Marketing performance measurement: overview of approaches and practices for high technology firms
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2004-11-08
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Urdan, André Torres
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A June 2004 survey by the CMO Council of 320 senior marketing executives indicated that few high techcompanies (Iess than 20%) to date had developed meaningful, comprehensive measures and metrics for their marketing organizations. In fact over 80% of the companies surveyed expressed dissatisfaction with their ability to benchmark marketing programs business impact and value. However, the survey also revealed that companies that establish a formal, comprehensive measurement program achieve superior financiai returns and have higher CEO confidence in the marketing function. This thesis provides an overview of information required for marketing executives to understand and implement marketing performance measurement (MPM) processes at their organiza:tions. It 'surveys the latest issues facing marketers in the high technology industry regarding the demands for greater accountability, value of measurement for improving marketing processes, initiatives to determine marketing return on investment (MROI), and the importance of marketing measures in corporate reporting. The thesis makes a case ,for MPM by outlining the benefits of measurement for both marketers and the corporation. The work then scopes 'some general marketing measurement concepts and delves into approaches to MPM as proposed by industry, academics, and analysts. Finally, the thesis enumerates a: few practices that every high tech marketer should explore when adopting MPM. 'fhe tips are generalized, but should familiarize any CMO, vice president, or director of marketing who is tasked with bringing greater accountability to her organization with a general overview of what's needed to enable measurement processes and rigor with regards to MPM.