Do you know if your marketing plan is working for you?
Measuring sales results or key performance indicators is a critical part to implementing a successful marketing program. The following steps should be built into your plan; 1. Establish success criteria 2. Define key performance indicators 3. Establish a timeframe for measurement 4. Measure 5. Adjust plan accordingly
The following elements are just an example of considerations of measurement.
Sales and Promotion analysistells you the degree of success a particular product or promotion has. Analyzing the impact of a program is critical to future business decisions and can be difficult to understand if you are unable to establish clear test and control markets or defined base and test time periods. When outside market forces interfere with these basic elements of analyzing a promotion, then you can apply statistical significance measures to the two time periods to determine any existence of an impact.
Valuation of Products is not always clear. Every product has intangible values that are important to understand when making product management decisions. Assigning quantitative values to qualitative information about a product allows you to establish benchmarking for strategic decisions. Quantitative values allows you to measure progress in cases where strategies are put into place to safeguard a products position or build sales that are not immediately realized.
Menu Management speaks more about the compilation of products offered than it does about the feature product. The success of a single product at the expense of other products within a portfolio of offerings may be doing more damage than good for your overall business. Being able to calculate the overall impact of a products strategy allows you to make better educated decision on overall management of products.
