Marketing Study Lab - Actionable Marketing Knowledge

Enjoy the episode - Happy Marketing! www.marketingstudylab.co.uk https://www.linkedin.com/in/petersumpton/ https://www.facebook.com/groups/marketingstudylab/ https://twitter.com/cousinp81(@cousinp81)

Over the coming weeks, not only do we have some amazing guests to chat with, but we’ll be taking a look at the Marketing Mix, more fondly known as the 7 P’s – Product, Price, Place, Promotion, Process, People and Physical Evidence. This week we start with product. But first we need to have a little chat with Branka Injac Misic.

Branka Injac Misic is the CMO of GigSuper, a company that helps the self-employed manage their money. Sound boring? Well it’s Branka job to turn taxes into something we should all be excited about by looking after the community of customers that use GigSuper. All this while also running her own company – onetinytribe.com that offer prints, posters and artwork to inspire and promote adventure amongst mums and baby boys.

Takeaways

- Streamlining a customers experience is hugely important and can make a massive difference, especially in complex industries such as finance. Branka breaks down the perceptions and walls that are built around the complex and keeps it as simple as possible.

- CX and UX are different. A user experience (UX) usually sits within the Customer Experience (CX). This is the usability of the product or service, whereas the CX covers EVERYTHING – from what the customer hears and does, to the branding the journey and the main touch points throughout this journey.

- Base everything on customer research. The clue is in the title – CX! It is their (the customers) experience and you need to under what they need and are looking for to provide the right experience.

Top Tip – 7P’s - Product

The product element of a marketing mix is easy to understand. It’s the product you’re selling to solve a customers problem. Without this, or some carnation of it such as a service, you are basically trying to sell air!.... unless air is actually what you are selling and then this becomes your product.

Within the product section of a Marketing Mix you need to consider what the product is, what it does, why it does this and why people need it.

In terms of its position within the overall mix, the product will help to establish the pricing structure, how it will be sold (i.e. through what channels) and the features and benefits it will invariably be sold upon. 

LinksBranka Injac Misic https://www.gigsuper.com.au[email protected]

Books:Contagious - Jonah Berger: https://amzn.to/2HZ1F4N

Music Featured on this Podcast: Sleepy in the Garden Lobo Loco www.musikbrause.de Creative Commons License

Enjoy the episode - Happy Marketing! www.marketingstudylab.co.uk https://www.linkedin.com/in/petersumpton/ https://www.facebook.com/groups/marketingstudylab/ https://twitter.com/cousinp81(@cousinp81)

Segmentation, Targeting and Positioning. How can you create a Marketing Strategy without this….. truth is you can’t, so lets discuss this later.

First, we’re going to have a chat with Teresa Gandy the Customer Survey and Customer Experience Expert at Clarity CX. The first of two episodes where we take a look at CX in more detail. Starting out as a Business Administrator allowed Teresa to really focus on what matters - viewing and solving other people’s issues. Fast-forward a few years and now Teresa helps to create great customer experiences and improve businesses workflows, especially for smaller businesses, bringing big business practices into the smaller business world and helping them thrive.

Takeaways

- A Customers Experience (CX) is every single touch-point and needs to be considered even before a customer is a customer! With 70% of purchases based around the feelings we have, this experience needs to be tip top

- Culture, process and operational changes are all as important as each other when it comes to CX and they should never be set in stone – they are as living and breathing as your customers. Moving and changing a CX needs to be done along with the changes within the market and consumers.

- To create an excellent survey you need simplicity and speed. But post-survey, remember to share the results unless the whole survey become pretty redundant.

Top Tip – STP (Segmentation, Targeting and Positioning)

Segmentation, Targeting and Positioning, or STP for short is a concept that can help you focus your marketing strategy towards the right target market in three simple steps…… with a little work of course.

Segmentation

Segment your market into sections of similarity. Divisions of people that have the same likes, interests and demographic background in order to understand their place within a certain market.

Targeting

Which of these segments will you target? And why?

You will need legitimate reasoning behind this why? It could be the largest segment, most profitable, most aligned to your beliefs or even the one that you a closest to! Ideally it will be all of the above, but sometimes we have to make the decision and decide which segment, amongst others is the right one for a limited number of reasons.

Positioning

Finally, how will you position yourself in order to be viewed as the right solution to your target markets problems. What features and benefits will you use to highlight this fact. Remember to consider competitors as well as you’ll need to position yourself differently and order to, well, differentiate your product, service, software or company from others. 

In doing this you place yourself in a unique, one off position within your market that no one else is in and therefore become the only solution within this niche.

LinksTeresa Gandy https://claritycx.co.uk[email protected]

Music Featured on this Podcast: Sleepy in the Garden Lobo Loco www.musikbrause.de Creative Commons License

Happy Marketing! www.marketingstudylab.co.uk https://www.linkedin.com/in/petersumpton/ https://www.facebook.com/groups/marketingstudylab/ https://twitter.com/cousinp81(@cousinp81)

The Total Product Concept is something that can really help you out when reviewing the elements of a product that consumers may be attracted to. More of that later. But first, let’s meet out guest, the wonderful Hala Taha.

Hala, not only has the best name in the world, but hosts theYoung and Profiting Podcast and is also Growth Marketing Operations Manager at Disney Streaming Services. But this is only part of Hala’s story, from radio to running an all-female team of bloggers and working for a Fortune 50 company. Hala’s passion is infectious and from just listening to the podcast you can tell her desire to succeed at what is in front of her makes Hala stand out from the rest. So what better person to chat to and provide a wealth of knowledge AND motivation for you to nail your Marketing Qualification.

Takeaways

- Don’t waste your time! Take a seat and write down your daily or weekly activities. Now take a look at those elements where you could be more productive and work to enhance your efficiency for ‘getting stuff done’ during those periods.

- Start with an end goal in mind and work back from there as to what needs to be achieved. This can work very well in business and also for your studies.

- It’s never to late. You can always pivot (and by pivot we mean change the course of your future by doing things different to what you do now). The door is never shut, so if it feels right… take that chance and by putting one step in front of the other, do the pivot.

Top Tip – Total Product Concept

So what’s this thing we call a Total Product Concept?

Well the actual model and the theory behind it can be broken down into four key areas, all important as you’ll see:

Core

The core is that element of the product that is why it exists and meets the need of a target market. The core benefit.

Expected

The expected elements are the things that your target market almost take for granted. The colours, brand, packaging, features, accessibility, usability, for example.

Without these the products just wouldn’t sit right with those you are trying to have an influence on.

Augmented

The augmented part of a product is the part that is bonus. Those elements that aren’t expected, but can make a difference and differentiate your product from the rest. This could be anything from an extended guarantee, exceptional customer service or added bonuses.

The product doesn’t need these elements to exist, but your target market may thank you and remember you for providing these.

Potential

And finally, potential, which as you may expect are those facets that a product could ‘potentially’ have in the future. A longer battery life or a variety of colours for example. This is the part where innovation and creativity can help move a product and even a company forward and ahead of the competition.

LinksHala Taha https://www.youngandprofiting.com LinkedIn: https://www.linkedin.com/in/htaha/ @yapwithhala: https://www.instagram.com/yapwithhala/ @ youngandprofiting: https://www.instagram.com/youngandprofiting/

Books:The Like Switch - Jack Schafer: https://amzn.to/2EAhG0b

Music Featured on...

Ansoffs Matrix (created by Igor Ansoff in the 1960s) is a Marketing model that stands the test of time and we’ll see why later on. But first, we’re going to have a chat with Leonard Kim about all things Influence.

Leonard is the Managing Partner of InfluenceTree an organisation that teaches you how to build your brand. Be it personal or business. But that isn’t the end of his story – as you’ll find out, the stories we tell are important – as Leonard has been featured in Inc. Magazine, Forbes, Entrepreneur, Fortune and the Huffington Post. He is also been recognised as one of the top writers in the fields of Marketing and Business Strategy.

Happy Marketing! www.marketingstudylab.co.uk https://www.linkedin.com/in/petersumpton/ https://www.facebook.com/groups/marketingstudylab/ https://twitter.com/cousinp81(@cousinp81)

Takeaways

- Fear – Do something about your own fears. Don’t just face them, embrace them and work through it. Fears can be false indicators, yet these usually end up being the best things we ever do!

- When writing his book - Ditch the Act (link is in the show notes), Leonard spent the time to get the material he needed, then looked at the structure, placed the info into chapters (using bullet points initially) and then made it make sense, chapter after chapter – small, manageable pieces. Which is so similar to writing Marketing exams and assignments. A lot can be taken from this.

- When looking to utilise an influencer with the B2B space, in any industry you need to consider the following:

            - Does this person like or use our product or service

            - Will they stay loyal and be an advocate

            - Check out the audience – Are they right for your brand

            - How much influence do they actually have!

But, the most important takeaway here is that you should look internally for your influencers and make your employees the advocates.

Top Tip – Ansoffs Matrix

As we found out at the start of this episode, Igor Ansoffs Matrix has been around for over 50 years, but is still used today in academia and practice.

So what is it and how can it be used. Firstly, the link in the show notes will take you to a diagram of this model, which you may find useful while listening to this explanation. OK, got it, nice one.

In its essence, this model can assist with strategic marketing planning when looking for growth opportunities. It is split into four distinct strategic directions depending on four factors:

Products – are they new or existing

Markets – are these new or existing

Depending on the market and product or service your are focusing on will determine the overall strategic direction that should be the main focus of the business and your marketing strategy.

For example, for a new product that is entering an existing market, a product development strategy is required. This could mean a number of things such as line extensions or product developments due to R&D and feedback, where the company is looking to introduce these developments into an existing market where the brand is already know.

Understanding all four strategic outcomes from this model:

Market Penetration

Market Development

Product Development

Diversification

Means we can look to utilise tactics that compliment this direction making the strategy much more manageable and achievable. But like any good strategic model, we can only come to these solutions and decisions once we have done our research, our situation analysis and understand where we are and the potential gaps in the market that could be...

Episode LinksJanine CoombeLinkedIn: https://www.linkedin.com/in/janinecoombes/ YouTube: https://www.youtube.com/channel/UC8BWALizli9ioklqzrt8l8w Books: Mindset - Dr Carol Dweck: https://amzn.to/2X2iIJ4

Pearls of Marketing Wisdom

Who would you go to if you wanted to understand the importance of a marketing plan? We’ll be chatting to just that person in a minute and later on in this episode we’ll also discuss what SOSTAC stands for – spoiler alert – its something to do with a marketing strategy!

Right, back to our amazing guest this week, Janine Coombes. Janine is a marketer that helps small businesses develop and execute their own marketing plans, with simple, easy to follow strategies. And Janine does all this in a lighthearted way that is infectious, just check out her videos!

Takeaways

- So many people mistaken marketing communications for a full marketing mix. As Janine pointed out, the communications part of a marketing plan is just one element and although vita, this is a step that comes after all the planning, setting objectives and the strategic direction stages of a marketing strategy. Without these it’s impossible to know who your communications are aimed at and which channels these comms should be designed for – let alone the overall direction of the organisation.

- Ever heard of Ansoff’s Growth Matrix, no? Check it out. Although it was originally designed in 1957 and published in the Harvard Review, it still holds relevance in today’s marketing planning. It helps to highlight the strategic direction a company should or could take and the risks that come with this change in direction. Janine also uses this model to highlight where a company may be spreading themselves to thin and pulling in different directions with no strong singular vision, which is an excellent use of this model. 

- And finally, Janine’s own style of comms. Janine uses LinkedIn and YouTube to provide followers with a unique and true to her own personal brand style of video, using characters to describe certain aspects of Marketing, aspects that Janine herself is an expert in, in her own way.

This only has any success however, if the comms style matches the person or business. Imagine turning up to a meeting you thought was going to be formal and corporate (due to the messages you’d been receiving), to only find out that it is a relaxed and care free culture, the two wouldn’t match, a false impression is given and trust will be lost…. Not a great start!

Top Tip - SOSTAC

This is my favorite marketing model, yep, I’m that geeky I’ve got a favorite marketing model. And I was so fortunate to chat with its create PR Smith in Episode 10 of Marketing Study Lab, where PR Smith described how it has been used for planning marketing strategies as well as other large projects, including a wedding!

So why is it my favourite?

Simple. Because it’s simple, versatile and provides a complete vision of the now, the future and how to get there.

So very briefly, how do you use it:

Situation Analysis

The where are we know, a review of the internal and external environments so you know exactly where you fit within the wider market, what impacts and influences are effecting you and how internal aspects shape an organisation

Objectives

Where you want to go. Now you know your situation, it’s time to set some objectives in terms of where you want to be! This can be as long or as short as it needs to be; 1 year, 3 years, 5 years, even 10 years.

Strategy

The strategy is the overall direction that you need to go to meet your objectives. Think about it like taking a road trip. You know you want to get from A to B, the strategy tell you how you...

What can us Marketers learn from accountancy? Turns out, quite a lot when it comes to assignments and exams and we’re not talking numbers and figures here. We’re talking straight-up, invaluable tips for passing your Marketing Qualifications. So who is this accountant that we’ll be chatting to today.

Welcome, Mr James Perry, who has traversed from Accountant to Accounting Exam Coach. James is spreading his words of wisdom over podcasts, videos, coaching and public speaking while also speaking in schools about emotional wellbeing & entrepreneurship. But what me and James will be chatting about today are the missing elements of passing an exam or an assignment, which are applicable to many different professions, especially accountancy and marketing.

Takeaways- In any assessment situation it’s easy to get carried away and see the questions you want to see. Read and reread the question, making sure you answer the task given, not your own.

- Check the weighting of each question, in terms of the marking scheme, working out the word or page count per mark. This will determine how much or how long you should be writing for before moving onto the next question. Remember, the first few marks are the easiest so if you need to move onto another question and come back to this one, just leave a little space.

- It’s easy to forget the real world when writing an assignment, but using real world examples can really make your answer pop! It also helps with the following fundamental elements of any answer:

- Highlights wider reading and research - Provides justification for your answer - Shows an element of understanding for your own organisation and others

Top TipHere is a bonus top tip from James, not me this week and that is, ‘you can’t eat an elephant in one bite! And what James means by this is don't see your exam / assignment as one huge piece, break it down into manageable sections, that you can control and focus on, one bit at a time. Be it by task, section, question or even breaking the questions down bit by bit to make sure you cover all the necessary elements – oh and I’m going to interject here with my two pennies worth – start the question by bullet pointing the key areas you must / need to cover to gain the marks and work from there, elaborating on each one so that they each make sense and are justified.

Happy Marketing Everyone! Peter www.marketingstudylab.co.uk www.linkedin.com/company/marketing-study-lab/ www.facebook.com/marketingstudylab/ https://twitter.com/mktstudylab (@mktstudylab) Music Featured on this Podcast: Sleepy in the Garden Lobo Loco www.musikbrause.de Creative Commons License

LinksJames Perry LinkedIn: https://www.linkedin.com/in/jamesperrycoach/ Instagram: https://www.instagram.com/james.perry.presents/ Facebook: https://www.facebook.com/AccountingExamCoach/

http://www.accountingexamcoach.com/

Podcast iTunes: https://itunes.apple.com/us/podcast/accounting-exam-coach-podcast/id1447174222?mt=2 Spotify: https://open.spotify.com/show/0OdD5xHSicKZr5AshPFFrP

Books:Think and Grow Rich – Napoleon Hill : https://amzn.to/2OIOTKG

Have you got the right mindset? Struggling to sit down and concentrate? I have a little tip for you that will help you here.

Before that, let’s chat with Sara Bliss, writer, digital content strategist and more important, a New York Times bestselling author (that's a first on the Marketing Study Lab podcast). Sara’s latest book Take the Leap, features stories of those men and women that have radically changed their careers and ultimately their lives and as you can image there are a lot of learnings to be had here – but more on that later. This is Sara’s 11th book after such title as Hotel Chic at Home and Bobbi Brown – Pretty Powerful.

As you can imagine Sara’s career also spans a multitude of writing positions such as Senior Writer and Editor for Yahoo with articles also published in the Wall Street Journal and Esquire to name just to from a large list of titles.

Takeaways

- In researching and writing the book Take the Leap, Sara discovered that switching careers isn’t easy as the book covers the good and bad parts of this transition. Which is the same as a CIM Qualification, yes it’s difficult and yes there will be changes in your lifestyle required, but do it anyway as this is where the magic happens – and we all have it in us to make changes.

- When writing for different brands, Sara explained that its all about translation and understanding who the brand is and what it stands for. Again, similar connotations can be seen within Marketing Assignments, you must remember who you are writing for and why! You must translate what you are saying into something that is easy to understand and will gain marks

- And finally. If you are struggling with writing your assignment, first find an outline and an idea of where you need to go with the answer. Then you can start to give it structure, focusing on the key points. Make it compelling, engaging and above all….. your own!

Mindset

So you sit down to start your Marketing assignment and all you can think of is thousands of excuses why not to do it right now, gotta wash my cup up, do some washing, ironing, just check the footi score, wondering what’s happening on Instagram? All those kinds of things.

And this is easy to do when you feel you have a mountain to climb, so get off your own back and listen to these short tips that will help you knock you assignment into shape:

- Where do you do your best work? Need silence, music, inspiration, a clean space? Whatever it is find it and lay everything out so you’re comfortable with your surroundings

- Flip the phone. Put your phone on silent and turn it over, its easy to get distracted by a ping or a red dot!

- Get a brew, water, snacks, so you haven’t got the excuse that ‘you’ll just go and grab this or that’

- And the final most important one – take breaks, regularly, only 5/10 minutes but take them – set the timer on your phone (before you flip it) for around 40-50 minutes or longer if you feel confortable with that and dive deep into your work for this time period, then take the break, give yourself some space and let what you have written stew for a little while, when you come back to it, you may see it from a different angle or know you have nailed it first time.

Happy Marketing Everyone! Peter www.marketingstudylab.co.uk www.linkedin.com/company/marketing-study-lab/ www.facebook.com/marketingstudylab/ https://twitter.com/mktstudylab (@mktstudylab) Music Featured on this Podcast: Sleepy in the Garden Lobo Loco www.musikbrause.de Creative Commons License

LinksSara Bliss: https://www.sarabliss.com

What is Mendelows Matrix? It’s another Marketing framework that look at the internal, but more on that later, as now is the time to chat to our guest, who is one of the reasons you are listening to me right now.

Tim Reid is one of Australia's top marketing keynote speakers and host of The Small Business Big Marketing Show which just happens to be a podcast and one of the first that I was ever introduced to and hooked on (please check Timbo’s show out, it is Marketing GOLD! - and that is a little in joke from his show, you’ll understand it when you listen to it).

Anyway, Timbo helps small business owners make their company, products and services truly irresistible, using public speaking, masterminds, workshops and webinars as well as, of course the podcast.

Takeaways

- A man after my own heart. Timbo admits that his podcast has lead him onto greater things such as conferences and keynote speeches and it shouldn't be a forgotten medium when it comes to comms planning. Thanks for showing me the value and genius of the podcast Timbo. 

- In speaking to a lot of business owners, there are some fundamentals that, from a marketing perspective are important to get right in order to increase your chances of success. Firstly, try and make marketing your hobby, something you enjoy, but remember to put some theory and relevance behind it by understanding who you want to appeal to and make it clear why they need you in their lives

- Finally, the boomerang effect. Timbo believes that what you put out there you get back by using the ‘pull’ technique where you get your target market to come to you by being helpful and engaging that builds trust and familiarity reducing the price sensitivity rather than the pushy type of marketing that can be…. Lets face it, pushy!

Mendelows Matrix

This is a quick tip as its difficult to describe a boxed framework on a podcast so here are the basics of Mendelows Matrix (check out the link in the show notes so you get a good feel for what it is we are discussing here).

So what is it? The matrix is a tool that can be used to consider attitudes of an organisations stakeholders in terms of a project or strategy plotting their interest towards it against the power they hold. What impact, involvement or influence they may have and in turn how well informed or involved they need to be, which will have an effect on the success of the project or strategy.

There are four key areas in which a stakeholder may be placed:

• High Interest and High Power
• High Interest and Low Power
• Low Interest and High Power
• Low Interest and Low Power

Depending on where key stakeholders are positioned, you will be able to determine the impact they may have and the involvement they will require in order for a project to be successful. These stakeholders hold the key to the three key pillars of most strategies, being resource, cost and time.

Happy Marketing Everyone! Peter www.marketingstudylab.co.uk www.linkedin.com/company/marketing-study-lab/ www.facebook.com/marketingstudylab/ https://twitter.com/mktstudylab (@mktstudylab) Music Featured on this Podcast: Sleepy in the Garden Lobo Loco www.musikbrause.de Creative Commons License

LinksTim Reid https://smallbusinessbigmarketing.com/

Podcast:https://smallbusinessbigmarketing.com/podcast-2

Podcast Episode:How to create a highly profitable customer manifesto: ...

In this weeks episode we take a look at McKinsey's 7S’s, find out more later. First we’re going to chat to Kevin Tewis-Allen, a chap with one of the most impressive if a little random resumes. Kevin has worked for anyone and everyone from being the CMO at Street Soccer Foundation to the marketing advisor at number 10 Downing Street – I think he’s the first guest to hold that accolade.

He’s also worked for UNILAD, founded a music production house and helped most of the top 250 FTSE firms improve their business through improved customer strategy, as well as being a leading expert of what we currently class as Gen-Z.

Takeaways

- Who are Gen-Z. We all have categories we fit in and Gen-Z is no different. The 12-24 year olds that have known nothing but a word with digital technologies at its heart and have a nack for working out the truth from the lies. But the main takeaway here for Marketers is that they are not brand loyal and have a great affinity those organisations that champion the cause.

- When everything looks the same on social channels it is important to be different with your creative. Remember, visualization is key to being different, but you only have a 1.7 second window to gain interest and engage, so make it exciting.

- And finally, even Kevin doesn't believe he understood the power of a CIM qualification when he was studying. Researching and understanding marketing strategy and the theory behind it means you start to become aware of various elements such as risk, factors, markets micro-climates and what is going on around you, the basis for where your planning should start.

McKinsey's 7S’s

This model is made up of 7 internal factors that need to be aligned if it is to be successful. If one is impacted, this impacts the rest. So these 7S’s are made up of hard elements (as they are easier to define):

Strategy

Structure

Systems

And the softer elements:

Shared Values

Skills

Style

Staff

In reviewing each element of this framework it will become apparent how well an organisation will perform throughout a set strategic approach and where issues may occur and need to be addressed.

Other areas that this framework looks to address are:

• Improve the performance of a company
• Examine the likely effects of future changes within a company
• Align departments and processes during a merger or acquisition
• Determine how best to implement a proposed strategy

Happy Marketing Everyone! Peter www.marketingstudylab.co.uk www.linkedin.com/company/marketing-study-lab/ www.facebook.com/marketingstudylab/ https://twitter.com/mktstudylab (@mktstudylab) Music Featured on this Podcast: Sleepy in the Garden Lobo Loco www.musikbrause.de Creative Commons License

LinksKevin Tewis-Allen [email protected] LinkedIn: https://www.linkedin.com/in/kevintewis/ 

Books:Richard Branson: Like A Virgin: https://amzn.to/2VfrXoLThe Virgin Way: https://amzn.to/2BKx4FMLosing My Virginity: https://amzn.to/2DWjRu6Finding My Virginity: https://amzn.to/2V7ygdG 

App:Rightmove: https://itunes.apple.com/gb/app/rightmove-property-search/id323822803?mt=8 ...

What is the difference between a metric and a measurement? So easily interchangeable aren’t they, but they do have subtle differences that we need to discuss, which we will be doing later, but first it’s time to chat to Jacqui Jagger.

Jacqui is a mindset and business coach who helps hardworking, ambitious business owners to stop overthinking and start taking action to grow their business. More importantly from an assignment point of view, Jacqui can help us understand how to stop playing around the edges and start making definite, purposeful progress so that you feel like your studies and writing is always making progress, which it inevitably is.

The best thing is, there is no fluff or BS. We train our bodies, we look after pets, we even buy insurance for our phones, rings, watches and household appliances, but do we pay as much attention to our minds and mindset, which is probably the most important of them all…. And there is no insurance claim to be had from lack of mindset. 

With this in mind I wanted to go deep with the opening question, Jacqui - Marshmallows and Spaghetti…. Discuss?

Takeaways

- Its amazing the synergy between Marketing planning and the way to tackle your own mindset. Jacqui pointed out that you shouldn't start with your goals and objectives, but with the why! Why are you doing what your are doing or want to do? And this is the same as reviewing your situation analysis within a Marketing Strategy before setting your objectives

You don't know where you want to go, if you don't know where you are to begin with.

- Why do you not have the time to do everything you want to? Jacqui says that we fill our time with: - The should dos - The Habits we have - And then we add the other things on top of this that come up…….No! Stop!

Get clear and get focused on what is important. Create a plan that works for you and use it!

- And finally, find that trigger that will break a habit or create a new one. Want to go to the gym more, put your gym stuff out ready, or tie your running shoes to the front door! That way it is in front of you and not to the side hidden away.

But make sure you only change one thing at once, don’t be fooled into thinking you can change everything at the same time, overnight. This will lead to overwhelm and falling back into the same old habits.

Metrics and Measurement

Mastering metrics can be difficult, especially in an assignment scenario (Mastering Metrics is one of the CIM modules at level 6). But what are the differences between the two? Hopefully in explaining these, your assignment and the wording behind it will become much clearer.

So what is a metric. In marketing terms a metric is something that can be based on a standardised procedure, calculation method or system for generating a number, compared to others. 

A measurement is slightly different, as it is the number that is generated by taking a measurement that doesn't necessarily have to be taken in the same way every time and it is not compared to another. It is its own single entity.

Lets look at an example so we are perfectly clear what the heck this means:

You’re asked to measure the size of a room – this would be your measurement.

Then you are asked to provide the average size of all the rooms in a house, this outcome would be the metric outcome of all the measurements.

Got it?

So if you are asked for measurement techniques think of the things that do the measuring. For metrics, think of the things that are looked at in comparison to each other.

Happy Marketing Everyone! Peter www.marketingstudylab.co.uk www.linkedin.com/company/marketing-study-lab/ www.facebook.com/marketingstudylab/