Monday, February 23, 2009
In warfare, once the decision has been made to engage in battle, the success of the campaign depends on the solutions established by the tactical officers. Who are we fighting? Where are we fighting? What are we fighting for? These are just a few of the questions these generals will need to understand before the going to war. If not, how can they determine the right amount of troops, the right weaponry, or the measurements of success? The same process applies in business, and the marketing arm of the business functions exactly like the generals of warfare.
In a recent article for eMarketer, a recent report from Smith-Harmon pointed out the value marketers are placing on e-mail marketing. In the midst of rough economic times, it makes perfect sense to utilize cost-effective marketing channels. However, the term “cost-effective” is much more than a low rate of entry. Rather it’s a high rate of return, as well as reach.
Just as the general of war needs to employ the relevant tools for a successful campaign, the marketing professional should spare no mental expense toward exhausting all the possibilities, as it relates to achieving the established measures of success. No different than the portfolio manager of a mutual fund, the marketing professional should always consider the performance of the media mix, and make the necessary adjustments to sustain momentum.
The article introduces the first of many measures that are rarely considered in most marketing campaigns – return on investment (ROI). However, there so many more measurement tools needed to guide marketing professionals through uncertain economic atmospheres and changing demands of customers. How do you measure your marketing efforts?