Marketing Analysis : Marketing Management

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402C-2: MARKETING METRICS INDIVIDUAL ASSIGNMENT 1 Submitted to: Professor Rakesh Niraj Submitted by: Amber Shukla Case Western Reserve University Summer 2015 1. (a) Marketers should become data driven because: • To know the impact of marketing investment: With the help of an accurate data, one can predict the output or significant and measurable performance impact in future of marketing investments made today. This helps in predicting whether the marketing plan is worth investing in or not and can save millions of dollars for a company. • How much marketing investment to make: If the predicted financial revenues of the marketing plan is known, one can decide the maximum budget or investment to make in the plan. • To formulate a…show more content…
Also, if there is a lack of data due to privacy concerns, it is again a big challenge for the marketers to measure the efficacy of what they do. To face this obstacle, B2B companies need to educate the value partners derive from sharing data, as also protecting the identity of customers when channel partners share their data. Loyalty programs or web based portals, surveys and focus groups as a means to provide incentives for customers can be an honest way forward. • Lack of Infrastructure to do data driven marketing: There are specialized tools and softwares to analyze big data which can be expensive. Also, skilled manpower is required to play and make sense of such big data. So, at times, companies have to invest a lot in terms of money and time to become data driven. To face this obstacle, advance campaign planning is required. MS Excel and SAS JMP can be useful to start. For current purchases, real-time analysis would be required. • People and Change: Cultural resistance to change as a need to incentivize these initiatives is a way forward to effective change management. To avoid accountability and a mindset “marketing is creative and imposing metrics will kill the creativity” always go against marketing metrics. (c) To overcome the obstacles given above, the points can be summarized as follows: • Focusing on collecting right relevant data and create momentum by scoring easy win • Conduct small
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