MPM is a powerful tool for agencies to harness, but what does it mean? Marketing performance measurement and management allow you to fine-tune your efforts at each stage of the sales funnel and make changes while it still matters. Marketing campaigns are not set in stone, not good ones at least. They are fluid and flexible. Through MPM, you watch the campaign unfold to maximize the successes and eliminate the failures.
MPM Defined
MPM is the systematic management of your marketing assets. That sounds complicated, but odds are you do a certain amount of this already. When you create a blog post, don’t you watch to see how the page traffic increases? Do you keep an eye on Facebook posts to monitor the “likes?” It is all of MPM.
With MPM, you create a comprehensive picture of your overall marketing effort to align it with performance outcomes, investments, and customer insights.
The Importance of Analytics
One of the core components of MPM is analytics. The collection of data from marketing channels allows you to create actionable strategies that improve the current and future campaign. Metrics will drive your return on investment for pay-per-click ads, as well. If the data shows that you are not getting your money’s worth from a targeted ad placement, you make a change until you do see a return.
Marketing metrics creates a link between channels, location, and incremental sales. If you notice the sales increase after the release of a new local mobile ad, then you know this is an effective channel to leverage.
Timing is Everything in MPM
Timing matters when measuring marketing performance, so it is a critical part of any MPM strategy. If you release to all your marketing channels at once, you will never know which one was responsible for a spike in sales or an increase in conversations.
This is especially important for paid assets like digital ads. If you schedule Facebook and Twitter ads to run concurrently, then you diminish the effectiveness of each asset. If you schedule them to run separately, you can track the changes via analytics to see which one is the most cost-effective.
Making the Most of MPM
This is a really simplistic look at what is a big picture concept. MPM goes beyond just measuring the data. It is about predicting customer behavior based on it, explains CMO. There are six basic steps to MPM.
- Alignment – Finding a direct line of sight between marketing efforts and outcomes
- Accountability – How well a channel delivers based on data analysis
- Analytics – Collecting and evaluating that data
- Automation – Setting up an automated schedule for marketing channels
- Alliances – Working with network partners like agencies or content providers to enhance marketing distributions
- Assessment – Evaluating the strengths and weaknesses throughout the campaign in real-time
MPM is something corporations spend thousands of dollars on mastering, but even small agencies can utilize it to maximize their marketing benefits and improves the outcomes for their clients.
