• Why Should You Evaluate Your Marketing Plan?
• What are the top 5 parameters for Judging a marketing strategy?

Why Should You Evaluate Your Marketing Plan?

Marketing is the most critical and the most crucial dimension of any organization.  No matter how old or new your business is, the marketing concept or plan is mandatory for your organization’s aggregate bottom line and success.

A clear plan helps you determine who, what, where, when, why, and how about your business.  It also explains your primary goals and plans for marketing your product or service.  The most everyday phenomenon with most business owners is that after launching the marketing campaign, they forget to consider subsequent marketing. This will make your company’s figures decline instead of growing in number and revenues.

Thus, if you do not continually appraise your marketing concept or strategy to find out whether it is efficient or not, you might waste all the time and money you spend on marketing. The appraisal of marketing strategies gets you more bang for your buck. However, when was the last time you evaluated your marketing concept? If you are not too sure when now is the time!

Remember that there is no such thing as unlimited budget for marketing. Monitor each marketing campaign progressively and continuously, making sure to check which one is good and which is bad. Every result derived from any kind of evaluation will guide you in knowing which of these strategies are successful and which you should steer clear of in the future.

We are going to discuss how your business can follow up on the effectiveness of your marketing campaigns and the impacts they will have on ROI and sales.

Key Points:

• Importance of Marketing: Appreciate how marketing is an absolute necessity for business success.
• Requirements Needed For Planning: A defined marketing plan is needed.
• Ongoing Monitoring: Needing to continually assess to ensure complete effectiveness.
• Follow Up on Budget: It is important to stay on top of marketing expenses.
• Results Analysis: Utilization of evaluation results in guiding future strategies.

Top 5 Parameters to Evaluate a Marketing Strategy

1. Return on Investment (ROI)

The foremost factor that has to be determined is the return on investment. Are marketing investments bringing enough new or repeat business to justify the expense? Can marketing produce the type of profits you want? Analyse the analytics and the financial benefits gained by your company during the campaign duration. Check where your company has covered distance and the results that are shown.

If you are getting a good return on investment overall, then maybe the same strategy can be continued, and unproductive ones can be eliminated. Marketing essentially works when you are able to convert leads into customers. If your company’s profit doesn’t change even after you execute a particular campaign, then your marketing plan should be changed, too.

Key Points:

• Defining ROI: Understand what constitutes a good return on investment.
• Financial Analysis: Measuring analytics to ascertain the fiscal returns.
• Campaign Length: Why it is a must to monitor the results within the campaign length.
• Lead Conversion: How the leads are being turned into customers.
• Plan Revision: It is necessary to revise plans if profit does not change.

2. Sales Performance

Any marketing strategy is always aimed at maximising sales and profit. So, it is important that these figures are followed up very closely. The most serious way of doing this would be by checking the six months before and after the campaign. This can be a long-term view of how sales have been affected.

If there is no growth, try to deconstruct what went wrong and work on fixing those loopholes. The best barometer for measuring the efficiency of the marketing campaign can be your salespeople; therefore, interact with them. Ask them for their feedback about the impressions of the customers, their marketing material, and the timings. If all the feedback is negative, then you have to revise your plan. Generating leads is, therefore, an important effect of a marketing plan on sales.

Key Points:

• Monitoring Sales: The above figures require tracing prior to a before and after the campaign.
• Loops Detection: Growth variations identified should be critically analysed and aligned into what the problem is.
• Engagement in Sales Teams: Make sure the salesmanship people will be engaged for better feedback.
• Customer Perception: How customers react to the marketing strategies.
• Strategy Adjustments: Strategy adjustments should be made according to the salespeople’s performance feedback.

3. Customer Response and Satisfaction

These are the people who have bought your product or used your service. The response you get from them regarding marketing campaigns is the best measuring rod. It’s the cheapest and easiest way of determining how a marketing campaign has altered a customer’s attitude about your company. Mail out questionnaires and feedback forms.

They can also be by telephone, face-to-face, by mail, or over the Internet. You can inquire who initially informed them about you and which elements of your marketing message motivated an interest in your products. This will give you a better view of which efforts are actually being reached by your customers and which market segments buy the most.

Key Takeaways:

• Feedback Mechanisms: Using multiple channels for customer feedback.
• Cost-Effectiveness of Measurement: Understanding how cheap it may be to get feedback.
• Consumer Attitudes: Tracking changes in attitudes that customers have after the campaign.
• Marketing Coverage: Knowing which of your campaign activities are working for consumers.
• Market Segment: Having an understanding of how each of your customer segments is responding to campaigns.

4. Market Reaction

The activities of your competitors often serve as a good indicator to utilise in determining whether or not a marketing plan has succeeded or failed. If your competitors quickly rush to implement the same strategies you adopted, then the plan probably is working. If your campaigns go unnoticed by your competitors, then there is an issue you must address.

If you have thus far implemented strategies similar to those adopted by your competitors, then monitor their social media followers to see how frequently they post content and how people are responding. Then, you can fine-tune a strategy in all areas where it is lacking.

Key Takeaways:

• Competitor Monitoring: Tracking your competitor’s reaction to your marketing strategies.
• Strategy Performance: Knowing what competitor imitation is telling you.
• Social Media Monitoring: Keeping track of the competitors’ social media activity.
• Content Rate: Measuring the rate at which competitors are putting up the content.
• Strategy Adjustment: Adjust your strategies to match the success of your competitor.

5. SWOT Analysis

A SWOT analysis is that which gives you enough information regarding the strengths and weaknesses of a marketing strategy. It also provides one with insight into whether a marketing plan requires expansion. In case it does, it simply means your plan is working. Though marketing is not scientific, each attempt should be gauged from time to time. This will also help you shape further strategies.

From the above five points, you can judge whether a marketing strategy works or not. Remember, you are not a good marketer unless you are tracking numbers.

Main Points:

• Strength and Weakness Analysis: Know what is working and what is not working in your strategy.
• Market Analysis: Know if your strategy needs expansion.
• Periodic Evaluation: The Importance of Periodical assessment for performance.
• Further Strategy Development: Using insights from SWOT to help shape future marketing.
• Performance Monitoring: Reaffirming the necessity to continuously monitor performance.

Final Thoughts

Advertising on paper takeaway cups provides companies with a unique opportunity to reach millions of people in an entertaining, enjoyable way. The most pertinent from this discussion is that:

• Interactive Insight: Advertisements on takeaway cups further enhance innovative interactions between companies and consumers.
• Low-Cost Strategy: This form of advertisement is usually very cheap and pays back immensely in return.
• Unlimited Creativity: From concept to message, virtually unlimited ideas open up to help differentiate brands.
• Catch the Trend: As the fast food business continues to grow, so grows a home for takeaway cup ads on the fast track of consumer lifestyles.
• Eco-Friendliness: From going green to branding from eco-friendly materials, brands can use their materials to appeal to consumers in conserving ways. 

A marketer can create advertisements that would be appropriate for the target audience and very likely to drive the brand close to the customers’ minds once the opportunity for takeaway cup advertisement is realised.

The post Metrics to Assess New Marketing Strategy first appeared on Ginger Media Group.