When you are trying to market a product, the product or service is only as good as the potential clientele think it is. You need to get them to buy or use the item or service before you can tell if it really works for them. How can you go about evaluating and measuring your current marketing strategy?
Input vs. Output
Check your financial statements. Are you spending more money than you are making? In a strong marketing campaign, this should not be the case. You want to tweak your plan to make more money than you are putting into the project.
When you sell a product, include a survey along with it. Ask the customer to rate different qualities of product that directly relate to market. For example, ask them how they heard about the product and if the visual appeal of the item had anything to do with its purchase.
Distribute flyers, pamphlets and other coupon offers to people and see if they call back. You’ll know if the marketing works based upon how many people call. When they do call, ask what elements of the flyer or other item made them want to call you.
Before you send a new item onto the market, have a test group to evaluate your marketing. For example, you might bring in a section of the company who has never seen the ad. Ask them what they think and if they would buy the product.
What about you? Try to separate yourself from the ad as much as possible. Imagine that you were walking down the street and saw this advertisement. Would you feel inclined to purchase it or use the service? What elements of it are captivating and visually appealing? What elements turn you away?
Of course, all of these surveys and questions are important; however, you must generate quantitative data from all of them. For example, calculate the percentage of people who learned about your company from the Internet, paper flyers, word of mouth and so forth. Put the information into charts.
After you have put the information into charts, you should start comparing this year’s findings to last year’s finding. If you find that a larger percentage of people are using the Internet than last year, you will have gained valuable insight about the company’s advertising.
Targeting the Many…
Once you find where most of your patrons are coming from, work to keep up steady advertisements in that domain. If most people are finding your company through Google searches, maintain fresh SEO strategies throughout the year to keep generating customers in that manner.
…And the Few
Let’s say that very few people are finding you from paper advertisements in the local department store. If this is a new trend, give it another shot to try to keep those few customers that you have. If it’s a continuing trend, you may want to put that money into another avenue.
Keep It Up
Don’t let your evaluation and measuring strategies fall to the wayside. You need to keep using them to ensure constant success for your company.
Evaluation and measurement strategies can bring both good and bad news to you about your marketing strategy. Be sure to use all of the information to generate more positive outcomes.
Thaddues McGregor writes about business, marketing & finance at www.businessinsurance.org.
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