From the course: Rewarding Employee Performance

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The marketing formula

The marketing formula

From the course: Rewarding Employee Performance

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The marketing formula

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- I've gained some wonderful personnel management insights from studying sales and marketing strategies. When you think about it, marketing is about attracting customers or clients, retaining them, increasing their profitability, and getting them to refer others. Now that sounds a lot like we want from our employees too. In marketing, there's the age-old formula of expense, effort, and results, which is used to test the effectiveness of different marketing approaches. So for example, let's say you have a $100,000 marketing budget and you're trying to decide if you're going to use a social media approach or direct mail. Now the wise marketer doesn't gamble all $100,000 on one or the other, but instead spends five grand on each, to test response rates. The cost is fixed, they can easily identify their effort, which isn't much, since it's usually outsourced, and then they can test for results. The math will tell them the best approach to take. Not going through this analysis will be the…

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