You can’t spend wisely on marketing unless you understand its full impact on your business. Here are five questions executives should be asking to help maximise the bang for their bucks.
In the face of growing complexity, relentless financial pressure, and a still-challenging economic environment, marketers are striving to exploit new-media vehicles and to measure their impact through new analytic approaches and tools. Yet McKinsey & Co says these five seemingly basic questions cut to the heart of the quest to drive returns on marketing spending:
1. What exactly influences our customers today?
2. How well informed (really) is our marketing judgment?
3. How are we managing financial risk in our marketing plans?
4. How are we coping with added complexity in the marketing organisation?
5. What metrics should we track given our (imperfect) options?
For a detailed outline of how to address these five key questions visit: www.mckinseyquarterly.com/
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