More and more companies are starting to adopt MPM, both because of greater demand for reporting on marketing activities, spend and return on investment (ROI), and an increased marketing complexity which makes manual processes overwhelming.
MPM involves measuring, managing, and analyzing marketing performance to maximize effectiveness and optimize the ROI of marketing. This is accomplished by focus on the alignment of marketing strategies, planning, operations, execution and metrics with business goals.
The collection and analysis of relevant data is a crucial part of Marketing Performance Management. By thoroughly analyzing your data, you can gather actionable business insights to improve the marketing effectiveness and efficiency. You can, for example, optimize marketing spend by measuring the impact of marketing activities on sales. To do that, you might for example use your data to create a model that establishes the link between your marketing spend in specific channels and geographies, and incremental sales. Musqot Marketing Planner and most good IT-systems that support Marketing Performance Management offer dashboards that simplify the analytics process.
Measurement and metrics enable you to justify budgets based on returns and to drive organizational growth and innovation. As a result, you can use these metrics to prove value and demonstrate the contribution of your marketing to the rest of the organization.
Popular metrics used in analysis include activity-based metrics that involves numerical counting and reporting. For example, tracking downloads, website visitors, and attendees at various events are types of activity-based metrics.
Linking marketing to business outcomes, such as sales figures and market share growth, is in some ways even more important, even if it is sometimes more difficult.
To effectively be able to draw conclusions from large information volumes you need to ensure that your Marketing Performance Management system is integrated with external data sources. Examples of such data sources are Social media platforms, CRM-systems and ERP-systems. Musqot Marketing Planner is built native on Salesforce and integrates seamlessly with your ERP data, social media data and more.
If you are interested in Marketing Performance Management (MPM) or just want to learn more about where modern marketing technology is heading, feel free to download our white papers.
If you want to know more about MPM we invite you to read our book. This book contains both general explanations of what MPM is as well as insights on how to improve marketing efficiency and effectiveness. Examples and recommendations are inspired by real success stories that we have experienced with Musqot clients from many different industries and countries.
Feel free to download the book as a PDF file or fill in your information below and we will send you the book Free of Charge!
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