Application
This unit applies to senior marketing professionals who are in a strategic role, responsible for managing the measurement of marketing effectiveness. They may work in small, medium or large enterprises and in a variety of industries. |
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
1. Prepare for implementation of a strategy to measure marketing effectiveness | 1.1. Review current marketing strategies and marketing plans and research a range of metrics available to measure effectiveness of relevant marketing processes and functions 1.2. Analyse effectiveness of current marketing metrics used by the organisation in each key marketing operation 1.3. Critically analyse how existing marketing metrics link to strategy and opportunities to improve the links 1.4. Plan to address any issues with the use of marketing metrics within the organisation 1.5. Design criteria for retaining existing marketing metrics and for selecting new manageable and cost-effective metrics 1.6. Gain approval for the design or redesign of the strategy from senior management |
2. Design strategy to measure marketing effectiveness | 2.1. Set objectives for the measurement and evaluation of marketing effectiveness 2.2. Select methods to measure marketing performance for each marketing process or function, tailored to the organisation's brand or unique positioning 2.3. Calculate costs of gathering and analysing data with the assistance of relevant financial experts 2.4. Design and record the implementation strategy for measuring and analysing marketing performance, or make recommendations for improving current strategy |
3. Manage, implement and evaluate the strategy to measure marketing effectiveness | 3.1. Design and implement an appropriate communication and training strategy, so that marketing and other relevant personnel fully understand their role in measuring marketing effectiveness 3.2. Supervise the design and implementation of specific metrics 3.3. Plan and monitor work activity to ensure adherence to strategy for measurement of marketing effectiveness 3.4. Design process to review and evaluate marketing metrics on a regular basis and if organisational strategy changes |
Required Skills
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Required skills |
communication skills to: train staff write and present complex reports to key decision makers learning skills to review and evaluate marketing metrics in order to contribute to operational outcomes numeracy skills to: analyse marketing data calculate cost-effectiveness of collecting and analysing data design and review metrics planning and organising skills to: plan and implement a strategy to measure marketing performance plan work activities problem-solving skills to devise solutions to issues with the use of marketing metrics technology skills for research and data analysis |
Required knowledge |
factors to consider in designing and implementing a communication and training strategy range of marketing functions within an organisation range of marketing metrics and their usefulness in measuring key marketing operations relationship between marketing metrics and the need for marketing directors, chief financial officers, chief executive officers and board members to be able to monitor marketing performance |
Evidence Required
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. | |
Overview of assessment | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the following is essential: design of a strategy for measuring marketing performance which includes: objectives metrics costs implementation strategy evaluation strategy choice, design and implementation of specific chosen metrics as required by strategy design of a training program for relevant personnel about their role in measuring marketing effectiveness. |
Context of and specific resources for assessment | Assessment must ensure access to: a workplace or simulated work environment relevant workplace documents and data, in particular data already collected to measure marketing effectiveness office equipment and resources, including appropriate software. |
Method of assessment | The following assessment methods are appropriate for this unit: review of portfolio of evidence of actions taken to produce a strategy to measure marketing performance oral or written questioning to assess: actions taken to produce the strategy to measure marketing performance knowledge of marketing metrics and their uses for different phases of the marketing process and for different marketing outcomes analysis of responses to case studies and scenarios around marketing metrics demonstration of a training strategy for relevant personnel to introduce them to the use of the marketing metrics. |
Guidance information for assessment | Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended. |
Range Statement
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. | |
Metrics may include: | accounting and financial outcomes brand equity, such as: availability brand perception familiarity loyalty and retention penetration brand value competition customer databases customer acquisition, satisfaction, retention, value and loss communications and effectiveness e-metrics, such as: hits page views visits inventory efficiency and effectiveness market performance by customer and product market share overall sales return on marketing investment in market-based assets sales force effectiveness share of mind share of voice share of wallet shareholder value. |
Marketing processes and functions may include: | advertising direct marketing distribution e-marketing loyalty programs market research marketing communications pricing product development, including pre- and post-launch sales force. |
Issues may include: | cost of obtaining meaningful information differences in treatment of intangible assets in financial statements frequency of measurement level of management that reviews the metrics skill of marketing personnel in terms of measurement volume of data to be analysed. |
Criteria may include: | costs (money and time) involved in measuring possible benefits of measurement risks if measurement does not occur whether they are: cost-effective precise and sensitive to change predictive, e.g. of future customer purchase, retention and cash flow relevant to the organisation's strategy and context reliable over time so trends can be tracked. |
Sectors
Unit sector |
Competency Field
Business development - marketing |
Employability Skills
This unit contains employability skills. |
Licensing Information
Not applicable.