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Amarketing PERSPECTIVE on the IMPACT of FINANCIAL and NON 216 SAJEMS NS 16 (2013) No 2 A MARKETING PERSPECTIVE ON THE IMPACT OF FINANCIAL AND NON-FINANCIAL MEASURES ON SHAREHOLDER VALUE Nic S Terblanche, Charlene Gerber, Pierre Erasmus and Delia Schmidt Department of Business Management, University of Stellenbosch Accepted: August 2012 Abstract The pressure for financial accountability contributed to widespread concern about the function of marketing within the company. Consequently, marketers have become preoccupied with measuring the performance of marketing activity. Diverse financial and non-financial methods have been developed to provide evidence of how marketing activity impacts on the bottom line. This article proposes an approach whereby financial and non-financial performance measures are combined to measure the contribution of marketing to sales. Secondary data from two retail brands within the same industry were analysed whereby actual accounting data were adjusted to examine the link between marketing expenditures, specifically with regard to the 4Ps (typical non-financial measures), and sales. The results of the time series regression showed that the nature of the relationship between marketing expenditures and sales is dependent largely on the product characteristics. The link between marketing and sales depicted serves as a starting point from which to build a more robust measurement tool incorporating financial and non-financial marketing performance measures that will serve to justify investment in the marketing of a brand. Key words: shareholder value, marketing performance measures, time series analysis JEL: M368 1 these seem to be inadequate for measuring Introduction important elements of marketing performance (Lehmann, 2004). Researchers have found that Marketing managers are being required to a combination of financial (i.e. data available demonstrate the profitability of their marketing from and ratios based on financial statements) actions on an ongoing basis (Ramani & and non-financial measures (i.e. other performance Kumar, 2008:27). There have been calls for measures) have become essential to assessing investigation into the link between marketing marketing performance (O’Sullivan & Abela, actions and financial outcomes (Bahadir, 2007); they have also found that non-financial Bharadwaj & Srivastava, 2008), with a consequent measures (such as the 4Ps) are better predictors increased demand for greater accountability on of a company’s long-term goals than financial the part of marketers (Rao & Bharadwaj, measures are (Chendall & Langfield-Smith, 2008:16; Ambler, 2000). The demand for 2007). marketing managers to assess the effectiveness Generally, a degree of consensus has been and efficiency of marketing decisions has reached that the problem of performance resulted in the development of several measurement should be approached from both marketing performance measures to assess the the financial and the non-financial perspectives. impact of marketing decisions (Chendall & Obtaining a balance between the two perspectives Langfield-Smith, 2007; Lehmann, 2004). is the key to greater respect for marketing Researchers and practitioners have developed managers in boardrooms, as well as to better and used various marketing performance learning within the marketing department measures to assess the impact of marketing. (Rust, Ambler, Carpenter, Kumar & Srivastava, Although financial measures account for more 2004; Ambler, 2003). than 65 per cent of performance measures used Pioneering work has been done by, amongst in marketing practice (Pont & Shaw, 2003), others, Doyle (2000a) and Ambler (2003) in SAJEMS NS 16 (2013) No 2 217 pursuit of obtaining reasonable and transparent mance measures, while the process of linking measurement tools for marketers. Although marketing to sales is explained in detail. there is extensive insight into non-financial measures such as the marketing mix, service 2 quality and the like (O’Sullivan & Abela, Shareholder value maximisation 2007; Farris, Bendle, Pfeifer & Reibstein, 2006; Lehmann, 2004; Rust et al., 2004; In the field of financial management, it is Srivastava & Reibstein, 2004), financial generally accepted that the primary financial measures remain problematic for the many objective of a company should be centred on marketers who fail to understand the the creation of shareholder value (Brigham & importance of the bottom line within a wider Daves, 2010:4). The rationale is simple: financial context (Lukas, Whitwell & Doyle, shareholders are the owners of a company and 2005). According to Lehman (2004), finance is the board of directors is their elected the language of commerce, and whether or not representative; therefore, the objective function marketers like it, they have to accept of management should be to maximise accountability for expenditures. He notes that shareholder value. In order to achieve this the work emerging in the domain of marketing objective, it is necessary for the company’s appraisal has one common thread, which is a management to invest in value-creating invest- focus on evaluating marketing actions and ment opportunities only. This is achieved when assets in financial, not marketing, terms. managers make decisions that increase the Even though there has been dissent as to discounted value of all forecasted future cash whether marketers ought to become more flows (Copeland, Koller & Murrin, 1994; accountable, researchers have failed to deliver Martin & Petty, 2000). a measurement instrument that could measure To ensure that the actions of the management marketing performance in financial and of a company are focussed on the creation of marketing terms (Bick, 2009). This article shareholder value, it is important for systems proposes a marketing performance measurement to be in place that will ensure that this objective approach whereby both financial and non- is clearly communicated to management. financial measures are combined, allowing all Furthermore, it is important that management’s parties to communicate performance in terms performance is evaluated to determine whether that would be acceptable and understandable to they have managed to achieve their objective. them. More importantly, if marketers were to Appropriate compensation systems should also expand their skills base to include financial be developed to ensure that management is analysis, they would be able to engage top rewarded for achieving the objective of management in meaningful conversation on shareholder value creation (Monks & Minow, the role of marketing investment in a company 2004). All too often, however, there is a lack (Srivastava, Shervani & Fahey, 1999; Doyle, of clarity about the objectives and the means of 2000b; Ambler, 2003). It is proposed that reaching them (Donovan, Tully & Wortman, actual marketing costs be scrutinised. By 1998:1). As a result, performance becomes tracking a brand’s cash outflows (i.e. cost) and vague and managers’ remuneration subjective. inflows (i.e. sales) over a four-year period, Koller (1994) comments that the predominant inferences can be made about the contribution cause of inappropriate performance measurement by marketing to cash generation. In the study is that the measures applied to evaluate reported here, marketing expenditures (outflow) performance are not aligned with the ultimate were correlated with sales (inflow) during the goal of creating shareholder value. same period to measure this contribution to Typically, the financial measures used to sales. assess periodic performance are based on In this article, shareholder value maximisation historical accounting information such as is discussed and marketing’s lack of credibility earnings, profit margins or returns figures. is highlighted. In light of this goal, marketers’ Martin and Petty (2000:8) maintain that such attempts at performance management are measures are almost always single-period addressed by focussing on marketing perfor- accounting-based measures of performance 218 SAJEMS NS 16 (2013) No 2 that suffer from two important limitations: they 3 are based solely on one historical period of The marketing function operations (there is no reason to believe that they are indicative of the life-time value of the Marketing is defined as “the activity, set of initiative), and accounting information systems institutions, and processes for creating, do not incorporate the opportunity cost of communi-cating, delivering and exchanging capital. offerings that have value for customers, In an attempt to improve on some of the clients, partners and society at large” (AMA, weaknesses of these traditional accounting- 2007). In its simplest form, the marketing based performance measures, a number of function serves to manage profitable customer value-based financial performance measures relationships by targeting market segments and were developed. These measures are usually tailoring the 4Ps (i.e. product, price, place and incorporated into a broader management promotion) to meet the needs of the identified system that is focussed on achieving the target market (Kotler & Armstrong, 2008:4). objective of shareholder value creation. This Kotler and Keller (2012:136) emphasise the management approach is classified as value- importance of the marketing function by based management (VBM) and, according to stating that the financial success of companies Koller (1994), it adopts value as a doctrine, a often depends on marketing ability and that the precise and unambiguous measure from which lack thereof could be the Achilles’ heel
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