R for marketing research and analytics pdf

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Alignment of marketing activities and investments to business outcomes occurs when a marketing organization establishes a direct connection between marketing activities, investments and business outcomes. Alignment begins with customer insights, to ensure that the marketing performance management approach will be rewarded by the marketplace. Alignment with enterprise objectives ensures that marketing efforts are in sync with what the company is striving to achieve. Enterprise goals can be cascaded to the business unit level and then to the department level to maintain consistency and drive synergy r for marketing research and analytics pdf horizontally and vertically.

Marketing objectives that are developed this way can be cascaded to all of the marketing sub-functions for alignment. Accountability is the monitoring and measurement of the achievement a person, group, or organization makes to deliver specific, defined results relating to the enterprise’s objectives. Accountability includes making a commitment to a particular action, accepting responsibility for completing that action, and then disclosing the level of performance against your commitment. Measurable performance standards are called metrics, which are the cornerstone of accountability. Activity metrics” relate to the number of things done in a process, such as the number of new blog posts or the number of events. Output metrics” relate to the result of a process, such as website traffic, media mentions, or event participants.

Operational metrics” relate to the efficiency and effectiveness of a process, such as cost per lead, revenue per customer, revenue per sales representative, cost per customer, or leads per sales representative. Outcome metrics” relate to the consequences of a process’ outcomes, such as revenue, profit, win rate, pipeline contribution, share of preference, share of wallet, or share of market. Leading indicators” are metrics that a manager can monitor before stakeholders see results. They are in-process metrics and process-input metrics that serve as warning signals of output, operational, and outcome metrics. Within a workflow diagram, the questions represented by a diamond are typical sources of leading indicators. They indicate whether there will be re-work, scrap, waste, or delays in what the process is meant to achieve.

They are actionable and predictive. By monitoring leading indicators, managers can intervene to attain higher performance. Lagging indicators” are metrics that a manager’s stakeholders see. Lagging indicators are important for seeing the big picture, but they are not actionable in and of themselves.