual displays of all the relevant information needed to measure and report effectiveness versus goals.Dashboards are set up to deliver information quickly and intuitively,you don’t have to be an expert to use one.At the same time,experts should be able to manipulate analysis systems to give them custom results when needed.
9)Draft or Ad Hoc Reports:–
as mentioned,trained business analysts should be able to design and generate ad hoc reports as needed.This requires the ability to comb the data in a flexible manner.Ad hoc reports are usually configured as tables and charts.It is estimated that an automated system that allows Marketing and Sales to coordinate lead management business processes will see a 50 percent increase in conversion rates and a five to ten percent annual increase in revenue.
Conclusion:-
Business success is depended on marketing strategy and marketing strategy depended on product availability.Here is a word of caution,provided by Bill Gates:“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency.The second is that automation applied to an inefficient operation will magnify the inefficiency.”
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Very informative post for business...
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