Managing marketing performance
September 03, 2008 | Internet Marketing
Performance management has been applied to various parts of a business for quite a long time. Applying the concept to marketing is finally coming of age.
Essentially, performance management is the process of measuring progress toward achieving key outcomes and objectives in order to optimize individual, group, or organizational performance. A performance-driven marketing organization is one that has a set of measurable performance standards, a pointed focus on outcomes, and clear lines of accountability—all of which are important if a marketing organization wants to prove its value.
Three elements play a critical role in managing marketing performance: data, analytics, and metrics. Each of these is actually highly related to the others, with data being the foundation for the other two. You cannot define the data and analytics you need without knowing the metrics, and you cannot leverage the metrics without data and analytics. Each drives the other.
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