MPM as a Marketing Tool: What is it?
Simply put, marketing performance measurement and management, or MPM, is a means of monitoring and adjusting marketing campaigns on the fly. Any good marketing campaign is a fluid campaign, accommodating changes and adjustments as they become needed. Large corporations spend thousands of dollars on gaining a command of MPM, but that doesn’t mean that small businesses cannot benefit from trying to master the same tools.
MPM is a way of systematically managing and coordinating your marketing assets for the improvement of the overall strategic marketing of your products or services.
Really, MPM is more like a fine-tuning mechanism that allows you to tailor your best marketing assets to do their best work for you and informs you of those marketing channels that are not performing as you had hoped or planned.
MPM is About Timing and Comparison
Timing has to do with when you release specific marketing channels. If you released them all around the same time, you would never be able to evaluate which ones were the most productive for you. Staggering their release provides the necessary criteria for effective evaluation of each one’s individual value to your marketing scheme. That way the channels can be compared for their effectiveness. A spike in sales can result from any marketing channel, but if they are all released at the same time, you cannot easily determine which ones are successful and which ones are not.
Once you can establish which channels are the most successful, you can emphasize those channels, modifying them accordingly to increase their effectiveness.
In the digital realm, the metrics tell the story. The analytics, that is, the collection of data, permit you the luxury of creating new strategies based on the success of earlier efforts. With this information, you can not only improve existing campaigns, but you can also more aptly tailor future ad campaigns. Fully strategic thinking involves planning ahead, and the analytics from MPM give you the information to do that more effectively.
There are five pillars to MPM
Each has its own value and must be addressed. The first is alignment. Align your marketing efforts to your desired results. Target those results and adjust your campaign according to the success of initial strategies.
Second is accountability. This is simply a statement of how well any specific marketing channel delivers the desired results based on the metrics you have before you.
Third is the analytics themselves. This is the data that drives your campaign and complements and improves it with its needed modifications.
Fourth are the alliances. You form these naturally in the process of marketing, but using them is an important part of successfully employing an MPM strategy. Use your network partners, such as content providers and the agencies that locate them, as well as other assets to emphasize your successful marketing channels.
Finally, there is the assessment. This is the natural outcome of the process, the data that is compared and contrasted for their relative benefits. The strengths and weaknesses can be evaluated in real time as each campaign develops, permitting adjustments and allowing growth in the campaign, itself.