Definition of marketing strategy and tactics review,video game product testing,download free photo editing software for windows 8 - Review

19.12.2013
Marketing Models is one of the subject areas where the Nextbit has gathered extensive experience, from Customer Centricity to Campaign Management, to Customer Propensity Models. Customer base segmentation on: lifestage, life-time value, behavior, attitudinal information, profitability, share of wallet, loyalty. Youa€™ll be joining the 130,000 Smart Insights members from 80 countries who trust our advice to Plan, Manage and Optimize their marketing. I think many would think the meaning of efficiency and effectiveness are similar terms for describing the performance of a business process. If so, think again, since whatever the type of process you really need both types of measures when identifying the most suitable goals and measures to assess your marketing or business effectiveness. I hope to show why the difference is important in this article where I'll give a brief definition of each and show examples of efficiency and effectiveness measures applied to digital marketing.
If you're involved in marketing, take a look at our free guide to defining the right marketing KPIs to measure efficiency and effectiveness.


We need this measure for marketing activities and business processes since it helps us see when we are minimising resources or time needed to complete a process, i.e. In digital marketing, effectiveness involves supporting broader marketing objectives and often indicates the contribution of the online channel.
You can see that sometimes it's not possible to definitively state which is which, but for the main thing is to review that you have a good coverage of each.
I created this example based onA the balanced scorecard, popularised in a Harvard Business Review article by Kaplan and Norton (1993). It is still used in many large organisations and can still be used to today to help translate vision and strategy into objectives and then, through measurement, assessing whether the strategy and its implementation are successful. The balanced scorecard combines efficiency and effectiveness measures and was a response to over-reliance on financial metrics such as turnover and profitability and the tendency for these measures to be retrospective rather than looking at future potential, as indicated by innovation, customer satisfaction and employee development. In addition to financial data, the balanced scorecard uses operational measures such as customer satisfaction, efficiency of internal processes and also the organisation's innovation and improvement activities including staff development.


It is useful to identify efficiency and effectiveness measures separately, since online marketing and web analytics often tend to focus on efficiency. It's fine to say the difference doesn't matter especially, but I think that understanding the difference helps you create a better set of measures! Hasan and Tibbits (2000) note that the internal process measures in particular are concerned with the efficiency and the customer and business value perspectives are indicated with effectiveness, but these measures can be applied across all four areas as we have shown. One of the striking differences is that while efficiency decreases cost of operations effectiveness maximizes output or profit margin without additional cost. In digital marketing, for example, efficiency involves increasing conversion rates and reducing costs of acquisition.



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