M3: Objectives for digital marketing plans – Summary
Posted by dukebadger on January 18, 2010
This topic will provide you with an appreciation of the types of objectives you can set for your digital marketing plan.
It is important to remember that once you have set your objectives, you must then put the right monitoring and control mechanisms in place to ensure your objectives are met.
Influence on digital marketing objectives
Some larger companies identify internet marketing objectives that are consistent with existing business measurement frameworks, for example, the balanced business scorecard.
The balanced scorecard translates vision and strategy into quantifiable objectives relating to efficiency and effectiveness, assessing whether a strategy and its implementation are successful using a spectrum of measurements incorporating:
• Financial metrics, such as turnover and profitability
• Customer value
• Operational data, such as customer satisfaction and internal processes efficiency
• Organisational performance measures, such as innovation, lessons learned and staff development
Key performance indicators can be structured to form a performance management table. For an e-tailer this table might include tracking metrics, performance drivers (diagnostics), customer centric KPIs, business value KPIs and metrics to evaluate strategy and tactics.
Efficency is achieving goals econimically, doing things right (inputs and outputs)
Effectiveness is doing the right things (operating in the right markets, creating the right products and services)