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Return on marketing investment (ROMI), customer acquisition costs, and retention rates are examples of commonly employed marketing accountability metrics. [2] Marketing Accountability was the subject of a report published in 1997 by Financial Times Management Reports [3] It investigated a widespread problem that consultants McKinsey & Co. had ...
Marketing Strategy: Improving marketing effectiveness can be achieved by employing a superior marketing strategy. By positioning the product or brand correctly, the product/brand will be more successful in the market than competitors’ products/brands.
Since "the required frequency changes with the product and the competitive climate it is in", [2] the purpose of the GRP metric is to measure impressions compared to the number of people in the target for an advertising campaign. [3] GRP values are commonly used by media buyers to compare the advertising strength of components of a media plan.
The purpose of the BDI metric is to quantify the relative performance of a brand within specified customer groups. The index helps marketers identify strong and weak segments (usually demographic or geographic) for individual brands. [1] The BDI is especially useful in conjunction with the category development index (CDI). It can be used in ...
This is a sophisticated metric that balances marketing and business analytics and is used increasingly by many of the world's leading organizations (Hewlett-Packard and Procter & Gamble to name two) to measure the economic (that is, cash-flow derived) benefits created by marketing investments. For many other organizations, this method offers a ...
Apart from metrics, a specific action plan allows a marketing plan to better measure results and that criteria are met. Elements of marketing performance that may be tracked include sales analysis, market share analysis, expense analysis, [11] and financial analysis (including figures such as profit, return on investment and contribution).
For example, if an advertisement appears more than once, the entire gross audience, the TRP figure is the sum of each individual GRP, multiplied by the estimated target audience in the gross audiences. The TRP and GRP metrics are both critical components for determining the potential marketing reach of a particular advertisement.
A performance indicator or key performance indicator (KPI) is a type of performance measurement. [1] KPIs evaluate the success of an organization or of a particular activity (such as projects, programs, products and other initiatives) in which it engages. [ 2 ]