What Does Marketing Performance Management Mean?
Marketing performance management (MPM) refers to software and services that allow companies to evaluate the performance of marketing campaigns. These business intelligence tools work at a fundamental level to justify the effort and expense put into marketing campaigns by firms.
Techopedia Explains Marketing Performance Management
In a general sense, marketing performance management (MPM) provides businesses with the tools they need to evaluate and refine marketing campaigns. Some businesses believe that they lag in these areas, whereas others have managed to tie marketing campaigns to quantifiable results. Often, the reality is that MPM tools radically increase a company’s ability to really quantify marketing campaign benefits.
MPM tools may involve dashboards and visualization strategies for marketing data. They may help human decision makers to build models, simulate results or tag marketing processes to see how they obtain results. This helps in determining the return on investment (ROI) for marketing campaigns.
Another way that MPM tools can help is by tracking marketing in the field. For example, if a company issues online or mobile phone advertisements or coupons, through the use of elaborate tagging techniques, marketers and other specialists can see how those campaigns are concretely linked to the number of page views, shopping cart uses or, ultimately, purchases. All of these support the fundamental idea that MPM brings transparency to marketing and helps decision makers understand the actual results of marketing activities.