Marketing Performance Measurement
Marketing Performance Measurement should be a logical extension of the Planning and Budgeting exercise that happens before each fiscal year. The goals that are set should be measurable and personal. Every person in the Marketing organization should know what they have to do to help the function, and the company, achieve its goals. Some companies use Management By Objectives (MBOs) to incent employees to meet goals. Other companies simply use the Human Resources Performance Management process.
Quarterly Operations Reviews represent another good way to monitor Marketing’s progress towards its annual goals. At a Quarterly Operations Review, a CMO typically has direct reports present on achievements relative to the goals that were set. This is a good opportunity to update goals based on information gained during the quarter that has just ended. It is also a good way for Marketing leaders to stay abreast of their peers’ efforts to increase collaboration and eliminate redundant efforts.
Read more about this topic: Marketing Operations
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