Marketing Analytics Measures Effectiveness of Investments for Market and Business Objectives

Mark A. Smith in his Information Management Blog titled "Marketing Analytics Measures Effectiveness of Investments for Market and Business Objectives" that the ability of marketing to measure its contributions to specific objectives is rather limited. The recent economic environment has placed extreme pressure on marketers to evaluate the performance of investments in a range of brand, category and demand-generation processes to ensure that marketing budgets are spent wisely.

New approaches and tools can simplify marketing processes, both internal and external, to deliver results on those objectives in timely fashion. To measure the value of marketing investments, a range of analytics are available that help produce metrics to manage and optimize its processes and track progress to objectives.
To really understand their existing investments and processes, marketing organizations should not just measure them in hindsight but also project future results using predictive analytics and planning; for example, the likelihood that customers will respond positively to an offer that will improve the company’s brand ranking or category market share.

Being Authentic in the Social Media Frenzy

The increasing use of social media amongst businesses reflects the fact that social media is important. But realizing value from its use requires the right type of use. Here are a few tips for being authentic and maintaining authenticity with business social media use. Make it personal. Identity matters online. Which is why companies shouldn't build a faceless social media presence. At a very minimum, business social media profiles should be associated with a real person who has some level of autonomy and the ability to make his or her personality part of the show. Don't be afraid of opinion. A big part of 'keeping it real' that deserves individual attention is the fear of opinion that often exists amongst businesses. It's my belief, however, that one of the big reasons consumers don't trust companies is that companies often strive so hard to be 'PC' that they lose a sense of culture and personality. Instead of representing something, they end up representing nothing. Frankly, there's nothing worse from a branding perspective. When it comes to social media, companies and their social media managers shouldn't be afraid to express an opinion (or two or three). Obviously, opinions have consequences. So 'speak first, think later' isn't an advisable approach. But 'speak, say nothing' is something that should be avoided at all costs as well, as it negates whatever potential social media has to help your business build relationships with consumers. Focus on interactions, not followers and fans. Many businesses have an unhealthy focus on the number of followers and fans they acquire on sites like Twitter and Facebook. To a certain extent, it makes sense: the number of followers or fans you have is an easy metric for assessing 'success'. But a sizable following doesn't necessarily equate to influence or results. Which is why businesses using social media should focus more on using social media to facilitate quality interactions. This is far more likely to produce meaningful action on the part of a consumer, and will likely have a greater impact on the perceptions of the silent majority (read: the many consumers who watch, but don't participate). Keep the distribution of traditional marketing messages to a minimum. Social media may or may not be a cheap way to distribute your traditional marketing messages, but if that's all you use it for, it defeats the purpose. So many consumers shun traditional marketing for a reason. If your social media presence is merely a platform for promoting press releases, promotions, etc., it will be much harder to attract attention, spark meaningful interactions and create the warm, fuzzy feelings amongst consumers that you're hoping to elicit. In other words, if your Twitter or Facebook account is an extension of your RSS feed, you're missing the point. O2ibm

Visit this group