The senior management team is interested in two things: reaching their goals and feeling comfortable that Marketing is doing its job to help them do that! To get in front of questions from senior management of what marketing is contributing towards these goals, you need to find the right mix of items that help build credibility and accountability.
There are ways to create your own dashboard of items that you are tracking to report back the results of Marketing’s contribution and if you’re hitting the right mark. So, during 2014, here are several ways to develop your dashboard:
- For Expenditures – At the beginning of each month provide an overview of where you had spent Budget, the plan vs. actual and the forecasted spend.
- For Forecasting – Show the Marketing Cost Recovery for upcoming promotions or focused marketing dollars, in essence, how much will be needed in sales to recover the marketing expenditure.
- For Results – At the end of the promotion or special marketing effort, take the sales and determine the revenue divided by the marketing costs to get a Return On Marketing Investment.
- For Acquiring New Business – To show what it costs to acquire a New Customer/Member, use the marketing costs across a period of time divided by the number of new customers attracted during that time period. In most cases, the overall marketing costs can be used because the visibility created by all the media used across the market works to attract those new customers.
Want to learn more about these ways to create a Marketing Dashboard and to develop the worksheets to make it easier to report every month? Attend our Credit Union Marketing University workshop on March 1st.