There are many definitions of marketing, in fact too much. Along with the progression of the Internet, and thus the development of new marketing techniques and technologies list, new definitions of marketing appear in large numbers. However plural and diverse definitions of marketing may be the essence of that intact.Marketing is still no doubt the unique function of business enterprise and no prosperous business nowadays without effective marketing.
Most companies think that marketing effectiveness is measured in numbers alone. Apparently there are aspects (metrics) of marketing effectiveness that can be quantified and measured. The first and foremost goal of marketing is to create customers.Consequently, the effectiveness of this aspect of marketing will be evaluated by the number of new customers, new leads from a company or in the case of telemarketing, the number of completed calls. Another important metric of effectiveness is the number of new products that are purchased by existing customers, because the objective of any company wishing to remain competitive in the market is not just for new customers, but to create value and those they already have coverage.
Measuring the response is a simple and convincing way to evaluate marketing activities. By taking the total cost of a marketing activity (eg an advertisement) and by the total number of reactions, determine the cost per response ratio. This cost per response ratio can help you decide whether this activity was a success by comparing it with other alternative marketing activities.A standard measure of the effectiveness of various marketing activities, marketing ROI (return on investment).
Apart from the above, there are aspects of marketing effectiveness, which can not be quantified. Many marketing analysts say that the mission of marketing is to create an environment in which the customer appreciates the benefits of doing business with your company to establish, to set the stage for making the sale, the circumstances that make sales of next logical, appropriate way. The uniqueness of a company that sets it apart from competitors, its strong hold on the market, the status of an enterprise, namely as the recognized leader in the field, the ability to stay in the forefront of the mind of the customer All are regarded as benchmarks for testing the marketing success of a company.
Marketing effectiveness that results in business are revenue targets, achieve improved profits and increased bottom line performance is dependent on both quantifiable and non-quantified statistics. The concept of singling out certain statistics to analyze the efficiency of marketing strategies and performance adopted by many and continues to evolve. Making marketing more accountable is an opportunity for the effectiveness of your marketing performance test set. The development of modus operandi for measuring marketing performance has become a hot issue in today’s marketing discussions. There are two parties are more interested than others in solving the problem. The first party is represented by chief executive officers, chief financial officers and board members want the investment in marketing knows brings profit. The second party marketers who want to prove the same.
The solution of the problem in the shape and form of a scorecard, no surprise. Thus, marketing is always the last in the list of business functions to scorecards to accept – a summary report with a series of measures relating to the performance of a company, as a means to measure marketing activities to develop a comprehensive picture show the performance of the above business unit.
The next question that arises here is how many statistics and in particular will be an extensive and comprehensive scorecard.Some economists argue that more than 50 marketing metrics, but it is clear that not all of equal importance. A scorecard that is able to accurately diagnose and predict the future of marketing performance will include the basic statistics that only evaluate what is really important.