Marketing Accountability : How to Measure Marketing Effectiveness

by McDonald, Malcolm

ISBN13: 9780749453862

ISBN10: 0749453869

Format: Hardcover

Pub. Date: 2009-07-01

Publisher(s): Kogan Page Ltd

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Summary

The ultimate test of marketing investment, indeed any investment, is whether it creates value for shareholders. But few marketing investments are evaluated from this perspective, and boards of directors and financial analysts are increasingly dissatisfied with this lack of accountability for what are often huge budgets.

Author Biography

Professor Malcolm McDonald enjoys a global reputation as a leading authority on marketing. Emeritus Professor at Cranfield University, he is also Chairman of six companies and works with the operating boards of some of the world’s leading multinationals. He has written over 40 books including Marketing Plans: How to Prepare Them; How to Use Them and Malcolm McDonald on Marketing Planning (also published by Kogan Page), as well as more than 100 articles and papers.

Peter Mouncey is an experienced marketing professional who now works in marketing education and consulting. A visiting fellow of Cranfield University School of Management, he is also a Director of the Cranfield Marketing Measurement and Accountability Forum.

Acknowledgements	p. ix
Introduction	p. 1
It's tough at the top-CEOs are finally demanding accountability for marketing expenditure	p. 5
Summary	p. 5
The growing importance of intangible assets	p. 6
The marketing investment time lag and profit and loss accounts	p. 11
The tyranny of forecasts and budgets and the consequences	p. 14
References	p. 21
Strategic marketing planning - a brief overview	p. 22
Summary	p. 22
Introduction	p. 22
Positioning marketing planning with marketing	p. 23
The marketing planning process	p. 26
How formal should this process be?	p. 27
What should appear in a strategic marketing plan?	p. 40
How the marketing planning process works	p. 42
Guidelines for effective marketing planning	p. 44
Twelve guidelines for effective marketing	p. 46
Conclusions	p. 53
References	p. 54
A three-level marketing accountability framework	p. 55
Summary	p. 55
Introduction	p. 55
A three-level marketing accountability framework	p. 56
Three distinct levels for measuring marketing effectiveness	p. 61
Level 2: linking activities and attitudes to outcomes	p. 67
Level 3: micro measurement	p. 71
Acknowledgement	p. 71
References	p. 72
A process of Marketing Due Diligence	p. 73
Summary	p. 73
What is the connection between marketing and shareholder value?	p. 74
What is the Marketing Due Diligence diagnostic process?	p. 77
Implications of the Marketing Due Diligence process	p. 90
The linkage of strategy risk to shareholder value	p. 91
The risk and return relationship	p. 92
A focus on absolute returns rather than risk	p. 93
Alignment with capital markets	p. 97
Turning Marketing Due Diligence into a financial value	p. 98
Highlighting deficiencies and key risks	p. 101
Implications for users	p. 102
Acknowledgements	p. 103
The Marketing Metrics model and process	p. 104
Summary	p. 104
Introduction	p. 104
Overview of the Marketing Metrics model	p. 107
Implementing the Marketing Metrics model	p. 112
The workshop team	p. 117
References	p. 118
Segmentation - the basic building block for markets	p. 119
Summary	p. 119
Introduction	p. 120
Markets we sell to	p. 122
Stage 1 - defining the market	p. 132
Stage 2 - who specifies what, where, when and how	p. 136
Case studies	p. 143
Segmentation and the Metrics model	p. 156
References	p. 161
How to become the first choice for the customers you want	p. 163
Summary	p. 163
What are impact factors?	p. 164
Qualifying factors	p. 165
Competitive advantage factors (CAFs)	p. 168
Productivity factors	p. 172
Analysing impact factors: a strategy-based alternative	p. 178
Impact factors: using 'gap' analysis for creating organizational alignment	p. 180
Helpful pointers	p. 183
References	p. 184
Turning strategy into action, and measuring outcomes	p. 185
Summary	p. 185
Developing action plans	p. 186
Developing the budget	p. 190
Budget templates	p. 196
Establishing linkages	p. 198
In conclusion	p. 204
References	p. 204
Delivering accountability - finalizing the metrics strategy	p. 205
Summary	p. 205
Developing metrics that matter	p. 206
Auditing for success	p. 208
Bringing it all together	p. 209
References	p. 214
Why data quality can make or break accountability	p. 215
Summary	p. 215
The importance of data quality	p. 216
Are data the weakest link in your marketing strategy?	p. 217
Data and competitive advantage	p. 217
Data literacy	p. 219
Challenges to data integration	p. 219
Creating a business case (return on investment) for data quality	p. 221
Creating insight	p. 221
Technology	p. 223
Success factors	p. 223
Identifying the cost of poor data quality	p. 224
Data management strategy	p. 226
Why an enterprise-wide approach to data management is vital	p. 228
Developing an enterprise-wide information strategy	p. 229
Data governance	p. 231
References	p. 235
Measuring the effectiveness of multichannel strategies	p. 236
Introduction	p. 236
Breaking down conversion metrics by the buying cycle	p. 238
Tracking cross-channel behaviour	p. 240
Assessing the overall performance of the route to market	p. 248
Metrics for the multichannel boardroom	p. 250
Steering by the stars	p. 256
Acknowledgements	p. 256
References	p. 257
Valuing brands	p. 258
Introduction	p. 258
Intangible assets: driving corporate value in the 21st century	p. 259
What do we mean by 'brand'?	p. 263
The approach to 'brand' and intangible asset valuations	p. 264
Conclusion: financial implications for brands	p. 277
Appendix: Econometrics	p. 279
Bryan Finn and David Merrick, Business Economics Limited Index	p. 283
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