When it comes to assessing marketing success, it is critically important to have measurable outcomes to better determine success or failure and identify areas that need improvements.
Many marketers make a mistake of just looking at the bottom line when coming up with marketing plans and just focus on whether or not the company makes more profit. While always a desirable outcome, it doesn’t really tell just what made the profit happen and how to maintain and improve upon it. That profit just as easily could have come from another source, such as a threatened snowstorm that causes a big rush on groceries and supplies.
Need to Isolate Variables to Measure Outcomes
When it comes to truly assessing the success of marketing plans, the variable being measured must be isolated and able to account for alternative explanations in order to provide valid measurable outcomes. The variable could be nearly anything but must be a critical component of the marketing plan. If the desired and measurable outcome is to increase visits from specific third-party sites, the marketer could post on those sites and perform URL tracking to see if there is a significant change in traffic. Performing any kind of variable isolation to truly measure success or failure improves marketing outcomes.
Need to Aim for Where Target is Moving
When doing marketing plans, it helps to keep a forward focus on the results to better make target where the market will be in a year or more rather than trying to pinpoint where it is at now. Regulatory changes, advancements in technology, changes in supporting cost structures and changes in consumer tastes are just some of the countless forces that can change consumer and market habits. When new trends arise, those who have prepared properly can take advantage of those changes and improve their marketing success by eroding market share from their competitors.
Do your marketing plans ever leave you puzzled regarding their effectiveness?
Originally posted 2014-07-19 20:25:21.