Introduction to Marketer’s Performance Reports.
2nd July 2015
Only my second day at work and I am being immersed into things. I don’t do much, but my co workers are willing to teach me what they do. One of my senior colleagues volunteered to teach me what he does in the office.He is in charge of the company’s account which is the preparation of the financial statements of the company;he is also in charge of performance evaluation.
What is performance evaluation?
Performance evaluation also called performance appraisal is a method by which job performance of an employee is documented and evaluated. The main one handled by my senior colleague was that of the company’s marketers; so he thought me an aspect of his performance evaluation. Before beginning, he briefly introduced me to a concept he knew i would be familiar with, being an accounting student. This was an industry analysis of the pension fund administrators in Nigeria. He used ratios such as the ROA ( Return on assets = Net income/Average total Assets) , ROCE (Return on capital employed= EBIT/Capital employed. Note, capital employed =Total liabilities including equity –current assets), ROE (PAT/ Total Equity), and the EPS (Earning per share= Profit available to ordinary shareholders/ Total number of common shares outstanding) to rank the pfa’s
After that he introduced me to marketer’s performance report. He said a marketer has a subordinate working with him, known as a CRO (Customer relations officer) They form a team, and they are given targets they are expected to meet. These targets may be in the form of new forms they must open (These are new clients or accounts for the company), or remittances (funds) their contributors must make.
He said that the company prepares this report every month to analyze the performance of each individual marketer working for the company. There is a monthly budget of funds each marketer is expected to bring in monthly to the company and after the end of the month the actual results are gotten. Then there is a variance analysis and if the marketer falls short of his budget, he is asked what the problem was, the assistance the company can render and how he can eliminate it. The performance report is also used to calculate the net commission due to each marketer. The marketer is paid 100 NGN per funded pension Rsa account, and the rest of the money which is moved to the allocation account can be invested to yield returns and increase the value of the fund.
Each marketer has their own asset and liabilities incurred and also revenue brought into the company and expenses. So it is like an income statement on one side, and a balance sheet on the other He showed me the spreadsheet format they use for the Mpr, it is actually self updating. You just need to key in some figures for the current month, and then Microsoft excel does the rest.
An mpr is a technique in Marketing performance measurement and management (MPM). What then is Marketing performance management?. Marketing performance measurement and management (MPM) is the systematic management of marketing resources and processes to achieve measurable gain in return on investment and efficiency, while maintaining quality in customer experience.