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.
We take your privacy seriously and will only use your personal information gathered e.g. through our website, e-mail, phone calls or meetings to administer your account with us, and to reach out with information or promotional material. We will also use it to be able to analyze wants and needs including web- and IP-analytics and tracking to provide as relevant information as possible. We aim to keep all such information as non-intrusive as is reasonably possible, and will provide you the option to decline the information at any time, or to be deleted. We will keep your data safeguarded in our servers located within the EU to comply with GDPR, and we will keep them for as long as we believe we have relevant services available for you, unless you choose to not further receive it. At all times, you will be able to see what data we have about you, and we will only share the information with members of staff or 3rd parties who are directly involved with our services and they will not be able to use your data for their own purposes.