Key Marketing Metrics: Are your marketing strategies effective?
The importance of knowledge regarding key marketing metrics can’t be denied by anyone who understands the concept of marketing theory. Yet, many marketing people, particularly ecommerce marketers don’t regularly obtain, study and learn from several of the most basic key marketing metrics. In fact, a recent survey found that only ten percent of the companies surveyed had a budget intended specifically geared to measuring key marketing metrics.Key marketing metrics are a relatively new role in the structure of a successful organization. It is intended to measure the gap between the strategy for marketing the product or the business and its execution and the final results of that strategy, whether effective or not.Key marketing metrics must have the characteristics of being quick response, even instant, because a marketing campaign doesn’t stop while you measure the results so far. You must be able to view such typical marketing key performance indicators (KPIs) as revenue per customer, average size of an order, and click to conversion rate for a campaign. The above KPIs are critical, but it’s also important to learn more about the customers themselves to help in targeting the next campaign in a more precise way.As with all metrics the purpose is to show how the activities of the marketing unit or department are contributing to the overall health of the organization in the pursuit of its stated objectives. It is undeniable that marketing for any of the company’s products is critical, but the marketing in a hard-driven marketing world must be able to show not only the effectiveness or failure of a particular campaign, but perhaps more importantly that the marketing function itself is contributing to the profitability of the business.In order to do that ROI calculation, you can use tactics to project performance based on customer response to particular performance measurements. For example, you might work on improving a targeted mailing list. The construction of the mailing list is intended to reach customers who have an interest in your particular niche product. If your mailing list size increases, you would be reaching more people interested in the product and you would be expanding your opportunity for sales so the revenue would increase. In this instance, the size of your email list or the leads which you have created has increased and that becomes the measure of how well your marketing campaign is doing. The performance indicator is the size of the mailing list, not the amount of revenue generated. From a point in time, by tracking the revenue from your original mailing list or contact list you know the average sales per customer, If you use the average sales per customer times the number of new mailing list contacts, you have a dollars and cents projection of the effectiveness of the campaign.
While trademark law core function seeks to protect indications of the commercial source of products or services, generally speaking patent law seeks to protect new and useful inventions with novelty and inventive features as a must, and generally registered designs law function is seeking to protect the look or appearance of a manufactured subject of design case. Trademarks, patents and designs collectively form the famous and big set of intellectual property known as industrial property because they are typically created and used in an industrial and consequently in the commercial context.By comparison, copyright law generally seeks to protect original literary, artistic and other innovative works. Continued active use and re-registration can make a trademark perpetual, whereas copyright usually lasts for the duration of the author’s lifespan plus 70 years for works by individuals, and some restricted time after creation for works by bodies corporate. This can lead to confusion in cases where a work passes into the public domain but the character in question remains a registered trademark.Although intellectual property laws such as these are theoretically distinct, more than one type may grant protection to the same article. For example, the particular design of a bottle may qualify for copyright protection as a non-utilitarian sculpture, or for trademark protection based on its shape, or the ‘trade dress’ appearance of the bottle as a whole may be a subject of protection. Titles and character names from books or movies may also be protectable as trademarks while the works from which they are drawn may qualify for copyright protection as a whole.Drawing these differences is vital but often challenging for the courts and lawyers, especially in jurisdictions where patents and copyrights when they pass into the public domain depending on the jurisdiction. Unlike patents and copyrights, which in theory are granted for one-off fixed terms, trademarks remain valid as long as the owner actively uses and defends them and continues maintaining their registrations with the competent authorities. This often involves payment of a periodic renewal fee.A trademark can be ‘abandoned’ or its registration can be cancelled or revoked if the mark is not continuously used as a trademark must be used in order to maintain rights in relation to that mark. By comparison, patents and copyrights cannot be ‘abandoned’ and a patent holder or copyright owner can generally enforce their rights without taking any special action to maintain the patent or copyright. Additionally, patent holders and copyright owners may not necessarily need to actively police their rights. However, a failure to bring a timely infringement suit or action against a known infringer may give the defendant a defense of implied consent or estoppels when suit is finally brought
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