Wednesday, September 28, 2016

Evaluating the Quality of Your Marketing Methods

Selecting appropriate marketing measurements can be difficult for any company. Sometimes they are so complex they waste a lot of time and effort while still not producing beneficial data. At other times, they may be so simple but miss appropriate objectives that would help the company incorporate the information into their strategic decision making. A study of a number of companies found that solid marketing metrics should fit within the type of information offered, liability of that information, channel method and period, the mediums used and who the information is being collected for (Milichovsky & Simberova, 2015).

Type of Information: It is beneficial to understand what type of information is being offered and why it is being offered. Each marketing campaign has their own messages. Careful selection of these methods can lead to greater response.

Liability of that Information: All information has benefits and risks. When companies begin to brand themselves down one path it is not always easy for them to return back to a previous pass. Know why the benefits and risks of the messages you have chosen.

Channel Method and Period: There are limited resources available to any company. Knowing how much money to spend on a particular channel and who that channel will reach is part of a greater marketing strategy.

Mediums: Different mediums will reach different kinds of customers. Marketing online is distinctly different than marketing in print media. Know your demographic and the mediums you need to reach.

Who is the Information For: When developing metrics it is beneficial to know who you are creating metrics for and how they will use them. Create metrics only for that which is needed and be valid and concise.

Milichovsky, F. & Simmberova, I. (2015). Marketing effectiveness: metrics for effective strategic marketing. Engineering Economics, 26 (2).

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