Math may not be everyone's favorite school subject, but we all know its value in our business. Numbers tell a story about the strengths and weaknesses of a marketing campaign. Even though numbers are vital in marketing, not all creative marketing types are comfortable interpreting them.
Marketing departments also have the challenge of dealing with too much data, thanks to all the computer applications that collect it.
Endless data streams impact the many arms of marketing: Web, print, radio, mail and television. What resources are useful for collecting and understanding these numbers? Is there a standard process or approach that with a little tweaking works with most products and services? How do you collect and measure the efficiency of a marketing campaign?
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This Week's Dilemma
Metrics, benchmarks and data are important to collect and analyze to determine the success of a marketing campaign. We're numbers-challenged and need help on how to measure the efficiency of a promotion plan for industry products. How do we collect the data and compare the money spent in ads, directories and trade shows with revenue from sales?
—Tanya, Marketing Manager