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Define Your Metrics – Measuring value in e-business.
Ads, web marketing, and other e-business technology marketing efforts all cost money. Marketing is a big investment. So how do you measure the e-business value? Better yet, how do you quantify your e-business investment? These are definitely questions your CFO will be asking the minute you begin requesting budgets for sales and marketing. So how do you convince your skeptical CFO that your marketing program will yield a healthy ROI? Work with them to create a logical set of transactional metrics or attitudinal metrics to measure the success of your technology marketing program.
Transactional Metrics – These are simple ‘transactional’ formulas for determining ROI on any given marketing project. By creating some simple formulas, you can easily determine the cost effectiveness of your marketing budget:
Number of sales leads generated
Cost per sales lead
Cost per customer acquired
Return on marketing investment
Attitudinal Metrics – Determining attitudinal metrics is not a common practice among technology marketers. Not because it isn’t valuable, but because technology marketers often tend to be more analytical types who value transactional metrics that prove ROI in a much simple manner (ie., ‘it worked’ or ‘it didn’t work.’) These are simply formulas for determining ROI on any given project and ways of quantifying every aspect of your technology marketing or branding process.
Shifts in brand e-business awareness
Shifts in attitudes toward e-business client (including perceived value)
Shifts in "willingness to consider"
Shifts in "likelihood to recommend or purchase"
At TechBranders, our proprietary process is called SMART - Strategic Messaging Attracts Responsive Targets. SMART is a very practical, strategic technology branding process that propels profitable growth for our e-business clients. That's the purpose of strategic technology marketing - choosing the best way to differentiate your e-business technology product or service from your competitors. It's not about "getting my name out there."
The SMART branding process helps you learn:
Which customers and markets are most profitable to serve
What your prospects truly think - as opposed to an opinion of what they think
What prospects and customers are willing to believe about your product, service, or brand
How purchase decisions are really made
Where to spend your marketing dollars, and how much to invest
What kinds of values to create within your organization that can drive your long term goals
How to deliver those values at a profit
Your branding process should net you the following tools that should help you aggressively market your technology products or services:
Customer centric e-business messaging that resonates instantly with prospects who offer your organization the most profitable opportunities
Motivated employees who understand your e-business customers and how your e-business products or services can best serve them
Graphic identity that is highly appropriate for the target market, and exudes competence, consistency and e-business professionalism.
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