Marketing Management for Non-Marketing Managers
Although marketing-related expenses are a significant portion of most organisations' budgets, it is often frustrating for those with budget oversite to get a clear picture of the returns on their marketing investment.
This engaging book offers practical ways for non-marketing managers and executives to measure and improve marketing returns. It gives you the tools you need to be able to correctly assess the potential of your marketing and accurately evaluate the returns. You'll learn:
- Why market leaders achieve significantly greater returns on their marketing than others within their market.
- The 3 main reasons most marketing plans fail to live up to their potential, and the steps you must take to avoid these pitfalls.
- How to evaluate your marketing investment's likely ROI before you invest the money.
- When and how to assess the financial returns of your marketing efforts.
- How well your own organisation is performing in the management of its marketing investments.
The book includes:
- Case studies from companies of various sizes and in a cross-section of industries, including not-for-profits
- 4 tests to use prior to the approval of a marketing budget
- A marketing performance evaluation tool to assess and improve your organisation's marketing management
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The Benefits of Alignment
The Marketing Alignment Map can be used either as a framework for evaluating marketing plans or as a process for creating them. Either way, ensuring alignment improves your financial returns in several ways:
- Aligned plans are more likely to be implemented. When marketing strategies are not aligned with business and financial goals, executive commitment is weak, and initiatives are more likely to be altered or discontinued before they have an opportunity to produce a return. Because many marketing investments, such as advertising, generate optimal returns after an extended investment (sometimes for several years), abandoning the investment prematurely results in wasted funds.
- Aligned investments reduce the risk of brand damage. When marketing tactics are inconsistent with brand reputation, it creates market confusion that can result in decreased profitability. For example, Colgate has long been known for addressing customers’ oral and dental health needs. When the company ventured into frozen dinners, the market was confused, and the new product line failed. The result was a costly loss to the company. Brand damage can also happen when marketing tactics are abandoned before they become effective. If a company experiences a rapid series of abandoned campaigns, the market can also become confused about the brand and its message.
- Projects without impact are tabled or discarded. The Marketing Alignment Map provides an easy way to evaluate current marketing initiatives against desired objectives, making it easier to spot poorly selected tactics or ‘copycat’ behaviour with no strategic purpose. It also provides a strong framework for evaluating unexpected opportunities and new ideas that arise after the marketing plan is underway. By leaving budget for these sorts of plans and establishing targeted financial impacts, unexpected opportunities can be quickly evaluated and either seized or ignored.
Questions for Non-Marketing Managers to Ask About Evaluating Marketing Plan Alignment
As a non-marketing professional with oversight responsibility for the marketing function, you should be focused on three questions:
- Is the plan consistent with our understanding of the market, our business objectives and our brand?
- Is the logic behind the development of the marketing strategies, tactics and expected outcomes solid?
- Do the risk-adjusted financial returns expected as a result of our investments in marketing match or exceed our expected financial returns?
If the answer to all three of these questions is yes, your marketing plan is aligned with your company’s business and financial objectives, and with your market and brand, and you can feel confident you are making a solid investment. If the answer is no, or you are not sure, subsequent chapters of this book should provide you with the understanding required to make an accurate assessment.
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