Determining KPIs to Measure Strategy Presentation
Overview
A good marketing plan needs to translate into quantifiable measures. Without such quantification, a plan will often fall apart. Thus, defining objectives and respective key performance indicators (KPIs) to measure the effectiveness of the plan is essential.
Your CMO has asked you to create a strategic marketing plan and share it with other regional marketing directors, so that each park follows a similar strategy. Considering the different challenges in each park, the marketing objectives must be broad enough to address each park’s challenges, with minimum or no customization.
Defining the marketing objectives and relevant KPIs will help you, the other regional marketing directors, and the CMO to pre-assess the effectiveness of the plan you have proposed and to address gaps, if any.
Prompt
Create a PowerPoint presentation for the CMO and your fellow regional marketing directors in the course scenario. The goal of this presentation will be to share marketing objectives, associated success criteria, and methods to monitor and measure the results.
Specifically, you must address the following:
Identify two SMART objectives
Choose two of the marketing methods identified in Milestone Two and identify SMART objectives for each.
Begin this part by restating the identified marketing strategies and then state the SMART objectives. How does each objective align with the SMART framework?
Identify two KPIs—one for each marketing objective—to measure the success of the marketing strategies
What are your reasons for choosing each KPI?
Determine two methods to monitor the results of the identified KPIs.
Why have you chosen these methods?
Describe the feedback loops to be implemented in this case.
Identify the specific feedback loops you will monitor and how often.
How should results be reported to the key stakeholders needing this information?
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