MARKETING PLAN: MARKETING METRICS OVERVIEW 6
MarketingPlan: Marketing Metrics Overview
MarketingPlan: Marketing Metrics Overview
Anybusiness involved in sales needs to monitor its sales data to improveits performance. From the sales growth or not, data, the managementof the firm can establish if there are certain seasons when theproducts sell well or not. More information from such data can helpimprove the performance of the organization.
Salesgrowth is the difference between the previous and current term sales(Colletti & Fiss, 2011). It all depends on how the organizationoperates. There are those that calculate sales growth on a monthlybasis, while others may calculate it on a quarterly or annual basis.In most cases, businesses compute quarterly sales growth.
Salesgrowth is calculated using the following formula:
(PreviousQuarter Sales-Current Quarter Sales)X 100% (Colletti & Fiss, 2011)
Thesenior management of IT Today will use sales growth data inidentifying areas of weakness as well as areas of strength within thecompany. If sales growth goes up in an individual quarter, thecorporation can establish factors that contributed to such sales inorder to capitalize on them (Kotler et al., 2012). They can be marketdriven or internal factors. As such, these factors can identify anychanges made in the current quarter that brought about growth, andmake improvements for more sales.
Customer Readiness to Buy
Repurchaserate refers to the percentage of consumers who purchase the samebrand for a second (or next time) when they come for a shoppingoccasion (Kotler et al., 2012). It can be measured by obtainingpurchase information whenever a customer comes to shop. Mostbusinesses access details of the customers via their debit and creditcards, or when issuing receipts. Such information can be used in amatrix developed by the company to monitor repurchase rate, which canbe computed by obtaining the percentage of customers that purchased aproduct and came back to buy the product or decamped to a differentbrand (Kotler et al., 2012).
Repurchaserate helps in determining customer loyalty and information about thisaspect is necessary for a marketing plan. Every business intends toattract and retain customers. When a client repurchases a product, itgives a sign that he or she likes the quality or values. That brandcan be assessed for such values and more of such quality can be madeavailable to the relevant customers. This approach to marketing isuseful for IT Today because management can use it to target thecustomers through promotions, offers, and email marketing.
Weighteddistribution is the percentage or share of the sale of a particularproduct that belongs to the same category as those that have alreadygained distribution in a specific target market. Weighteddistribution is measured by calculating the percentage of sales in adefinite distribution point (Brea et al., 2014). Its measurementhelps in establishing if a product is gaining distribution in areaswhere customers look for products of its category (Brea et al.,2014). It is a marketing strategy that will ensure that the customersof IT Today can access the product easily. That is why it is placedin the relevant category. IT Today is a company that will providenetworking and technological assistance. Therefore, this plan willhelp the company in placing advertisements about its services incritical ad sites for example, where laptops, smartphone, printersand several other products in this category are sold and providedtogether with the respective services.
Promoted(Aided) Brand Awareness:
Inany business world, brands will be competing. A brand is a source ofsales. When customers know about a certain brand and its values, theywill associate with it and be loyal. It is from such loyalty that thecompany gets its clients and improves its performance. Aided brandawareness is the measure of knowledge about a brand among customers,after promoting the brand. Measuring aided brand awareness isdetermining how famous it is, to a specified target audience aftermarketing the product (Chernev, 2015). When a customer is aware of abrand, it means that he or she could be a potential buyer. In the newcompany, that is, at IT Today, this information will be used toimprove corporate marketing operations. It will offer data about thesource of brand awareness and why the customers gave the name so muchattention. Such info will be used to improve marketing of thecompany`s IT services.
Customersatisfaction is the measure of how much a product or service meetsthe expectations of a consumer. Measurement of customer satisfactiondepends on the prevailing market conditions and the type of business(Cook, 2013). Customer satisfaction can only be established throughsurveys and feedbacks. The survey questions are designed to get theclients’ impressions and expectations. These can later be used toimprove the quality of service or product. In the case of IT Today,customer satisfaction will help in improving the quality of servicesin order to the meet or surpass the clients’ anticipations.
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Chernev,A. (2015). Strategicbrand management.Chicago, IL: Cerebellum Press.
Colletti,J. A. and Fiss, M. S. (2011). Compensatingnew sales roles: how to design rewards that work in today`s selling.Atlanta: AMACOM Div American Mgmt Assn.
Cook,S. (2013). Customercare excellence: How to create an effective customer focus.Philadelphia, PA: Kogan Page Publishers.
Kotler,P., Lee, N., Farris, P. W., Bendle, N. T., Pfeifer, P. E., Reibstein,D. J., Light, L., Kiddon, J. and Reece, M. (2012). Marketingstrategy from the masters (collection).New Jersey: FT Press.
Kotler,P., Keller, K. L., & Manceau, D. (2012). Marketingmanagement.Paris: Pearson France.