[White Paper #1]

Abstract

The cockpit of the 757 Boeing jet is a maze of instruments (analytic tools) that produce flight performance data (metrics) that are critical to the safe and efficient flight of a 757. It would be impossible to fly a 757 without theses analytic instruments and performance metrics. Yet, companies invest millions or billions in marketing and sales strategies with no clear measure of their performance impact or efficiency. Most companies recognize the need for marketing metrics and the potential benefit they provide, but they struggle where to get started. A 2010 survey of 400 companies found that 75 percent recognized the need for marketing metrics, but only 25 percent had implemented a marketing metrics program (1). We will address the barriers companies and managers must overcome in order to successfully apply marketing metrics across their organizations. Before we address these barriers to getting started, let's first understand the need for marketing metrics and how they can be used to measure and manage marketing performance.