Measure Your Marketing In Five Steps.

BANK marketing; MARKETING; COST; TARGET marketing; MARKETING management; MARKETING research

This article presents the steps by which bank marketers can measure marketing expenses. The process begins by analyzing the organization's strategic business goals one at a time and developing individual marketing strategies that answer the question, "How do we achieve this goal through effective, efficient use of the marketing mix?" Re-evaluating the market and its targets will ensure demographic changes within the community which will be reflected in marketing efforts. This research will also provide information about the media preferences of target markets. To justify expenses, marketers must have, at minimum, a formal marketing plan and a measuring system to show how they are achieving the bank's goals.