For strong, successful marketing, it’s important to connect desired outcomes of various marketing activities in a way that can be measured on a regular basis. To accomplish this, it’s helpful to design a marketing strategy that is reflected by specific key performance indicators (KPIs) that will help you both stay on track with your marketing plans and tell you if you are achieving your goals in the timeframe you desire.
PURPOSE: This activity prepares you for engaging in KPI development and evaluation. This is an activity that is found to varying degrees in all successful businesses. How well KPIs are designed and monitored can directly impact the outcome of the campaign/strategy. As you go through this assignment, you will be guided in the process of designing and monitoring successful KPIs and you will be able to add even more value as you engage in your career.
To prepare the following:
review article : https://blog.hubspot.com/marketing/marketing-key-performance-indicators#:~:text=11.-,Referral%20Traffic,building%20your%20overall%20marketing%20strategy.
review video: https://youtu.be/RJDA7wLey6Mhttps://youtu.be/RJDA7wLey6Mhttps://youtu.be/RJDA7wLey6Mhttps://youtu.be/RJDA7wLey6Mhttps://youtu.be/RJDA7wLey6M
PART 1:
Business Type
When preparing for KPIs, it’s important to understand your industry and business type to make sure you identify useful concerns or pain points to tackle. Consider how your company may fit into one of the categories listed and ponder some of the needs, problems, and/or pain points that may be experienced.
Business Types
E-commerce/Retail b2c
Tech/Info Technology b2b
Consulting service company b2b and b2c
Broker/Contractor b2b and b2c
Service provider b2c
Non-profit b2c or b2b
Logistic/Supply Chain b2bBusiness Type
PART 2:
Outcomes and Temperament (Time)
Using a ‘management mindset”, determine a desired outcome and urgency from the list below. For example, your outcome may be centered around brand equity as your company is scaling up from national to multi-national.
Write: Discuss your rationale for the desired outcome and urgency.
Potential Outcomes:
More customers
More authority
Long-term website visits
Short-term specific campaign
Brand equity/loyalty
Urgency:
Getting started
In a rush
Trying to scale
Set up for long-term success
PART 3:
Designing the Marketing Budget
For your KPIs, you will be focusing on marketing/sales-related activities. Select a marketing budget from the list below that you think is feasible and effective for the company size and desired outcomes. The list below are various mediums and costs associated with marketing activities. You will determine which marketing medium(s) are the best choices for your chosen outcomes and urgencies. For example: If your outcome is getting more customers, then it is wise to focus on sales-related activities.
Write: Discuss your choices and rationale for how the medium(s) you selected support your desired outcomes.
Marketing budget
Marketing Mediums and Costs (Resources)
<$1000 per month <$5000 per month $10000 + per month SEO = $1000-$1500/month = $80-135+/month Sales Funnel = $100-200/month plus designer fee is desired Cold Call Center = $10-20/hour per person Social Media Ad/Content (Facebook/Instagram, etc) = Ad cost plus 10-15% management fees (EX: $500 ad cost + 10-15%) Google Ad Spend = Ad cost plus 10-15% management fee Outsourced services (freelance, agency, etc) PART 4: Designing KPIs KPIs are actions that are measurable and show a connection between the desired outcomes and the marketing mediums. "First understand your question/symptom/problem from a systemic perspective before you throw a new KPI at it." Write: at least two KPIs and show the progression of the KPIs in a timeline. You may prepare this in a timeline/chart KPIs and the desired outcome are all interrelated. In your timeline (3 months, 6 months, or 12 months) show the anticipated incremental changes of the KPIs for each time period in order to meet the final successful outcome. SUBMIT: Prepare a document with the following: Write: Choose a specific marketing challenge for a company who may be expanding into other countries. Provide a paragraph overview of the company, you are choosing and any concerns in the industry that may impact the company/industry. Search the internet for sample KPIs related to that company's challenge. Then pick at least 2 KPIs and rate them according to the criteria in Parts 1-4. Rate and then discuss how your chosen KPI supports each of the sections in Parts 1-4, in other words, your rationale for your score. Score range 1-5. *dowload excel file attached* Clear connection to marketing challenge Clear connection to an outcome Clear connection to marketing spend/budget Clear direction of activities that will support the metrics Reflect and then answer the following questions. How did this exercise influence how I think about marketing strategy planning? What value and/or insights will I take away from this KPI process?
