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Contents
Acknowledgements ix
Introduction 1
1. It’s tough at the top – CEOs are fi nally demanding accountability
for marketing expenditure 5
Summary 5
1.1 The growing importance of intangible assets 6
1.2 The marketing investment time lag and profi t and loss accounts 11
1.3 The tyranny of forecasts and budgets and the consequences 14
References 21
2. Strategic marketing planning – a brief overview 22
Summary 22
2.1 Introduction 22
2.2 Positioning marketing planning with marketing 23
2.3 The marketing planning process 26
2.4 How formal should this process be? 27
2.5 What should appear in a strategic marketing plan? 40
2.6 How the marketing planning process works 42
2.7 Guidelines for effective marketing planning 44
2.8 Twelve guidelines for effective marketing 46
2.9 Conclusions 53
References 54
V
VI CONTENTS
3. A three-level marketing accountability framework 55
Summary 55
3.1 Introduction 55
3.2 A three-level marketing accountability framework 56
3.3 Three distinct levels for measuring marketing effectiveness 61
3.4 Level 2: linking activities and attitudes to outcomes 67
3.5 Level 3: micro measurement 71
Acknowledgement 71
References 72
4. A process of Marketing Due Diligence 73
Summary 73
4.1 What is the connection between marketing and shareholder value? 74
4.2 What is the Marketing Due Diligence diagnostic process? 77
4.3 Implications of the Marketing Due Diligence process 90
4.4 The linkage of strategy risk to shareholder value 91
4.5 The risk and return relationship 92
4.6 A focus on absolute returns rather than risk 93
4.7 Alignment with capital markets 97
4.8 Turning Marketing Due Diligence into a fi nancial value 98
4.9 Highlighting defi ciencies and key risks 101
4.10 Implications for users 102
Acknowledgements 103
5. The Marketing Metrics model and process 104
Summary 104
5.1 Introduction 104
5.2 Overview of the Marketing Metrics model 107
5.3 Implementing the Marketing Metrics model 112
5.4 The workshop team 117
References 118
6. Segmentation – the basic building block for markets 119
Summary 119
6.1 Introduction 120
6.2 Markets we sell to 122
6.3 Stage 1 – defi ning the market 132
6.4 Stage 2 – who specifi es what, where, when and how 136
6.5 Case studies 143
6.6 Segmentation and the Metrics model 156
References 161
CONTENTS VII
7. How to become the fi rst choice for the customers you want 163
Summary 163
7.1 What are impact factors? 164
7.2 Qualifying factors 165
7.3 Competitive advantage factors (CAFs) 168
7.4 Productivity factors 172
7.5 Analysing impact factors: a strategy-based alternative 178
7.6 Impact factors: using ‘gap’ analysis for creating organizational
alignment 180
7.7 Helpful pointers 183
References 184
8. Turning strategy into action, and measuring outcomes 185
Summary 185
8.1 Developing action plans 186
8.2 Developing the budget 190
8.3 Budget templates 196
8.4 Establishing linkages 198
8.5 In conclusion 204
References 204
9. Delivering accountability – fi nalizing the metrics strategy 205
Summary 205
9.1 Developing metrics that matter 206
9.2 Auditing for success 208
9.3 Bringing it all together 209
References 214
10. Why data quality can make or break accountability 215
Summary 215
10.1 The importance of data quality 216
10.2 Are data the weakest link in your marketing strategy? 217
10.3 Data and competitive advantage 217
10.4 Data literacy 219
10.5 Challenges to data integration 219
10.6 Creating a business case (return on investment) for data quality 221
10.7 Creating insight 221
10.8 Technology 223
10.9 Success factors 223
10.10 Identifying the cost of poor data quality 224
10.11 Data management strategy 226
10.12 Why an enterprise-wide approach to data management is vital 228
10.13 Developing an enterprise-wide information strategy 229
VIII CONTENTS
10.14 Data governance 231
References 235
11. Measuring the effectiveness of multichannel strategies 236
Hugh Wilson, Cranfi eld School of Management
11.1 Introduction 236
11.2 Breaking down conversion metrics by the buying cycle 238
11.3 Tracking cross-channel behaviour 240
11.4 Assessing the overall performance of the route to market 248
11.5 Metrics for the multichannel boardroom 250
11.6 Steering by the stars 256
Acknowledgements 256
References 257
12. Valuing brands 258
David Haigh, CEO, Brand Finance plc
12.1 Introduction 258
12.2 Intangible assets: driving corporate value in the 21st century 259
12.3 What do we mean by ‘brand’? 263
12.4 The approach to ‘brand’ and intangible asset valuations 264
12.5 Conclusion: fi nancial implications for brands 277
Appendix: Econometrics 279
Bryan Finn and David Merrick, Business Economics Limited
Index 283
Acknowledgements
The authors would particularly like to thank Diana Woodburn, Marketing Best
Practice and Director of the Cranfi eld Marketing Measurement Accountability
Forum (2004–07) for her work with the authors in developing and piloting the
MMAF model; Professor Hugh Wilson, Cranfi eld University School of Management,
for contributing the chapter on multichannel marketing; David Haigh,
CEO, Brand
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