The paper "Key Metrics Every Marketer Needs" is a great example of a Marketing Assignment. The appropriate metrics as applied in marketing have made it easy to reveal the progress achieved in a quantifiable way (Davis 2012). The budget can be justified by the marketers and reveal that there have been significant results that have been achieved. Across the generation, there are identifiable trends that have been adapted to fit the various markets be it the B to C and the B to B considerations. This report identifies the financial and non-financial metrics indicators.
Also in consideration here are the lagging and leading indicators. Technological advances can, therefore, be closely linked to the dynamism in marketing. This touches on all levels both in the organization and even outside. Following these advances, the year 2019 is put to focus in terms of marketing metrics. Part one: Question 1 Financial and nonfinancial indicators Xenon Company serves both consumer and business customers. The measurement of the performance of the marketing department will be done on the basis of the financial and nonfinancial indicators as follows.
The financial metrics are expenditure on marketing as a revenue percentage, budget vs. expenditure on marketing, revenue per customer and ROMI. The non-financial metrics in the consideration here are the new customers’ numbers; traffic on the websites; share of the market in terms of volume and value; and the awareness of the brand. The financial factors here are in the effort of linking the activities of marketing with the outcomes financially (Schulze, Skiera & Wiesel 2012). The ROMI metric is majorly preferred herein that the investments on the marketing endeavors are measured against their returns financially.
Simply, in this case, there is a consideration of how much has been spent by the Xenon company on marketing and how much has resulted in thereof financially. The financial metric of revenue per customer is closely linked to ROMI since the outcome of the Xenon company is reflects the marketing activities thus involved. The metric of expenditure on marketing as a revenue percentage and budget vs. expenditure on marketing are more appropriate in the making of generalization on the indicators as opposed to ROMI that is case-specific. The nonfinancial parameters that are in consideration here focus on the website and the retail and wholesale outlets owned by Xenon.
Factors like market share and brand awareness, when identified are strong support towards high returns. The challenge lies in the intangibility of these indicators. They are however long-term in their view and therefore they are able to quantify results. The website success can be identified by the number of special visits that it has over a specified interval. On the outlets, the number of new customers that each receives should be identified and the aggregate mark considered.
ROMI results challenged the basis of the short term measure, in this case, are still of benefit. ROMI is able to identify, in a direct way, the revenue results as a dependent on the marketing in a critical way (Powell, Groves & Dimos 2011). Leading and lagging indicators The lagging perspective uses the measurement of the earlier happenings as the marketing metrics. There is, however, more advantage if this is used alongside the leading indicators to reveal what for the prediction of the success to be achieved.
The Xenon consideration here will therefore entail the view of lagging indicators used as inventory turnover, expenses, sales and revenue. The leading factor to consider here is the tracking the turnover of the receivables, customer satisfaction and revenue forecasts. The leading indicators are hypothetically integrated in a measurement mode for the explanation or prediction of behaviour while lagging indicators here are fundamentally measurements of issues that have already occurred.
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