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Magic Numbers for Consumer Marketing
Key Measures to Evaluate Marketing Success
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| by John Davis |
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Product code: 22576 ISBN: 0470821620,
ISBN13: 9780470821626,
228 pages, hardback, published by John Wiley & Sons, New title edition, 2005
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| Description of Magic Numbers for Consumer Marketing |
"While marketing may be an art, the reality is evaluating return on investment is definitely a science. John Davis′ book Magic Numbers for Consumer Marketing is the perfect recipe book for the creative marketer who wants to be able to forecast whether their concoction of promotional ingredients will miraculously rise into a beautiful cake. There′s no better guide for the marketing executive to understanding whether their investment is paying off at the bottom line."
—Chip Conley, Founder and CEO, Joie de Vivre Hospitality
“Magic Numbers for Consumer Marketing fills a real need in the marketplace for a concise, readily accessible reference book on consumer marketing metrics. John Davis has gathered, in one place, all the key numbers consumer marketers — not to mention their CEOs and CFOs — should be familiar with and should be using in evaluating their product and market strategies. What I really like about the book is that, through the various examples in each of the sections, a reader gets valuable perspective on how to use each metric. This book belongs on every marketers and general manager’s bookshelf.”
—Milind M Lele, Managing Director, SLC Consultants, Inc., Adjunct Professor, Graduate School of Business, University of Chicago
"In an environment that increasingly demands quantitative rationales, Magic Numbers for Consumer Marketing provides a comprehensive definition of measures, how to calculate them and where to find the data. However, the real value of this book is John′s ability to explain with great clarity and relevant anecdotes and cases how to use the numbers and what they mean. This is an excellent reference – a ′must′ for both marketing students and practitioners."
—Matthew de Villiers, CEO and Managing Director, FutureBrand Asia Pacific
"Magic Numbers on Consumer Marketing is a must–have reference book for marketers. Not only has it successfully organized the complex economics of marketing into a set of key formulas but it is also a great tool to develop one′s business acumen. It will help marketers develop their business wisdom allowing them to make a better transition towards CEO positions".
—Professor Jean–Claude Larreche, Alfred H.Heineken Chair, INSEAD
"John Davis is one of the most original and thoughtful observers of brand and marketing strategy today. Everyone who wants to improve or to understand better the world of measuring marketing should—indeed must––read this book. His ideas will change how you view the marketing metrics landscape in a most positive way."
—Lynn Kahle, James Warsaw Professor, Lundquist College of Business, University of Oregon
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| Contents of Magic Numbers for Consumer Marketing |
Part I: Magic numbers to understand a market.
* Aside from the definitions, this section will also explain the benefits and appropriate applications of these numbers used for understanding markets. The risks are in mis-defining the market. To be meaningful and relevant, the user needs to understand the context. An extreme example: in the late 1990s, high tech start-ups regularly estimated market potential that was far larger than the actual target market they would ultimately serve. “We’re in a $50 billion software market growing 30% per year and only need 1% to be successful” was a typical comment. In actuality, the $50 billion software market is really several dozen smaller markets (ERP, CRM, SFA and so forth), each of which had different levels of performance.
1. Market size.
2. Market growth.
3. Market coverage.
4. Market penetration.
5. Market loyalty.
Part II: Magic numbers to understand your performance.
* Performance measures generally have universal definitions, but situation-specific application. Therefore, this section will not only describe the generally recognized performance measures for marketing, but also the specific variations within each magic number. Per the approach of the book, I will highlight the benefits of each number and the risks associated with them, primarily via simple examples or mini-case illustrations. For example, while market share is often reported in the media as a measure of strength and success for a company, share of customer is a way for a company to understand whether it is being effective at the micro-sales/business development level.
1. Brand value: there are multiple measures of brand value that will be described, including:
a. Brand name premium.
b. Future earnings-based value.
c. Replacement value.
d. Integrated brand measurement.
e. Customer preference.
f. Price premium.
1. Brand culture.
a. Internal audit measurement to assess organizational alignment.
2. Brand loyalty:
1. Behavior measures.
2. Switching costs.
3. Satisfaction measures.
4. Brand emotion.
5. Word of mouth (viral measurement).
1. Brand awareness:
1. This pertains to general recognition measurement
2. Brand strength
1. This will define recall and usage measurement
3. Brand associations
1. Qualitative characteristics and personality measures
2. Brand extension measures
4. Share of customer
5. Customer perceptions of value
1. Pricing
6. Market share.
7. Purchase frequency measures.
8. Distribution coverage.
1. Direct.
i. In-house sales force.
ii. Contract sales force.
Agents.
Internet.
2. Indirect.
i. Independent distributors/intermediaries.
ii. Captive/wholly-owned distributors.
Part III: Magic Numbers to Understand Consumer Markets.
* Context-specific definitions and related examples/illustrations will be introduced to provide well-rounded descriptions of the most appropriate uses of these measures. Many of these measures are classic or traditional marketing, so I will endeavor to update these with insight into marketing activities of more recent years, including the internet-based methods.
1. Consumer marketing to sales ratio:
1. Total marketing as a percentage of sales vs. returns on incremental changes.
2. Impacts and Gross Rating Points:
1. Print.
2. Broadcast.
3. Web.
3. Cost per thousand.
4. Reach and frequency.
5. Advertising to Sales ratio:
1. Promotion.
2. General awareness.
3. Direct marketing methods.
6. Share of Voice Vs Share of Market.
7. Response / registration rate.
8. Trial and conversion rates.
9. Marketing ROI and marginal ROI.
10. Segmentation, targeting and positioning measures:
1. Psychographic definition and approaches.
2. Demographic.
3. Geographic.
4. Product/service use measures. |
| About John Davis |
John Davis is Chairman of Brand New View, a brand strategy firm. He also teaches at Singapore Management University. He has been a featured speaker at numerous conferences around the world and has been interviewed by media in both Asia and the United States for his views on branding and marketing strategy. He has spent more than 20 years in business as both an entrepreneur and marketing executive, having launched two award–winning companies and led marketing teams at Nike, Informix and Transamerica.
He was born in the San Francisco Bay Area, earning his undergraduate degree in Political Science from Stanford University and his MBA from Columbia University.
John, his wife Barbara, their 3 children, Katie, Chris and Bridget, and their dog ′Grinner′ live in Singapore.
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