metrics

Proof that Marketing needs an engineering REMAKE! Only 25% of Marketers add measurable value.

This survey, while not perfect, highlights the need for a Marketing Revival.  We need to apply engineering and science to marketing, or this number (only 25% of Marketers add measurable value to organizations), will get worse and worse.  What exactly do I mean?

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:
  1. First, establish the fact that eyeballs have a value.  (call it $0.001 or something).
  2. Establish the fact that an Email or Like/Follow has a value (call it $0.10 or something).
  3. Establish the fact that an “engagement (comment, review, etc)” has a value (call it $0.25 or something).
  4. Establish the fact that a “sale” has a value.
  5. Establish the fact that market data (if used) and brand creation (if used) adds product value.. how much?  Call it 10%.
  6. Establish the fact that we CAN measure the above (except for #5).
  7. Now, focus on 1-4.. measure, and see if the values need adjustment.
    1. IF YOU DON’T DO WORK in 1-4… you are not adding measurable value.
    2. Go do 1-4.
  8. 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.

What Martial Arts can teach you about Business.

I love martial arts.  I’ve practiced some form since I was 10 years old.  Martial Arts can teach you may things about business… some very interesting concepts from the business of martial arts, and some from the philosophy of martial arts.  Read on for the scoop.

The Business of Martial Arts:

  1. At it’s core, the business of Martial Arts is a franchising operation.  The difference is that you must EARN the right to franchise.  That’s just good business sense.  Don’t let anyone with a buck sell your product, make them earn the right.
  2. Bill monthly, encourage use.  By billing monthly, martial arts keep you “captive” to your pocketbook (a tactic known to 24-hour gyms).
  3. Make me feel special.  As a consumer of martial arts, I love it that you make me feel special, unique, and desired.  It’s a club that not just anybody can join: e.g. the best kind… and a kind that breeds long-term customers.
  4. Don’t be what you are not.  You don’t have weights, snacks, movie nights, or popcorn.   You don’t offer massage, swimming lessons, or dance…. you are martial arts.  You are what you are, and you never break your contract with me about what you are. Good for you; this too keeps me loyal, not overly demanding, and keeps your costs down too!
The Philosophy of Martial Arts:
  1. Only for Defense, never for Offense.  This may not be all martial arts philosophy, but it is most of their core principles.  How does this relate to business?  Simple.  DO NOT abuse your customers.  If they are your customers, you don’t need to FIGHT them for goodness sakes.  Also, don’t go after your competition… it’s better to find your NICHE and defend from a position you own, then to go on OFFENSE and try to take their position.
  2. Goals.  This is a core tenant of Tae Kwan Do (my current marital art of choice)… and for business it is essential.  If you have no goals, you are going nowhere.  If you don’t set “Practical goals” you can “Actually measure”.. you are drinking your own Kool-Aid or setting yourself for failure.  No matter what you do in business, set goals… try to reach them.. analyze if you fail… celebrate if you win. Then set another goal now that you are wiser of your limitations (for more or less).
So you see, Martial Arts can teach you much about business.. and keep you healthytoo!  Get to it!  We can spar any time (the image at top is of me sparring a partner during black belt testing…  I’m the bug guy leaning forward.. perhaps a tad too aggressively).  I need to work on #1 of the martial arts philosophy… I attack too much!