Introduction
Marketing metrics are different types of metrics or strategies that are recommended in business activities to promote their business in achieving goals. A good “Marketing Metrics provide accurate management focus and identify the key differentiators of customer service.” (Marketing metrics, n.d., If it’s not measured how can you manage it? para.2).
A good CEO must always be aware of his or her organization. It includes everything related to the position of the organization in the market and also its strength and weakness compared with other forces in the market. Knowing what is good and what is bad is one of the important factors. Based on this, one can allocate accurate resources needed in the organization. Real-time knowledge about marketing metrics is very much needed to deal with day-to-day issues occurring in an organization. To become a good entrepreneur one needs to have a good framework in the area of marketing and customer service. Good marketing metrics always give essential data to implement “a successful customer-focused business model.” (Marketing metrics, n.d., If it’s not measured how can you manage it? para.4).
Executive Summary
- A team must be limited to seven members. Only then, effective communication is possible among the team.
- The leader of a team must be a person who can effectively communicate with members of his team explaining about ideas he/she wants to implement in the team. A leader must motivate the members of his team to bring out their capabilities.
- Each member of the team must be very well aware of the latest technology used in marketing.
- A thorough knowledge about the product is needed for each member of a team to make marketing more profitable.
- A member who sells the product should have full knowledge about that product and he/she must be able to answer any query about that product during the marketing of that product.
The above-mentioned recommendations are very important for a team to be the best in marketing.
To implement the above-mentioned recommendations, one should adopt marketing metrics for the team. Some marketing metrics are AIDA, CRM (customer relationship management), and advertising and direct mail response rates.
“AIDA,” stands for “Attention,” “Interest,” “Desire” and “Action.”” (Love, 2009, So, here is the breakdown to eliminate the negative, para.2).
These terms are very important in the case of marketing to derive fruitful results.
- A – Attention means creating awareness in customers about the product.
- I – Interest means creating interest in customers about the product. This can be achieved by answering the entire questions about the product, which will attract the customer towards the product.
- D – Desire means creating desire in customers for buying the product.
- A – Action means making “customer to take action.” (AIDA (marketing), 2009).
Advertising and direct mail response rates help to analyze how many customers visit their product ads.
CRM has got an important role in boosting profit. What this aims is to know the customer more and “treat them uniquely.” (CRM- customer relationship management, 2009).
GGI can improve the condition by focusing on certain groups and have effective marketing on that group. Analyzing must be made at this point on the product and group to see the volume of sales to a certain group. Distribution of products can be improved by having very good customer relationship management. GGI also recommends using the help of media to promote the marketing of the products.
All the metrics mentioned above are important for GGI. “GGI can improve upon their focus group metrics by continuing to study the market.” (Lennon, 2009, para.3).
The study can be conducted by gathering information and focusing on certain groups. When customers get familiar with products, they can decide whether they want to buy the product or not. Continual learning is recommended at this stage to improve the condition.
Conclusion
GGI has got different ideas that can turn the business and obtain new growth. GGI mainly uses focus groups as marketing metrics. It is very important for GGI. During this time most of the valuable information is collected from the group.
Reference
AIDA (marketing). (2009). Economic Expert.com. Web.
CRM- customer relationship management: Presentation transcript. (2009). Slideshare: Present Yourself. Web.
Lennon, J. (2009). Marketing metrics: How companies measure the effectiveness of marketing. Associated Content: Business & Finance. Web.
Love, K. (2009). Constructing classified ads for maximum profits: So, here is the breakdown to eliminate the negative. Website Marketing Plan: Marketing Plan, website promotion, and Marketing Strategy.
Marketing metrics: If it’s not measured how can you manage it?. (n.d.). Marketing Metrics: Looking Beneath the Surface of Your Organization. 2009. Web.