Marketing Payback
Lessons Learned - Takeaways
"Marketing Payback: Is Your Marketing Profitable?" by Robert Shaw provides a wealth of insights on marketing performance and accountability. Here are some key lessons learned from the book:
- Marketing Accountability: The book emphasizes the importance of making marketing financially accountable. It teaches how to measure and manage the return on marketing investment, thereby aligning marketing with the financial objectives of the business.
- Linking Marketing to Shareholder Value: Shaw encourages businesses to link marketing activities directly to the generation of shareholder value. By focusing on the financial impact of marketing, businesses can better justify their marketing investments.
- Balancing Long-Term and Short-Term Objectives: The book highlights the need to balance long-term brand investment with short-term sales growth. This can be a delicate balancing act, but it's essential to ensure sustainable profitability.
- Customer Lifetime Value: Shaw introduces the concept of customer lifetime value and underscores its importance. Understanding the long-term value of customers can help businesses make smarter marketing investment decisions.
- Marketing Scorecards: The book teaches how to use marketing scorecards to measure and manage marketing performance. These tools can help businesses track their progress towards their marketing goals and make necessary adjustments.
- Leveraging Databases: Shaw emphasizes the importance of using databases to enhance knowledge about customers and competitors. This information can inform marketing strategies and improve their effectiveness.
- Integrated Marketing Communication: The book advocates for integrated marketing communication to ensure consistent and cohesive messaging across all marketing channels. This can enhance brand perception and improve marketing effectiveness.
- Transforming Marketing into a Profit Center: One of the book's central lessons is that marketing should not just be seen as a cost center. With the right strategies and measurement techniques, it can be turned into a profit center.
In essence, "Marketing Payback: Is Your Marketing Profitable?" teaches marketers how to justify their strategies and activities with hard numbers, improve their marketing performance, and demonstrate their contribution to the bottom line.
Description
Book Synopsis
01-01-2019
"Marketing Payback: Is Your Marketing Profitable?" by Robert Shaw is a detailed guide that explores the concept of marketing accountability and effectiveness. The book is focused on helping businesses understand whether their marketing strategies are yielding profitable returns.
Shaw, an internationally recognized expert on marketing performance measurement and management, offers practical advice, models, and strategies for improving the return on marketing investment. He aims to make marketing more financially accountable and hence more respected and influential in the business.
The book introduces tools and techniques to measure and manage marketing performance, showing readers how to link marketing activities directly to the generation of shareholder value. The author explores a variety of topics, including customer lifetime value, marketing scorecards, and integrated marketing communication effectiveness.
Shaw further emphasizes the importance of balancing long-term brand investment with short-term sales growth and using databases to enhance knowledge about customers and competitors.
Packed with case studies and examples, "Marketing Payback: Is Your Marketing Profitable?" offers invaluable insights to marketers seeking to justify their strategies and activities with hard numbers. It's a guide that bridges the gap between marketing and finance, showing how to turn marketing from a cost center into a profit center.