Measuring Your Marketing

How do you know where to invest your marketing dollars, how much to invest, and if you are getting a good return for that investment? I just read "Marketing and the Bottom Line" which covers these topics and stresses the importance of measuring the impact of your marketing. Among other things, it has a great list of questions to get you thinking about what to measure. These include, in my own language:

  1. Do you research your customer motives and behaviours?
  2. Have you aligned your marketing metrics with your marketing strategy?
  3. Have you quantified what success means and how to measure it?
  4. Are you connecting marketing activities with your performance in-market and your financial performance?
  5. Does your top management pay close attention to those connections and metrics?
  6. Do you compare actual performance to forecasted performance of those metrics?
  7. Do you compare your performance of those metrics to the performance of your competitors?
  8. How does brand equity enter into the evaluation of marketing activities?

In my opinion, if you are good at marketing, then you can answer yes to all of these questions.