Marketing Performance Measurement

Hi Friends

From last few days i am working with an advertising firm which is promoting food chain restaurant .So today I want to share my views with you all.

As we all know that there are different ways through which companies used to do marketing of their product or their Brand Name and they used to spend a huge amount of capital for marketing of their product.

There are different ways for doing marketing such as

* By the help of advertisements in newspapers,magazines etc
* By the help of Mass Media.
* By the help of Radio's ,Dramas etc.
* By the help of interaction with customers and telling them about their product.

This is all about the marketing strategies that organizations usually use to market their products but they also keep one thing in regulation that how their marketing strategy performing or they have to do some ammendmants .

So organizations use marketing performance management tool to see the utilization of their resources


Organizations use three steps to check their performance are

Data

Data is the basic tool that is used in performance management as when we are having data then only managers can convert data into information which can be used for analysis and metrics which are the next steps of managers.

Analytic

By thoroughly analyzing the data, organizations can gather actionable business insights to improve the marketing effectiveness and marketing efficiency. For example, organizations can use the analytic to drive the marketing return on investment, and make faster and better business decisions which are the basic needs and role of managers.

Metrics

Metrics is the tool which is used to show the analysed data in the form of graphs,tables,diagrams which show analysed data some specific metrics include marketing's impact on share of preference, rate of customer acquisition, average order value, rate of new product and service adoptions, growth in customer buying frequency, volume and share of business, net advocacy and loyalty, rate of growth compared to competition and the market, margin, and customer engagement.


Marketing Performancce management is used to measure the monitoring of operational efficiency and performance and it also help marketers to measure efficently resources of the organization are used and how much efficent in making customer as compared to other which would be cheaper than this

So at this time of recession we should maintain our Performance mangement tools updated and on sharp edge because at this time if you loose something other will definately grab it .