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Performance as a component of the marketing mix

Continuing our 12 Ps Marketing series blogs, we now discuss ‘performance’.

What is performance?

Performance is a very useful tool for demonstrating how well your product does against your key performance indicators, how it is received by your customers and should allow you to make necessary changes for boosting productivity.

Performance for your business will be in terms of services provided, revenue and profit generated, while for the consumer, it will be in terms of their experience and satisfaction with your product.

Performance gives you the chance to demonstrate your expertise and abilities and it establishes the basis of credibility for all of your words, actions, and deeds.

Marketing decisions made about performance

An increasing number of businesses are using performance measurement methods to help them grow, such as the Balanced Business Scorecard or the European Foundation for Quality Management model.

An effective performance measurement system may aid in identifying issues and assist you to achieve improved business results. Goals, both organisational and personal, should be connected to improvement measurement metrics.

The overall strategy generally remains the same, which is defining goals or objectives, creating indicators, launching the system, gathering and analysing data, and kicking off change.

The effectiveness of your marketing activities is something for which you must ultimately account for. So, consider how you are going to measure it:

  • Using analytics from websites or social media?

  • Analysing recommendations from customers?

  • Considering customer reviews or referrals?

  • Scanning for positive or favourable media attention?

  • Evaluating ROI or revenue growth?

  • Comparing bottom-line against top-line?

In summary, be prepared to report on what you have accomplished, the metrics you used to monitor them and how you measured it by having a clear understanding of your goals from the beginning.

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