Marketing Accountability: A Holistic Approach
By Jonathan Katz, Lecturer, Boston University – School of Hospitality Administration
The role of marketing within the hospitality industry has never been more essential. As the world emerges from a pandemic and contemplates how and at what rate to resume what was once familiar behavior, marketers are expected to identify ways to engage targeted audiences, re-establish trust, assure safety, provide memorable experiences and above all, build enduring connections.
There are four integrated concepts that are foundational to performing these activities in a successful and measurable manner: setting meaningful performance indicators, taking a broad approach to return on investment, forming durable relationships, and operating with authenticity. All of these ideas are linked by the need for marketing accountability.
1. Set Meaningful Performance Indicators
To evaluate marketing effectiveness, it’s critical to first establish clear, pertinent, and achievable goals. Once this is done, the most common method of measuring success is setting Key Performance Indicators (KPIs) – quantifiable metrics that are inextricably tied to each goal. Measurement should be conducted on a regular basis to gain timely insights. This also allows for refinement and evolution of marketing initiatives as needed.
In addition to KPIs, another emerging set of metrics, Customer Performance Indicators (CPIs) is gaining adoption.
Gene Cornfield, lecturer at Boston University’s Questrom School of Business and Managing Director of Accenture Interactive’s Digital/Customer Experience Transformation writes in a Harvard Business Review article, The Most Important Metrics You’re Not Tracking (Yet), “most leaders say they are customer-centric, but if everything they measure is company-centric, how could that be true? Revenue, growth, and similar Key Performance Indicators measure how customers are performing for the company. But organizations that wish to be customer-centric and maximize growth must also measure how the company is performing for its customers.” (Cornfield, 2020)
Cornfield contends “there are two elements that qualify a metric as a CPI. Most importantly, it must be an outcome customers say is important to them. Second, a CPI must be measurable in increments that customers actually value. Time, convenience, number of options, dollars saved, or recognition of their achievements are some increments that customers value, and there can be many others depending on context and if they’re deemed relevant by customers.” (Cornfield, 2020)
Ultimately, when KPIs and CPIs bear a relationship to one another, brands can be better assured that they are operating in the best interest of their business, brand, and customers. Further, it is paramount to accurately understand not only what your customers do, but also how they feel. The intangible aspects of experiences and relationships can be powerful determinants of brand adoption and loyalty.
2. Take a Broad Approach to Return on Investment (ROI)
Branding and marketing should always be held accountable. Dollars spent must help create a desired impact and contribute to the business’s bottom line. Too often, however, ROI is based solely on quantitative data (number of social shares, clicks and click-through rates, number of leads and subscribers/followers, website traffic, unique visitors per month, and more).
ROI can also be evaluated strictly based on marketing investment. The most common formulaic approach to identifying Return on Marketing Investment (ROMI) is revenue generated by marketing, minus costs of goods, minus marketing spend, divided by marketing spend. (Velikiy, 2018)
Although these data points can help substantiate progress in achieving marketing objectives, it is important to take a holistic approach to ROI. New York Times best-selling author, entrepreneur, and customer experience expert Jay Baer is frequently quoted as saying, “We are surrounded by data but starved for insights. Great ‘youtility’ comes from customer conversations, not spreadsheets.” (Baer, 2014)
Including qualitative measures can be an effective way of adding context to quantitative findings – especially for the hospitality sector. Conversion and occupancy rates are indeed meaningful, but so is understanding what are the most compelling factors that influenced behavior and motivated action (for better or worse). Talk with customers; know why they value the brand. Talk with lost customers; know why they chose another option. Talk with internal constituents; make sure they know what the brand stands for and the expectations that customers have of them. Gain insights.
Neither quantitative nor qualitative assessment alone can provide a complete picture of marketing effectiveness. It is the combination that can generate the most informative insights and provoke the need for an even more nuanced understanding of customer segments.
Another consideration is that not all marketing investment may be intended to have a short-term impact on revenue. There are times that marketing spend is dedicated to solidifying longer-term objectives including earning brand loyalty and enriching the brand experience. Although these will eventually contribute to the bottom line, efforts in this direction necessitate time, consistent execution, and ongoing reinforcement.
For this and other reasons, Apple CEO Tim Cook has been quoted saying “I don’t consider the bloody ROI.” (Denning, 2014) He takes a long view, places an emphasis on the customer experience and is continually focused on building relationships within the brand’s ecosystem.
Marketing accountability is key to justifying investment. It is equally vital, however, that accountability be grounded in relevance. Understanding true return on marketing investment extends beyond numbers and formulas and must include consumer insights to best contribute to the brand’s long-term objectives.
3. Form Durable Relationships
Historically, marketing focused on one-way outbound communication of features and benefits of a product or service. With an evolution of technology, two-way communication became the norm, and many marketers quickly understood the value of having a dialogue and providing unique brand experiences (not just on property but including pre- and post- direct engagement). As marketing continues to progress, there is a clear opportunity to develop enduring relationships between brands and customers.
According to Rebecca Scully, former Director of Product Marketing for the customer data enterprise Amperity who currently serves in the same position for Syndio Solutions, “Most hospitality brands today have so much distance between themselves and their guests that ‘relationships’ are no more than a series of transactions. It doesn’t matter how many times I stay with my favorite hotel brand when I travel to San Francisco, Portland, and New York. They still never seem to recognize me as an individual, their marketing is never personalized, and I always have to hunt to find my loyalty number in order to log in for free WIFI. With so many other hotels to choose from shouldn’t this brand be trying harder?” (Scully, 2020) She continues, “Hospitality brands today have a tremendous opportunity to reinvent the personal touch in the digital age. The brands that do this well will gain market share, build long-term customer loyalty, and grow revenue, according to pretty much everyone smart on the internet.” (Scully, 2020)
Relationships, whether between people, or individuals and brands operate on the same exact tenets – shared beliefs, common goals, mutual benefit, and unshakable trust. Making sure a brand’s objectives, KPIs, CPIs, and how ROMI is measured are all interrelated. These practices are aligned with customer-centricity and the objective of using marketing strategically to build lasting and relevant relationships with targeted customers.
4. Operate with Authenticity
At the very core of every successful brand is its authenticity. The trust established between brand and customer holds the potential to foster loyalty, advocacy, and even, if necessary, forgiveness.
Forbes contributor and co-founder of Imaginovation Michael Georgiou, explains “An authentic brand is one that decides to be transparent and consistent in its messaging and branding initiatives. It has business values it remains true to, and most essentially, it is honest.” He continues, “Your brand’s authenticity has never been more relevant. According to recent Stackla data, 90% of customers mentioned authenticity as an important factor in deciding which brands they like and support.” (Georgiou, 2021)
Brand authenticity should permeate internal and external expression of the brand. This includes the ability to be aspirational, but also pragmatic when it comes to setting objectives, KPIs, CPIs, and measuring ROMI. Measure what matters to customers and internal constituents. Brutal honesty and a realistic perspective are imperative. And most importantly, remember it means more to act with authenticity than it does to claim it. As brands strive to establish relationships, they must be aligned with those with whom they aspire to engage. It is critical to bring the brand to life through consistent experiences that exceed customer expectations – through relevance, personalization, and, above all, authenticity.
Multidimensional Marketing Accountability
Marketing accountability is traditionally associated with setting goals and measuring performance. The opportunity, however, is to take a more holistic approach. This means capturing data, but also insights. Understand what is shaping customer perceptions and motivating behavior. This also means taking responsibility for forming relationships with key constituents based on their needs, wants, and interests and operating with authenticity, both internally and externally.
Together, these concepts form the foundation for not merely defending marketing initiatives, but bolstering brands based on customer knowledge. Marketing accountability can be instrumental to establishing viable directions for hospitality brands searching for ways to maintain or regain relevance. The need to take ownership remains a constant in an otherwise, rapidly evolving and often unclear market.
References
68 comments
The post is really superb. It’s varied accessory information that consists during a basic and necessary method. Thanks for sharing this text. lifterlms The substance is genuinely composed. This web log is frequently sharing useful actualities. Keep sharing a lot of posts.
En iyi fakro çatı penceresi fiyatları modelleri
Firmalara özel en ucuz döner merdiven fiyatları
EN iyi expanded mesh
Size özel en iyi döner merdiven fiyatları
İstanbul döner merdiven fiyatları
Ankara çatı merdiven fiyatları
ankara katlanır çatı merdiveni
En iyi yıldırım çatı sistemleri
Why is accountability important in marketing?
Visit here
As marketing continues to progress, there is a clear opportunity to develop enduring relationships between brands and customers. Get Diablo 4 gold at D4golds.com
Wonderful article. Fascinating to read. I love to read such an excellent article. Thanks! It has made my task more and extra easy. Keep rocking.
T Birds Jacket
When I tried on my vest, it looked good; it almost fit, which is the most crucial factor for me. Kia Payment Login
I found this post very exciting. I am also sending it to my friends to enjoy this blog. Yellowstone Season 5 Kevin Parka Jacket
Holistic marketing is a strategy to move marketing beyond the marketing department to an enterprise-wide role in strategy for all business functions.
Visit My Post: Macys Insite Login
Features of double-glazed window
The double-glazed window is made of double-glazed glass with UPVC frame. UPVC is an alternative to metal and non-metal alloys in the construction of doors and windows. The prominent features of these windows are light weight, very high resistance to atmospheric changes, and non-flammability. The base of the double-glazed window is based on double-glazed glass. In this type of window قيمت شيشه سکوريت two or more layers of glass The space between the glasses is filled with air or argon or SF6 gas. The spacers are mainly made of aluminum, and they are filled with silica gel, which is a type of moisture repellent. And it absorbs the humidity of the air between the two glasses. It is filled.
I really like to read blogs and your post keep sharing with us. Beth Dutton Pendleton Jacket
Not a bad one https://cloudfuji.com/bootlegga-movies/
SMM Panel One offers the best SMM services that are simply accessible to everyone. Through our genuine SMM panel services, we have assisted many businesses in gaining greater insights. If you choose us for your business, then we can help you develop your online presence across multiple social media platforms such as Facebook, Instagram, LinkedIn, YouTube, etc. because we believe in 100% customer satisfaction.
Thank you for sharing informative blog, We are providing law related services if you need any help visit our page.
Thank you for sharing informative blog, We are providing law related services if you need any help visit our page.
The Coredy WiFi extender setup was a breeze using the provided instructions
I have bookmarked your blog, the articles are way better than other similar blogs.. thanks for a great blog.
FF8 Squall Jacket
Quality Blog Informative bnbformula
Thank you for sharing the post.
Thoughtful analysis, respected. Drive 2011 Jacket
My esteemed marketer, embrace the weighty mantle of responsibility that has been bestowed upon you. Uphold the virtues of authenticity, transparency, and ethical conduct. Be a harbinger of change, wielding your influence with wisdom and compassion basket random. Let your marketing endeavors be a testament to the power of purposeful storytelling and the potential of businesses to make a meaningful difference in the world.
Very Informative Content
8thworndertea
Order Now My Services On Legiit.com Order Now SEO Backlinks Services
Use paper writer free at https://papertyper.ai/ to make paper writing much easier and faster. No more need to spend too much time on boring and time-consuming academic assignments such as a paper. Now all you have to do is to get started. You will definitely be able to handle any assignment, because you will have a state-of-the-art AI technology with you, which has a huge amount of knowledge that it uses on a regular basis.
Thanks for the interesting insight. I have been looking for information about this for a long time. This post gave me a better understanding.”
Mod Ets2 indonesia
Wow, technology is getting more advanced, huh? I’m really impressed with the innovations discussed in this article. What do you think about the future of this technology?”
Mod Ets2 indonesia
ery interesting! I am very interested in the latest technological developments. This article provides great insight into current trends. Thank you for sharing it
Cara pasang mod ets2
Impressive content, indeed! The world of online education is growing rapidly, with students seeking assistance across diverse subjects. MQT Academy‘s global reach, catering to children of all genders, is truly commendable. Our youngsters are currently benefiting from their daily lessons, and we couldn’t be happier.
Thank you for sharing the knowledge and suggestions.
https://rpexchange777.com/
I value the knowledge and guidance you have provided.
https://realplay777.com/
Thank you for sharing this and we will implement the strategy to improve our seo dubai company to improve our company.
Elevate your Kabaddi game in style with our collection of high-quality Kabaddi Jerseys. Available in a variety of designs and colors, our jerseys are made for comfort and performance. Whether you’re a team player or a solo warrior, find the perfect Kabaddi jersey to suit your style and dominate the mat!
Jackpot Win999 is the best place to get online betting id, online cricket id, betting id, cricket id, World Cup Betting ID and many more at one place. So, what are you waiting for to get your betting ID now and Win exciting prizes with jackpot win999. https://jackpotwin999.com/
Jackpot Win999 is the oldest and leading website in india. It offers a wide range of Online Betting IDs to their users, with unlimited surprises. You can get any type of Betting ID under one roof like Online Betting ID, online cricket ID, BBL betting ID. For more info you can contact us at our Online Betting ID Whatsapp Number or visit our website. https://jackpotwin999.com/
Rexchange is an expert in online betting platforms. You can trust us and get the online ID. We provide a wide range of betting ids like online betting id, online cricket id, betting id, cricket id, BBL betting id, and many more. For any inquiry, contact us through our Online betting ID contact number or visit our website: https://rexchange.in/
В останні роки я ставав власником невеликого підприємства, яке спеціалізується на облаштуванні зовнішніх територій. Однією з ключових складових впорядкування прибудинкової території є тротуарна плитка. Під час вибору матеріалів для наших проектів ми звертаємо увагу на якість, надійність і естетичний вигляд. Таким чином, вибір відповідного постачальника тротуарної плитки – https://stonetown.com.ua/shop/trotuarna-plytka/hmarka-sira/ для нашого бізнесу став невід’ємною частиною нашої стратегії.
Одним із найкращих виборів, які ми зробили, стало придбання тротуарної плитки у компанії Stone Town. Ця компанія вразила нас не лише широким асортиментом, але і високою якістю своїх продуктів. Тротуарна плитка, яку ми придбали, виявилася надзвичайно міцною та стійкою до атмосферних впливів. Це важливо для наших проектів, оскільки території, які ми облаштовуємо, піддаються інтенсивному навантаженню.
Окрім високої якості, Stone Town вражає і своєю ціновою політикою. Це важливо для нашого бізнесу, оскільки ми завжди шукаємо ефективні рішення без втрати якості. Розуміючи, наскільки важлива економія без втрати якості, Stone Town стала для нас надійним партнером у виборі тротуарної плитки.
Загалом, я вдячний Stone Town за високоякісні матеріали, які вони надають, та за професіоналізм їхньої команди. Рекомендую їхні послуги тим, хто цінує відмінність в кожному деталі та шукає надійного партнера для співпраці.
NOC For Vehicle: Explore hassle-free NOC for bike in Delhi, Gurgaon, Faridabad, Noida, and Ghaziabad. Obtain your Bike NOC effortlessly with expert assistance. Streamlined processes, quick turnaround, and comprehensive support for a smooth experience. Secure your NOC for your bike today!
Discover the latest insights on Amaury Vergara net worth at SuperStarNetWorth.com. Explore the financial success of Amaury Vergara, son of Mexican billionaire Jorge Vergara, and learn about his diverse ventures. Uncover the details surrounding Amaury Vergara’s wealth, achievements, and contributions in this comprehensive net worth profile.
The user-friendly interface and customizable profiles make it easy for each family member to have their personalized disneyplus.com login/begin experience.
Marketing accountability, a holistic approach, involves tracking and analyzing the effectiveness of marketing strategies across various channels to ensure they align with business objectives. Integrating AI technology can enhance accountability by utilizing tools like the “AI death predict calculator,” which aids in predictive analysis. This ensures marketing efforts are data-driven, accountable, and contribute to overall business success.
Elevate your brand with stunning CGI product photography at Commerce3D. Explore our innovative visual solutions that bring your products to life. From realistic renders to captivating animations, our CGI expertise ensures exceptional quality and unparalleled visual appeal.
Rexchange is an expert in online betting platforms. You can trust us and get the online ID. We provide a wide range of betting ids like online betting id, online cricket id, betting id, cricket id, BBL betting id, and many more. For any inquiry, contact us through our Online betting ID contact number or visit our website: https://saibhakti.in
amazing facts given by this article
visit : Harga Gas Detektor
visit : Rinjani Trekking 3d2n Summit
visit : The Price Of Climbing To Mount Rinjani
visit : Kintamani Jeep Experience
visit : Pembatas Masjid Stainless
Thanks for the interesting insight. I have been looking for information about this for a long time. https://www.sarkarinaukri.today/2024/01/10th-pass-jobs-in-delhi.html
Bhavpurna Shradhanjali Messages In Marathi – Pay respectful tribute with heartfelt condolences in Marathi. Explore touching shok sandesh and condolence messages at MarathiBhau.com. Find solace in expressing sincere condolences using the richness of the Marathi language.
Bhavpurna Shradhanjali Messages In Marathi – Pay respectful tribute with heartfelt condolences in Marathi. Explore touching shok sandesh and condolence messages at MarathiBhau.com. Find solace in expressing sincere condolences using the richness of the Marathi language.
Visit :- https://marathibhau.com/bhavpurna-shradhanjali-messages-and-shok-sandesh-in-marathi/
Great content! Ever tried asia gaming slots? They blend culture and excitement perfectly.
Please write it again. Will come to update again. sexy สล็อต
As the demand for organic beauty products continues to grow, many dedicated brands are emerging, offering a wide Paikarighor range of skincare and beauty solutions.
The cloud is the foundation for the successful application of quantum computing, according to Beinsure research about Future of Insurance, InsurTech and 5G. Carriers need to strengthen cloud adoption and optimise the way they leverage the cloud to collect data in preparation for using quantum computing to get ahead.
5G is already having a transformative effect on the global economy as businesses can utilise lower latency, higher uploads and downloads, real-time data analytics and efficiency, all at the same time.
As 5G towers begin to conspicuously populate our communities, we ask what the technology will mean for the insurance industry
Qualcomm, the multinational semiconductor and telecommunications firm based in the US, says the global 5G standard will enhance mobile services from “a set of technologies connecting people-to-people and people-to-information to a unified connectivity fabric connecting people to everything”.
The benefits for the insurance industry are clear. It’s a space that thrives on the collection and analysis of data. With enhanced technologies such as AI, the possibilities of assessing risks and handling claims at lightning speeds, all while reducing costs for customers and creating new products, are seemingly endless.
Higher bandwidth, lower latency and more reliable networks provided by 5G will create a foundation for secure, real-time applications and services.
Phantom Wallet Login is a digital currency wallet allowing users to send, receive, store, swap, and stake Solana-compatible tokens. Phantom was one of the foremost Solana (SOL)-based crypto wallets. It is accessible on both desktop and smartphone; for desktop, it supports multiple browsers such as Edge, Chrome, Firefox, and Brave; on mobile, it provides apps for iOS and Android.
Ledger Live is a wallet app for Ledger users. It helps you manage your crypto and other assets. The best feature of Ledger Live is that it offers live price updates, a very simple setup and several account management. Both the Ledger Nano X and Ledger Nano S device users can easily import their accounts to the Ledger Live app. It offers support for over 1800 cryptocurrencies like XRP, Bitcoin, Dogecoin, and Ethereum.
A Stipulation of Settlement Divorce New York is a written agreement between spouses outlining terms for property division, support, custody, and other crucial issues.
great work.keep it up.Thanks for sharing.
Thanks for the post. Are you able to complete netgear ex3700 wifi extender setup? If you can not do this, then stay connected with us for solution.
Lords Exchange has quickly risen to prominence as one of the leading cryptocurrency exchanges in the market. Founded by a team of seasoned professionals with extensive experience in finance and technology, Lords Exchange is committed to providing a secure, user-friendly, and feature-rich trading platform for cryptocurrency enthusiasts worldwide. https://lordsexchlogin.com/
Thanks for sharing this nice post. If you are a game lover, then Big Gaming is the top trusted platform for Malaysian players. Sign up now and get 100% welcome bonus.