I mean this: imagine an engineer who "adds not measurable value to an organization".... while technically possible, it certainly ought to be quite rare! Why? Because an engineer KNOWS that what he works on does X for the company: creates a new product. improves the quality of a product. etc... And they know X numbers of product, or Y% of quality improvement.
Now, what about a marketer? If you write a report, does it add value? If you "make an ad" does it add value? If you build a website, does it add value? If you write Facebook posts, do they add value? If you write a blog post, does it add value? If you organize an event, does it add value? If you manage a print ad, did it create value? Did the brand you invented add value? WOW. If you say no to any of those... you are in trouble. But the hard part is "how much value did you add?".
Here is the beginnings of how to measure Marketing Value:
- First, establish the fact that eyeballs have a value. (call it $0.001 or something).
- Establish the fact that an Email or Like/Follow has a value (call it $0.10 or something).
- Establish the fact that an "engagement (comment, review, etc)" has a value (call it $0.25 or something).
- Establish the fact that a "sale" has a value.
- Establish the fact that market data (if used) and brand creation (if used) adds product value.. how much? Call it 10%.
- Establish the fact that we CAN measure the above (except for #5).
- Now, focus on 1-4.. measure, and see if the values need adjustment.
- IF YOU DON'T DO WORK in 1-4... you are not adding measurable value.
- Go do 1-4.
- Meanwhile, consider #5... how can you measure that? (I'm still thinking about it; but the answer lies somewhere in the "Price" of your products relative to competition).
Now, Marketers. GET OUT THERE AND MEASURE! Don't be a "no value added" employee.
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ReplyDeleteterrible robot comment, but thanks for dropping by anyways.
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DeleteRe: #5. One approach is A/B testing. If you start with two geographies (e.g. cities) with roughly the same "brand value score" as measured by a "before" test (there are a variety of ways to measure this) and run a brand building campaign in one geography but not the other, then use the same test to measure the "brand value score" again, you can approximate the value created by the branding campaign by the delta between the "before" and "after" scores. Not perfect, but measurable. If the brand value score is too intangible, look at the difference in sales in the two geographies.
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