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Basically, Marketing metrics are numeric data that allow marketers to evaluate their performance against organizational goals. Marketing metrics have different elements of measurement, including : net sales billed, number of product or design registrations, and brand surveys to measure brand awareness.
Therefore, by monitoring and analyzing marketing performance metrics, brands can increase their competitive intelligence, assess their market strengths and weaknesses, and make calculated budgetary decisions across the marketing mix.
Return on marketing investment (ROMI),marketing return on investment (ROI) and return-on-marketing-objective (ROMO) are examples of marketing performance metrics used by major brands to prioritize and allocate marketing investments.
The most important elements of marketing performance, which are normally tracked, are:
Most organizations track their sales results; or, in non-profit organizations for example, the number of clients. The more sophisticated track them in terms of 'sales variance' - the deviation from the target figures - which allows a more immediate picture of deviations to become evident.. `Micro- analysis', which is a nicely pseudo-scientific term for the normal management process of investigating detailed problems, then investigates the individual elements (individual products, sales territories, customers and so on) which are failing to meet targets.
Few organizations track market share though it is often an important metric. Though absolute sales might grow in an expanding market, a firm's share of the market can decrease which bodes ill for future sales when the market starts to drop. Where such market share is tracked, there may be a number of aspects which will be followed:
The key ratio to watch in this area is usually the `marketing expense to sales ratio'; although this may be broken down into other elements (advertising to sales, sales administration to sales, and so on).
The `bottom line' of marketing activities should at least in theory, be the net profit (for all except non-profit organizations, where the comparable emphasis may be on remaining within budgeted costs). There are a number of separate performance figures and key ratios which need to be tracked:
There can be considerable benefit in comparing these figures with those achieved by other organizations (especially those in the same industry); using, for instance, the figures which can be obtained (in the UK) from `The Centre for Interfirm Comparison'. The most sophisticated use of this approach, however, is typically by those making use of PIMS (Profit Impact of Management Strategies), initiated by the General Electric Company and then developed by Harvard Business School, but now run by the Strategic Planning Institute.
The above performance analyses concentrate on the quantitative measures which are directly related to short-term performance. But there are a number of indirect measures, essentially tracking customer attitudes, which can also indicate the organization's performance in terms of its longer-term marketing strengths and may accordingly be even more important indicators. Some useful measures are:
A formal, written marketing plan is essential; in that it provides an unambiguous reference point for activities throughout the planning period. However, perhaps the most important benefit of these plans is the planning process itself. This typically offers a unique opportunity, a forum, for information-rich and productively focused discussions between the various managers involved. The plan, together with the associated discussions, then provides an agreed context for their subsequent management activities, even for those not described in the plan itself.
1. Sales Analysis (Sales Analysis): and is to use sales figures to assess marketing performance.2. Measure customer satisfaction (Customer Satisfaction Measurement): a qualitative scale for measuring marketing performance is through research and customer point of view and measure performance compared to competitors.3. measure the strength of the brand (Brand Equity): scale for measuring marketing performance, which determines Are brand attract the attention of the target market.
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