Today’s post is about a classic of business literature. The Balanced Scorecard from Robert Kaplan and David Norton is an approach to business strategy. It is hard to argue with the basic idea that businesses should regularly monitor a variety of success factors and report how they are succeeding on each factor. Four Perspectives In…
Category: Marketing Metrics
Misunderstanding Political Marketing
Bruce Philp’s article in the July [2014] issue of Canadian Business criticizes political marketing for being “hollow and disingenuous”. I think this is misunderstanding political marketing. Political Marketing Is Not Just Political Communications I wasn’t impressed. Firstly, I think Philp is equating political marketing with political communications. This is a strange thing for a brand strategy consultant…
Marketing Accountability Standards Board (MASB)
Marketing has an accountability problem. This is widely accepted even by marketers. The Marketing Accountability Standards Board (MASB) is working on this. Trust Me, I’m A Marketer Marketers argue that their actions are vital to their organization’s success but often the proof offered ends up being: “trust me, we need to do this”. It isn’t hard to see why…
Value-Based Marketing
In 2000 Peter Doyle started the abstract of his paper, Value-Based Marketing with the sentence. “Marketing has not had the impact on the boardroom that its importance justifies” (Doyle, 2000, page 299.) Doyle made a fair point. Marketing’s Lack Of Influence It is very common for academic marketers to bemoan marketing’s lack of influence. Many firms…
Canada’s Top Brands
Like a doughnut the survey in Canadian Business magazine that placed Tim Hortons as Canada’s Top Brand is enjoyable. That said, it is not necessarily the most nutritious thing in the world. What do we know about Canada’s Top Brands In 2014? Loving Tim Hortons We find out that Canadian’s love Tim Hortons’ coffee and…
Measuring Marketing In The Age Of Absolute Value
Itamar Simonson and Emanuel Rosen suggest that with greater access to information consumers can (and do) make much better purchasing decisions. They are, in effect, arguing that much academic work in marketing is too artificial when it shows decision-making problems. In the real-world consumers can solve problems that confound students in the laboratory. Too much choice can paralyze but this…
Trying To Understand Market Share Theory
I really enjoyed Richard Miniter’s The Myth of Market Share. His first book criticizes market share goals. I would say there is a lot of value in trying to understand market share theory. (To be clear I use the term ‘theory’ quite broadly. I just mean a theory as something that provides a reason for…
Value of a Like
Valuing social media likes is an enormous challenge. We should be somewhat forgiving of problems in the methods. It is surely better to be addressing difficult challenges than ignoring them entirely. It is, however, also important to be explicit about what we are claiming and not claiming. This is a problem with Value of a…
Marketing ROI, Heartbeats And Breaths
Clarity is important to effective language use. If our words all mean different things it is hard to communicate. It is often surprising that marketers, who often claim to be communication experts, are sometimes terribly imprecise about what they mean. We need to be clear about marketing ROI, heartbeats, and breaths. Marketing ROI James Lenskold…
Revenue And Valuing Likes
Dan Zarrella, from HubSpot, has given a formula for valuing social media “likes”. There are several interesting parts. For instance, he has tried to incorporate churn. Compared to most pieces of advice in the social media marketing world it is transparent. You can see what he was trying to do. His formula (although it looks…
