Marketers Turn to Metrics

$429 billion

Amount spent on marketing promotions in 2004, according to Promotion Marketing Association. 

 

“Half my advertising is wasted. I just don’t know which half.” Countless other executives have felt the same as John Wanamaker, the 19th century department store magnate and marketing pioneer who uttered those words many decades ago.

For the most part, though, marketing has remained perhaps one of the only corporate departments that does not use the kind of metrics that are meaningful to bottom-line-oriented people like chief executive officers or chief financial officers. But that indifference to metrics is becoming a thing of the past. Experts from Wharton, McKinsey & Company and the Marketing Science Institute (MSI) say that the search for better marketing metrics is underway throughout Corporate America.

“Historically, when the CEO wanted to know the ROI of marketing spending, the marketing people would say, ‘If you spend more, your market share will go up.’ But the marketing people haven’t done a great job quantifying that,” says Wharton marketing professor David Reibstein, a former executive director of MSI.

Read more on "Marketers Turn to Metrics..."at Knowledge@Wharton

 

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