Planned Effectiveness

OD_20210607M_HSM322_1Discussions Week 4 Discussion 2 – Planned Effectiveness

Career Relevancy
As the firm prepares its marketing plan and strategy and tactics, it will need to consider how it will measure the results of its marketing efforts. If a company cannot measure its results, then all the planning in the world will not help the company achieve its goals. How the company determines its metrics and key performance measures depends on the goals that it set for itself. By learning how to determine the best metrics for success, you give yourself an advantage in the industry.
Background
Data Collection
The most notable element when it comes to employing a successful marketing plan is straightforward, especially alongside the information that we’ve already gone over: data collection. Building a marketing plan is one thing, assisted by internal and external analysis, but determining the success of a plan once it’s in place is quite another. The performance of a marketing plan is typically measured over the course of a year.
An organization can measure its market share, total sales, returns on digital media, and a range of other key performance indicators, or KPIs. Each of these will typically translate to direct dollar amounts, clearly expressed customer satisfaction or some combination of the two. Taken together, these elements can be measured to better determine any needed adjustments in the plan.
Perfected Performance Indicators
In the medical industry, determining precisely what needs to be measured to determine success can be a challenge—especially as we come to embrace the digital age. There are ten particularly notable KPIs to keep in mind when trying to determine the success of a marketing plan (Leighton, 2018):
Website Visits
Since a website is increasingly the first impression that an organization makes, seeing how engages the customer base is with a website can be a clear performance indicator.
Email Opens
Similarly, emails can track just how engaged consumers are. If emails are being actively ignored, something has likely gone wrong.
Link Clicks
Most engagement starts with the consumer clicking straight to the company website. Picking the right places to employ digital ads can be a game-changer.
Marketing Qualified Leads (MQls)
Building leads allows the marketer to tailor their sales and marketing experience specifically to demographics that they appeal to.
Sales Accepted Leads (SALs)
A SAL is simply an MQL that has been passed over to sales and accepted by that team, building on further engagement.
Content Creation Time and Usage
To measure the effectiveness of content, one needs to be certain that the time it takes to create it is cost-effective.
Engagement Rates
While consumers clicking through is important, it is at least as important that they actually spend time with the content. This KPI is focused on measuring whether consumers are actually reading or otherwise employing the content.
Conversion Rates
This measures how often a touchpoint, such as a link click on to the website, transfers to an active sale or interaction with the consumer.
Sales Revenue
Perhaps obviously, directly measuring sales is an effective KPI to determine success.
Content Return on Investment (ROI)
By combining content time and usage, conversion rates, and sales revenue, an individual can effectively measure their overall return on investment—ultimately showing just how effective their marketing plan has been altogether.
References
Leighton, Shauna. 2018, January 22. 10 KPIs Every Healthcare Marketer Needs. Retrieved On July 24, 2020. https://seismic.com/company/blog/10-kpis-every-healthcare-marketer-needs/
(Links to an external site.)
Prompt
Describe the benchmarks that a theoretical organization has in place for measuring their marketing performance. What are some of the areas you would need to assess to determine if more people are have visited the website, used the website to initiate services, or uploaded medical information prior to a doctor’s scheduled visit?

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