Marketing Effectiveness: How to Measure Results
Updated: Jul 28, 2022
Have you ever thought of hiring a marketing firm to assist with your marketing needs, but was not sure of the quality the firm possessed to achieve successful results? In order to build that confidence in a marketing firm, you must understand what marketing effectiveness is. According to Wikipedia, marketing effectiveness is the quality of how marketers go to market with the goal of optimizing their spending to achieve good results for both short-term and long-term.
To better understand marketing effectiveness, take a look at the four dimensions of marketing effectiveness below:
1) Corporate Companies have certain limits to follow, which include the ability to change, the amount of their budget, and size.
2) Competitive How well do companies take action compared to their competitors?
3) Customers/Consumers Understanding how consumers behave and what purchasing habits they have.
4) Exogenous Factors Other factors companies cannot control such as weather, inflation, and government regulations.
Marketing effectiveness can be executed in many different ways, but to fully understand how marketers can achieve the results you are looking for, you must look at each of these four dimensions and see how a marketer can carry out the tasks you need for your company.
Susan: Potential clients ask me to assure them I can get results for them, to guarantee marketing effectiveness. What are results? Do you want a 100% increase in sales? Or just an increase in brand recognition? Know what your objectives are before interviewing a marketing or PR firm so that the firm knows what you expect of them.
I find most companies aren’t sure who their target audience is, let alone what their real marketing needs are. And that’s fine, because that’s Egg’s job, to help you figure all that out. But you should also be able to answer questions about the four dimensions Natalie outlines above.
Do you have budget constraints when it comes to marketing? Do you even have a budget?
What are your competitors doing?
Who are your customers? How do they like to receive their information?
Are there other factors that can affect your business (my roofing client is impacted by the possibility of hurricanes in Florida each year)