One
of Kaleidoscope’s unique value
propositions is that the Company commits to
attaching metrics to all relevant
initiatives – leading to measurable
results. Measurement is simply the act or
process of determining dimensions, quantity
or capacity. In marketing terms,
measurability is the ability to obtain
information regarding size, nature and
behaviour of a market segment in relation to
the chosen marketing vehicles. Important
factors relating to the success of measuring
marketing are the program’s accessibility,
substantiality and profile mentality.
Accessibility:
in reaching the segment(s) with the chosen
vehicle(s) – how easy is it to reach your
audience Substantiality: what
the share of wallet reflects in opportunity
(profitability) Profile Mentality:
understanding how your segment makes
purchasing decisions compared to similar
segment profiles.
Measuring Marketing ROI
The measurement of marketing should not
depend solely on the bottom line of your
sales results. We agree that this is an
integral part of growing business; however,
marketing initiatives should be created with
the ambition of growing leads, enhancing
customer satisfaction, and encouraging
repeat purchase and loyalty through an
increased brand awareness. Thus when
considering marketing’s ROI, the
calculation isn’t solely about the
reflection on increased sales results.
Tips for Measuring & Improving Performance:
Determining
your firm’s critical success factors is an
integral part in developing your
marketing strategy. Integrating the
measurement process in the planning stages
will enhance your goals and ensure the
initiatives are measurable. Putting a system
in place that focuses on continual
improvements will create a more calculative
factor to the approach of marketing.
Business Goals = Motivations = Calculated
Results = Success
The
following are steps in planning successful
strategic measurement:
Plan - Determine your metrics for
success. Objectives must be specific and
should include a measurability plan
Create – Develop a SWOT analysis
and review with the team for feedback.
Focus on the strengths but be aware of
the Threats to the organization and
develop mitigation
Research – Define inhibitors and
motivations of audience. Create the
strategy to directly align with
forecasted results
Identify - Core value proposition
Specify - Target audience and
planned achievement
Determine - Motivations for action
Plan - Type of communication and
vehicle
Forecast - Expectations along with
costs and timing
Implement - Ensure on target, on
cost and on time
Calculate - Gather results
Report - Prepare full report to
management team for review along with
overview
Assess - Assess and reassess and
continue the cycle
To see how Kaleidoscope attaches metrics to marketing initiatives, view the area you are interested in.
Depending
on the complexity of the project, and the
reliance on the clients’ internal systems
and databases, tracking measurability may be
charged at an additional rate.
