How do you measure your business success? Where does your company stand, and where would you like to improve? It’s often about more than financial gains. Consider these seven ways to chart your business success.
1. Gross sales
Most companies rely on a single number to assess success: gross revenue from sales of products or services. But this figure can be misleading, particularly if you have high overhead or other expenses that can distort this snapshot of overall business activities. Calculating your gross revenue over a specific time period is a good place to start, but don’t rely on it as your only yardstick.
2. Profits
Imagine two very different businesses. One business with low overhead and high profit margins. The other is a much larger business with higher sales volume but with an overhead and other expenses that eat up much of the profits. Both companies end up with the same net profit. Which is the more appealing business? I argue that it’s the lean and nimble firm, one that drives profits while steering clear of the complexities that so often drain the management of a larger enterprise. Remember, at the end of the day, it’s net profits — not gross dollars — that really matter. Continue Reading »
Contrary to conventional wisdom, there is a key set of fundamental metrics — which can be actively managed — linking the health of a brand to revenue and consumer commitment.
Executives like to talk about strong brands as platforms for sustained growth. In the management literature, the link between brand equity and shareholder value is well accepted. So, why is the responsibility for brand-building not more actively managed in the executive suite?
In our work across sectors, we see companies often failing to “walk the talk” — unable to grasp the link between brand health and revenue commitment from customers. They treat brand-building superficially, believing that what matters is making brute-force impressions through large advertising campaigns.
Yet brand health is based on more than image and, through a set of key interrelated measures, can be linked to business performance.
How does the concept of brand health compare to the notion of brand equity?
Brand equity is linked to shareholder value. It is an intangible, long-term measure of a company, which is of little use to executives making investment trade-offs that affect top-line growth. By contrast, brand health is linked to current and future value with consumers and differences in competitive position. It is tangible and vital to managing brands and business performance on a forward-looking basis. Continue Reading »
As marketers, we need ensure that we are doing everything we possible can to reach these consumers at a time when they are interested in our value proposition. This means that our message has to be where the consumers are looking all the time.
MarketingPerformance.net
The progression of marketing – moving beyond traditional to include interactive, consumer driven, social marketing has spread like MySpace users.
Our customers are ushering in a new era in which marketers blend communication messages across all available media channels into a continuous brand experience. As part of a successful integrated marketing strategy, Marketing Performance integrates public relations, advertising, online, social media, etc; and other communications elements into one cohesive entity all sharing the same message.
Many organizations today are now embracing this concept of integrated marketing. Instead of dividing marketing communications into separate groups that rarely communicate; organizations are now integrating all marketing disciplines under one umbrella; thus, making every communication consistent with one message, sharing the same strategy. This also allows marketers to execute marketing campaigns more efficiently without having to jump through hoops to get approvals for creative, content, messaging, etc. Continue Reading »
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