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Description: 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.
Marketing Accountability is based on years of research at Cranfield School of Management, and it introduces a marketing metrics model which not only shows how marketing systematically contributes to shareholder value, but also provides a metric-based framework for developing and implementing marketing strategies that are measurable and accountable. The key steps in the model and the process for practically applying it are described in detail as well as key areas that need to be considered such as:
¢ why a company”wide data management strategy is a vital foundation to measuring the value added by marketing strategy;
¢ how to implement the necessary marketing strategy and allocate resources:
¢ how to become the first choice for the customers you want;
¢ the importance of ensuring that other functions are fully engaged with the marketing plan to ensure results can be delivered.
Marketing Accountability will enable senior executives to measure the impact of marketing activities against the goals of an organization. It will empower marketers to account for their expenditure, and justify their actions to CEOs and CFOs.
Contents: Acknowledgements ¢ Introduction ¢ It`s tough at the top ” CEOs are finally demanding accountability for marketing expenditure ¢ Summary ¢ The growing importance of intangible assets ¢ The marketing investment time lag and profit and loss accounts ¢ The tyranny of forecasts and budgets and the consequences ¢ References ¢ Strategic marketing planning ” a brief overview ¢ Summary ¢ Introduction ¢ Positioning marketing planning with marketing ¢ The marketing planning process ¢ How formal should this process be? ¢ What should appear in a strategic marketing plan? ¢ How the marketing planning process works ¢ Guidelines for effective marketing planning ¢ Twelve guidelines for effective marketing ¢ Conclusions ¢ References ¢ A three-level marketing accountability framework ¢ Summary ¢ Introduction ¢ A three-level marketing accountability framework ¢ Three distinct levels for measuring marketing effectiveness ¢ Level 2: linking activities and attitudes to outcomes ¢ Level 3: micro measurement ¢ Acknowledgement ¢ References ¢ A process of Marketing Due Diligence ¢ Summary ¢ What is the connection between marketing and shareholder value? ¢ What is the Marketing Due Diligence diagnostic process? ¢ Implications of the Marketing Due Diligence process ¢ The linkage of strategy risk to shareholder value ¢ The risk and return relationship ¢ A focus on absolute returns rather than risk ¢ Alignment with capital markets ¢ Turning Marketing Due Diligence into a financial value ¢ Highlighting deficiencies and key risks ¢ Implications for users ¢ Acknowledgements ¢ The Marketing Metrics model and process ¢ Summary ¢ Introduction ¢ Overview of the Marketing Metrics model ¢ Implementing the Marketing Metrics model ¢ The workshop team ¢ References ¢ Segmentation ” the basic building block for markets ¢ Summary ¢ Introduction ¢ Markets we sell to ¢ Stage 1 ” defining the market ¢ Stage 2 ” who specifies what, where, when and how ¢ Case studies ¢ Segmentation and the Metrics model ¢ References ¢ How to become the first choice for the customers you want ¢ Summary ¢ What are impact factors? ¢ Qualifying factors ¢ Competitive advantage factors (CAFs) ¢ Productivity factors ¢ Analysing impact factors: a strategy-based alternative ¢ Impact factors: using ˜gap` analysis for creating organizational alignment ¢ Helpful pointers ¢ References ¢ Turning strategy into action, and measuring outcomes ¢ Summary ¢ Developing action plans ¢ Developing the budget ¢ Budget templates ¢ Establishing linkages ¢ In conclusion ¢ References ¢ Delivering accountability ” finalizing the metrics strategy Summary ¢ Developing metrics that matter ¢ Auditing for success ¢ Bringing it all together ¢ References ¢ Why data quality can make or break accountability ¢ Summary ¢ The importance of data quality ¢ Are data the weakest link in your marketing strategy? ¢ Data and competitive advantage ¢ Data literacy ¢ Challenges to data integration ¢ Creating a business case (return on investment) for data quality ¢ Creating insight ¢ Technology ¢ Success factors ¢ Identifying the cost of poor data quality ¢ Data management strategy ¢ Why an enterprise-wide approach to data management is vital ¢ Developing an enterprise-wide information strategy ¢ Data governance ¢ References ¢ Measuring the effectiveness of multichannel strategies - Hugh Wilson, Cranfield School of Management ¢ Introduction ¢ Breaking down conversion metrics by the buying cycle ¢ Tracking cross-channel behaviour ¢ Assessing the overall performance of the route to market ¢ Metrics for the multichannel boardroom ¢ Steering by the stars ¢ Acknowledgements ¢ References ¢ Valuing brands - David Haigh, CEO, Brand Finance plc ¢ Introduction ¢ Intangible assets: driving corporate value in the 21St century ¢ What do we mean by ˜brand`? ¢ The approach to ˜brand` and intangible asset valuations ¢ Conclusion: financial implications for brands ¢ Appendix: Econometrics - Biyan Finn and David Merrick, Business Economics Limited ¢ Index
About the Authors: Professor Malcolm McDonald enjoys a global reputation as a leading authority on marketing. He was until recently Professor of Marketing and Deputy Director at Cranfield University School of Management, and he is now an Emeritus Professor at the university as well as being an Honorary Professor at Warwick Business School. He has been consultant to many major companies from the United Kingdom, Europe, the United States, Far East, South-East Asia, Australasia and Africa, in the areas of strategic marketing and marketing planning, market segmentation, key account management, international marketing and marketing accountability. Malcolm is also Chairman of six companies and works with the operating boards of some of the world`s leading multinationals on all continents. He has written over 40 books including the best-selling Marketing Plans: How to prepare them, how to use them and Malcolm McDonald on Marketing Planning (published by Kogan Page).
Peter Mouncey is an experienced marketing professional who now works in marketing education and consultancy. A Visiting Fellow of Cranfield University School of Management, he is also a Director of the Cranfield Marketing Measurement and Accountability Forum. Peter is also Director of Research at the Institute of Direct Marketing (IDM) and on the executive editorial board of the IDM journal. He was appointed Editor-in-Chief of the Market Research Society`s International Journal of Market Research in 2004 and was the joint editor of Market Research Best Practice: 30 visions for the future (published by ESOMAR/ Wiley in 2007).
Target Audience: Marketing heads of business houses, academics and students of marketing.
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Pages : 304
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