Evaluate Performance Metrics The purpose of this paper is to assess performance metrics that can be used to evaluate the success of innovation and marketing, discuss the importance of metrics, discuss and assess at least five metrics to measure innovation; discuss and assess at least five metrics to measure marketing strategy, and recommend appropriate metrics to use for 3M.
The Importance of Metrics Performance metrics have the ability to evaluate and measure an organization’s performance in different areas of interests such as, R&D, innovation, customer satisfaction, an organization cultural, etc. The importance of metrics when implemented within an organization can support innovation and marketing drivers for quantifiable innovation (Kaplan, …show more content…
3, 4).
Metrics to Measure Marketing Strategy A marketing metrics tracks your most important marketing performance in order to make adjustments and encourage growth, profitability and sustainability. Syneka Marketing (2015) explained that a “marketing metrics evaluates and measure” by:
1. Organizational goals and profitability
2. Align market tools that align with an organizations goal and what they want to achieve. For example, increase sales, innovative products and services, etc.,
3. Track my progress with processes/systems and marketing actions.
4. Have a marketing plan that defines the metrics strategy to determine what metrics works most effectively to achieve an organizations’ goals, for instance, feedback looks with customers, input and output metrics, etc.
5. Measure outcomes of the organizations’ marketing performance strategy by identifying marketing strategies, such as effective and accurate information sharing, building long-term customer relations, etc. Determine your marketing impacts, for instance, underperformance in customer service, products or services. Find out what is the problem, how did it occur and preventing it happening again in the
The Importance of Metrics Performance metrics have the ability to evaluate and measure an organization’s performance in different areas of interests such as, R&D, innovation, customer satisfaction, an organization cultural, etc. The importance of metrics when implemented within an organization can support innovation and marketing drivers for quantifiable innovation (Kaplan, …show more content…
3, 4).
Metrics to Measure Marketing Strategy A marketing metrics tracks your most important marketing performance in order to make adjustments and encourage growth, profitability and sustainability. Syneka Marketing (2015) explained that a “marketing metrics evaluates and measure” by:
1. Organizational goals and profitability
2. Align market tools that align with an organizations goal and what they want to achieve. For example, increase sales, innovative products and services, etc.,
3. Track my progress with processes/systems and marketing actions.
4. Have a marketing plan that defines the metrics strategy to determine what metrics works most effectively to achieve an organizations’ goals, for instance, feedback looks with customers, input and output metrics, etc.
5. Measure outcomes of the organizations’ marketing performance strategy by identifying marketing strategies, such as effective and accurate information sharing, building long-term customer relations, etc. Determine your marketing impacts, for instance, underperformance in customer service, products or services. Find out what is the problem, how did it occur and preventing it happening again in the