Firms can match technology to each of these processes and use specific tools to increase marketing efficiency and effectiveness.
Posted Aug 2, 2004
Assessing the gaps in your direct marketing strategy means taking a critical look at the following marketing process: strategy, planning, execution, and analysis. By using a simple ranking of 1 to 3, organizations can find out which processes are optimal and which have room for growth. Firms can also match technology to each of these processes and use specific tools to increase marketing efficiency and effectiveness.
Marketing strategy is the process by which you segment your customers, create value propositions, develop an overall customer contact and communication approach, and determine the marketing budget. Marketing strategy is broken down into the following subprocesses:
Planning process--the annual marketing budgeting process, coordination with finance, and cost and revenue estimates generation
Segment planning--creating segment level strategies and goals around profitability, revenue, and migration
Strategic development--developing the key themes and programs to drive growth and earnings through all of an organization's channels
Marketing planning is the process by which marketing programs are conceived and brought to market. Marketing Planning is broken down into the following subprocesses:
Campaign p&l goals--developing campaign and program level cost and ROI estimates
Best practices--the ability to easily share best practices between marketing managers, executives, and analysts
Campaign creation--choosing a target audience and matching products, offers, collateral, and messaging to that target audience
Marketing execution is the process by which an organization implements a marketing program for its targeted customer base. Marketing execution is broken into the following sub-processes:
Cross channel campaign execution--generating communications and messaging across multiple customer interaction points
Organizational readiness--the ability for an organization to staff the appropriate roles and responsibilities and seamlessly coordinate the resources inside and outside the organization to effectively execute the program
Response tracking--the ability to recognize responses to marketing stimuli across all channels and offers
Marketing analysis describes the process by which an organization measures ROI and other metrics regarding the performance and effectiveness of its marketing programs. Subprocesses for marketing analysis include:
Campaign p&l measures--the ability to understand actual marketing performance versus budgets
Continuous process improvement--the organization's ability to transform quantifiable results into knowledge to optimize future campaigns
When implemented properly optimizing these four processes can ensure a successful marketing program for any organization. An honest assessment of these processes will lead you to understand which will need improvement, skill sets to build upon, and which technology might need to be implemented.
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