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Part 5 of the 5 R’s: Reevaluating - the pepper group

Part 5 of the 5 R’s: Reevaluating

Evaluationary.

This fifth installment of tpg’s “5 R’s of B2B Branding” blog series brings our five-part series to a food-for-thought finale with strategies for Reevaluating your marketing success metrics. As marketers it is vitally important for us to be able to select, calculate, and explain key business metrics and how they relate to overall branding. We think – no, make that we know ;-P – it’s essential that  each member of the marketing team knows how these metrics are constructed and how to implement them in the decision-making process. For us it all boils down to meaningful measurement, an implementation of insight-inducing  indicators and a metric scorecard that’s based on – surprise – a tried and true B2C template.

Measurements that Matter.

B2B associates should have a full-on working knowledge of the organization’s metrics, as well as the ability to number crunch in a nanosecond, for the success of its marketing programs; yet knowing which numbers is a skill set that takes a concerted effort on the part of everyone. They should understand their addressable markets quantitatively and know how to measure new opportunities and determine the investment needed for best results; quantify the value of the customers, the products, even  distribution channels – all under various marketing scenarios; and gauge the opportunities and assess all threats from the competitive set.  The financial risks and benefits of their decisions must be justified with the artful multitasking ability to evaluate plans, explain variances, judge performance and identify leverage points for improvement, all in numeric terms. These responsibilities require a strong command of measurements and of the systems and formulas that generate them.  It’s what matters for the strength of the brand.

Insightful Indicators.

Most organizations focus exclusively on end-results measures with market share, profitability and EPS growth as the be-all/end-all barometers for business performance.  Most marketing metrics only measure what’s happened historically, yet these ‘lagging indicators’ are a lot like self-medicating when a visit to the doctor is really in order; unlike you, a physician would never attempt to diagnose a health issue based on a few outward symptoms.  Thus, diagnosing and monitoring the health of your brand involves the same dynamics. Our RX for this? Imagine the effectiveness of your marketing programs if you identify the “leading indicators” for your brand…the customer activities, buyer behaviors, and measurements that actually lead to sales and profits.  Tracking these activities to deliver the required customer experience and drive customer advocacy is a real prescription for success.

The Metric Scorecard.

More often than not B2B organizations fall short in the establishment of a marketing metric scorecard to track the critical-for-success customer relationship.  We urge you to strive to measure customer relationships more like B2Cs by listening to your customers and understand how to measure their brand advocacy and loyalty. To do this effectively, you must have a scorecard. Along with the standard financial measurements you likely already have put in place, this B2C-like measurement tool will give you a fresh focus on brand efficacy and resonance, plus lead to opportunities for growth. It’s all about reevaluating how you measure the effectiveness of your brand’s customer/marketing, marketing/customer experience, and even more importantly, how the customers experience your brand. With the ability to measure that data and use that information, we promise you’ll score big time with an engaging and relevant brand relationship.

Your To Do List.

  • Adjust your B2B organization’s measurement standards according to changes in the market and your target market’s industry;
  • Establish methods to determine if sales objectives, along with other ‘lagging indicators’, are being met and aligned with equally insightful ‘leading indicators’ that resonate with your marketing objectives;
  • Create a company-wide metric scorecard for successful measurement. 

For more on how tpg can work with you to ensure a successful reevaluation of your B2B marketing success metrics contact us at 502.587.0044, email info@thepeppergroup.com or visit http://pepperltd.com/contact/.

 

Sources: b2bmarketing.net; brandingbusiness.com; customerthink.com; financialtimes.com; riechesbaird.com.

 

 

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