The Idea behind Pay-off Metrics

Before getting yourself into business, you might have considered a lot of things you may come across along the way. One of these is the return of your money or the “pay-off”. Popularly known as the return of investment or ROI, you can get a noteworthy pay-off if your products and services were efficiently and successfully marketed. You could actually determine how the business is doing, most especially for the pay-off, by having pay-off metrics in your management system. One significant way to do this is to have a pay-off scorecard developed and implemented.

When you have the scorecard, you will also have metrics that go along with it for a smoother procedure and for a better assessment on the effectiveness of the marketing strategies. It will show you if your marketing style gets the consumers onto their feet to purchase your products or use your services. If you were able to tickle your target markets’ tastes and preferences, it will be reflected in the metrics report.

In line with the great effort in marketing to get better pay-off, consumer awareness – having your customers know that your products and services exist – is not the sole thing you have to achieve. The department in charge of this must be able to anticipate and foresee the changes in the buying behavior so respective changes in the strategy must be done. For the data to be measurable in any sort of metrics, it should be quantitative because it will now be the basis of any marketing plan or activity the department would like to implement. The resulting figures would then be utilized by the top-level managers to determine which marketing expenses could become remarkable revenue.

A good and well-developed scorecard for your metrics has these following things, the product, the promotion, the pricing, and the placement. These are four elements needed to be considered as you design your metric solution for pay-off. Product, of course, is the main key because this is what you are going to present your clients to get better pay-off. You should know their wants and needs to get your perspective target market’s approval right on the product. Promotion is now your way of getting into your clients hearts thus, making them have much-needed product awareness brought by other marketing techniques used. Examples of these are advertising, publicity, sales promotion, and branding. Pricing is now where you set the monetary value of a certain product or service and other things that are affected by direct pricing. Finally, placement is where you will distribute the products and services using the different channels, like the point of sale in placement and retailing.

If you have all of these in your pay-off scorecard, then you can create a better link between your investment and its returns. Just remember that the two elements – promotion and placement – need to be highlighted because these elements require good performance, which would make your revenue flow back. Your pay-off metrics would definitely work and you will get your expected return of investment with every sort of endeavor in the line of your business.

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