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A Summary of Thinking on Measuring the Value of Marketing Journal of Targeting, Measurement and Analysis for Marketing A summary of thinking on measuring the value of marketing RECEIVED (IN REVISED FORM): 5 FEBRUARY, 2000 BruceH.Clark Associate Professor, Marketing, Northeastern University, 202 Hayden Hall, Boston MA 02115, USA; Tel: ϩ1 617 373 4783; Fax: ϩ1 617 373 8366; e-mail: [email protected] Bruce H. Clark ABSTRACT effect of making the marketing spend is an Associate Scholars have been developing and evaluat- a larger portion of the overall company Professor of ing schemes for measuring the performance budget, drawing the attention of Marketing at of marketing activities for the past half- company accountants.1 Simultaneously, Northeastern century. This paper traces the evolution of investors have been demanding more University. A former software research in marketing performance measure- information regarding the marketing 2,3 and direct ment. It discusses the movement from finan- activities of companies. Finally, the marketing cial measurement to non-financial measures, growth of multidimensional perfor- executive, he and examines the marketing asset and mance measurement schemes such as writes and teaches customer-focused approaches to performance the Balanced Scorecard and associated about competitive measurement. Managers desiring a com- strategy maps have led both researchers marketing strategy prehensive picture of marketing performance and practitioners to consider what and marketing should draw on a number of these perspec- marketing performance measures, if performance tives. All measures should be evaluated in any, belong in the mix.4,5 The result of measurement. the context of the organisation’s strategy and all these concerns has led to calls for customer and competitor benchmarks. improved research in both the USA and the UK.6–8 The urgency of current needs some- Understanding the value of marketing times obscures the fact that there to the success of the firm has never is a long history of research on been more important. Firms have been how to measure the performance of demanding more accountability of marketing.9 Over decades the field has marketing and marketers for a number undergone a revolution in philosophy of reasons. and methods, sometimes paralleling First, many firms reached the point evolution of measurement within firms of diminishing returns in achieving themselves. This paper will review the benefits from cost cutting in the first history of research in marketing perfor- half of the 1990s, leading them to look mance measurement with an eye to to marketing to provide more revenue understanding what managers may growth. Cost reductions in manufac- learn from the academic endeavour in turing and administration also had the this area. ᭧ Henry Stewart Publications 0967-3237 (2001) Vol. 9, 4, 357–369 Journal of Targeting, Measurement and Analysis for Marketing 357 A summary of thinking on measuring the value of marketing DEFINITIONS as a process, how the firm manages One of the great obstacles to successful the link between its activities and measurement of marketing perfor- customers, regardless of whether this mance is the multidimensional nature work is the province of the marketing of the marketing construct itself. department. The discussion will also be ‘Marketing’ can be conceptualised in a restricted to the evaluation of pan- number of different ways, and what is company marketing and marketing for measured depends on what it is particular divisions. The large litera- thought to be. tures examining the performance of A fundamental and growing marketing subfunctions will generally dichotomy in research and practice is be ignored. the distinction between marketing as an organisational function (eg the marketing department with its budget) MARKETING PRODUCTIVITY and the marketing as a process for the ANALYSIS firm as a whole (eg activities that Historically, many firms did (and some facilitate the link between the still do) no separate evaluation of customer and the firm). The elevation marketing at all. When firms and of customers as a corporate concern has researchers did move beyond this stage, increased attention to the latter view. most focused on attempting to evaluate Indeed, Nigel Piercy observes that the financial impact of marketing marketing is in some sense too activities —‘given our marketing, important to leave to the marketers.10 how much money did we make?’ A second distinction is the organisa- Linking strongly to the account- tional level at which marketing ac- ing and finance literatures, these ap- tivities occur. At the highest level, proaches were typically quantitative one can think of marketing across andorientedtowardfinancial ratios the entire corporation and its im- such as return on sales, return on pact on corporate reputation. Tim investment, and expenditures as a Ambler refers to this as ‘pan-company’ percentage of sales. Work in this area marketing.11 In most companies of any was often called marketing produc- size, one can then look at the activities tivity analysis, as it attempted to show of particular divisions or strategic the efficiency with which marketing business units. Within these units one resources were deployed. might look at the performance of While research and practice con- particular products or services. Finally, tinue, much of the seminal work in one can look at the efficiency and this area occurred in the 1960s and effectiveness of particular marketing 1970s. Writers such as Charles subfunctions such as advertising or Sevin and Sam Goodman wrote distribution. detailed, insightful books on applying This paper will focus on marketing profitability and efficiency analyses to 358 Journal of Targeting, Measurement and Analysis for Marketing Vol. 9, 4, 357–369 ᭧ Henry Stewart Publications 0967-3237 (2001) Clark marketing.12,13 Later articles and books marketing activities is a necessary step focused on the marketing/accounting to understanding the value of market- interface and insights from finance. ing, it is not sufficient. Stanley Shapiro and V.H. Kirpalani summarised much of this stream in their anthology on marketing MOVING BEYOND PROFIT effectiveness.14 More sophisticated Over the course of the 1980s, non- approaches attempted to look at the financial measures of marketing success long-term cash flow generated by received much attention. Supplements marketing strategies, leading some to to traditional sales and profitability talk about the net present value of analysis, these measures were thought marketing.15 to indicate more strongly the long- Research on managerial practice term prospects of the organisation. suggests that financial measures such as sales and profit are the most common Market share means of measuring the value of Perhaps the most influential measure marketing.16 Managerially, there is advocated at this time was unit market much to commend in this approach. share. Based on research by the Boston Even if crude, attempting to under- Consulting Group and the ProfitIm- stand the profitimpactofmarketing pact of Market Strategies project, and activities is a fundamental first step to fuelled by competition from Japanese understanding marketing performance. firms that emphasised market share as Understanding the real costs and ameasure,firms ferociously competed returns from investments in marketing to achieve high unit market share that is an area in which accountants and would lead to economies of scale and marketers have much to learn from long-run profitability.17,18 one another. In retrospect, emphasis on market The fear in relying upon profitability share as a performance measure has measures, however, is that financial proved problematic. While economies measures are essentially static and of scale in industries such as motor- backward looking. The profits a firm cycles and semiconductors motivated sees today are the result of past the argument, more rigorous research marketing efforts stretching over years, has cast doubt on a universal link if not decades. While the long- between market share and long-term term cash flow approach to measure- profitability.19,20 The spectacular failure ment of marketing performance does of Japan, Inc. in the 1990s has also eliminate the static objection, estimates diminished the lustre of this approach of this kind are still difficult to make. to business. Research on managerial Generally, financial measures may be decision-making now suggests that the poor indicators of the future. While exclusive focus on beating competitors measuring the financial impact of implied by market share measurement ᭧ Henry Stewart Publications 0967-3237 (2001) Vol. 9, 4, 357–369 Journal of Targeting, Measurement and Analysis for Marketing 359 A summary of thinking on measuring the value of marketing can actually lead to economically irra- the ability to adapt or innovate has tional behaviour by firms.21 Further, been proposed as one of the cor- market share measures assume the firm nerstones of marketing strategy.24,25 has identified the correct competitive Firms measuring in this area have set, which is a non-trivial task.22 emphasised measures such as percent- Managerially, unit market share is age of sales coming from new products therefore a crude measure that should and number of successful new product be used with caution. It is best used launches in a given time period. as a check on sales growth figures. Note these measures look at Company sales growth should be whether firms have been able to placed in the context of industry sales commercialise their innovations. This is growth: the prognosis for firms what distinguishes measuring the growing faster than their industry marketing innovation process from (rising unit share) differs from the simply measuring the research and prognosis for those growing slower development group in a firm. Having than their industry (falling unit share). a large research and development Another useful way to use market budget is not enough for long-term share is to compare value market share success, and correspondingly measures (eg in Euros) to unit market share. such as R&D spend as a percentage of This allows the firm to understand sales are of limited usefulness.
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