padilla beyond clips clicks and hits 091709
DESCRIPTION
What\'s the Value of Your Marketing and Communications Investments?During a challenging economy, every dollar spent on marketing and business communications is open to scrutiny. So measuring the effectiveness and impact of these programs is more important than ever.Yet even with today\'s advanced technology and tools, many organizations aren\'t sure how to determine the value, effects and relative return on their communications efforts.This presentation includes insights on the best strategies, methods and tools to help you calculate the value of your communications investments – and make the most of your marketing spend.You\'ll Learn: • Common mistakes of measuring results. • Shifting from measuring what can be measured to measuring what\'s important. • The best new and traditional tools to benchmark and track performance. • How to focus on activities that shorten the sales cycle.TRANSCRIPT
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September 17, 2009
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AgendaIntroductions And Level SettingWhy Measurement Is DifficultThe Importance Of MeasurementCommon MethodologiesFive Fundamentals Of MeasurementCase Study ExamplesConclusion/Questions
Beyond Clips, Clicks & Hits
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The State Of Affairs
• Anything that costs money must be justified
• Most organizations don’t know how to measure the value, impact, effects and relative return on communication efforts
• As a result, many resort to counting what they can count
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Common Questions We Get
• How do I calculate the ROI of marketing and communications?
• How do I weigh individual elements in the marketing mix?
• Can I tie publicity to sales or a stock price?
• What have you done for me lately?
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First, Some Simple Math
Marketing
≠
Marketing Communications
≠
Integrated Communications
≠
Tactics
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The Basic Hierarchy
• Marketing
- Marketing Communications>Collateral>Seminars & Events>Media Relations>Public Relations>Perception Research>Crisis / Critical Issues>Advertising >Publicity>Direct Marketing> Interactive>Social Media
• Finance
- Investor Relations>Collateral> Investor Events>Media Relations>Public Relations>Perception Research>Crisis / Critical Issues
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Together They Help Organizations Reach The Audiences Important To Their Success
Your company
Customers
Shareholders
Employees
Suppliers andPartners
Channel Partners
Media
Industry Associations
Standards Bodies
IndustryAnalysts
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Why Measure? Because The Results Help:
• Prioritize work
• Justify the spend
• Refine a program
• Move from anecdotal to factual
• Shift from “reactive” to “proactive” mode
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The Value Of Measurement
• Prove that you met objectives
• Benchmark/track performance
• Gain competitive advantage
• “Move the needle”
- Sales?- Awareness?- Response – Trial, evaluation, adoption
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Why Is It So Difficult?
• It takes time
• It takes money
• We’re dealing with human behavior
• External factors
• There are no 1:1 correlations
• Integrated programs
• It’s viewed as justification rather than a value-add
• Distinguishing between “value” and “ROI”
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Determining Value
Monetary
Utility
VALUE
Reputation
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EVERYTHING CAN BE MEASURED!!!
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You Need To Determine…
• How much should I put into it?
• Do I know the vital metrics (for finance, operations, sales, marketing, etc.)?
• Can you act on the data?
• What’s my time frame?
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IT’S A JUNGLE OUT THERE
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The “HIPPO” Methodology
Based on the Highest Paid Person’s Objective
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The “Penguin” Methodology
Each tactic measured the same way
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The “Monkey-See-Monkey-Count” Methodology
Counting … just because you can
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The “T-Rex” Methodology
So big that it consumes your entire budget
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Five Fundamentals Of Measuring Programs
1. Start with research
2. Set measurable objectives
3. Only measure what’s important
4. Use the right tools
5. Measure continuously
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FUNDAMENTAL #1
START WITH RESEARCH
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Numerous Research Options
• Quick surveys and polls
• Omnibus surveys
• One-on-one, in-depth interviews
• Focus groups (traditional or online)
• Advertising analysis
• Intercepts/on-the-spot surveys
• Media monitoring
• Social media monitoring
• Competitive analysis
• Media content analysis
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FUNDAMENTAL #2
SET MEASURABLE OBJECTIVES
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Tips To Developing Measurable Objectives
• Objectives must:
- Address a specific outcome- Designate the specific target audience- Specify a specific level of attainment- Identify a specific timeframe
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Example: Business Objective #1
• Generate $25 million in revenue from X product line
- Sales Objective: Improve win-ratio by 40 percent and shorten sales cycle by 20 percent
- Marketing Communication Objective: Increase qualified sales leads by 20 percent over 2008
- Product Marketing Objective: Identify three to five possible line extensions based on feedback and use of initial launch model
- Financial Communication Objective: Increase institutional ownership by 10 percent
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Example: Business Objective #2
• Improve customer preference of brand
- Marketing Objective: By 4Q09, achieve 55 percent brand awareness among 25- to 40-year-old men in the U.S. by increasing awareness by 10 percent
- Financial Communication Objective: Increase number of analysts following the company
- Communication Objective: Maintain no. 1 share-of-voice position in tier one trade publications compared to competitors A, B and C
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FUNDAMENTAL #3
ONLY MEASURE WHAT’S IMPORTANT
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Metrics – The Three O’s
• Outputs: Execution of program elements
- All work measured on budget, timing and message alignment- Are we getting the work done efficiently and effectively?
• Outtakes: The net impression
- Strive for majority of deliverables- Media coverage, circulation, event attendance, distribution, search
rankings- Are we reaching the right people?
• Outcomes: The behavior that follows
- Tied to business goals- Sales increase, lead generation, unaided awareness, incoming
versus outgoing media calls- Programs, not tactics
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Audience – Specific Outputs, Outtakes And Outcomes
Target
AudienceCares About
Desired Action
KeyMessage
Comm. Strategy Metric
Financial Analysts
• Company performance
• Strength of management team
• Market leadership
• Recommend stock
• Buy/retain stock as core in long-term growth portfolios
• Write positive reports
• Next big market opportunity is “XYZ,” and our company has a leadership position here
• Company performance exceeds industry leaders
• Focus conference activity and regional road shows on priorities
• Upgrade IR Web site
• Increase market cap
• Change mix of shareholders
Channel Partner
• Sales leads• Revenue• Margin
• Promote to existing customers
• Recommend in new proposals
• Accurately represent us
• Easiest to install
• Easiest to use
• Easiest to do business with
• Education• “Company in
a box”• Regional
advertising
• Leads• Sales cycle• Jobs quoted• Jobs won• Revenue by
partner
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FUNDAMENTAL #4
USE THE RIGHT TOOLS
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Sample Measurement Tools
• Radian6
• LexisNexis
• Google News
• Google Analytics
• Compete.com
• Clipping Services
• Search.Twitter.com
• BoardLeader.com
• BlogPulse
• Technorati
• Survey Monkey
• Gallup
• BizShark.com
• Alexa.com
• D&B Database
• BackType.com
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FUNDAMENTAL #5
MEASURE CONTINUOUSLY
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Benchmark, Track, Analyze And ActReview
last year’s
metrics; set
program objective
s
Monitor and
track progress
Leverage
observable
changes
Feed evaluati
on results
into planning process
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In Closing
• Everything can be measured
• Don’t fall into the ROI trap
• The value of measuring tactics is limited
• Consider measurement a process … not a point in time
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Thank You