Learn from your mistakes

After the marketing plan is executed there are some techniques used by the company in order to analyze if they have achieved success in obtaining individual marketing objectives and also evaluate the marketing efforts of organization. It is important to use a methodology which is well established to evaluate effectiveness of marketing plan which helps companies to understand and correctly measure performance which in future can assess their business needs. To integrate the marketing metrics within the management and business of the enterprise and make sure it is reliable and consistence across the marketing mix, the company needs to meet the following requirements (Boundless 2016)

  1. Marketing outcomes to be measured by customer’s point of view
  2. All marketing activities to be included
  3. Be repeated over time
  4. Meet technical and statistical criteria for all measurement systems.

SOCIAL MEDIA

Evaluation metrics with respect to social media are usually application centric taking into consideration the ability of social media to communicate and engage with their customers. For example, metrics will rely on the frequency of comments and posts, to assess the level of activities on blog. Likewise, marketing metrics related with a microblogging app like Twitter will usually measure the frequency of retweets and tweets, and so forth. Some applications of social media have inbuilt analytic tools which are available free of cost, while there are also some third-part programs available at different costs, based on the level of analysis required. For blogs or websites, analytic web software such as Omniture or Google Analytics are used to fetch data which is related to traffic sources including views, time on page, visitors, and so forth. Software’s like this can require a subscription or sometimes they are available for free. There are alike analytic software available for all page users (e.g. Facebook Insights) on social networking sites, which is a source for collection of data on subscribed- unsubscribed fans, total number of fans, fan demographics and fan interactions. Social networking site Twitter’s corresponding analytic is known as Twitter Analyser (Neiger et al. 2012).

NIVEA FOR MEN (Business case studies 2016)

Every marketing cycles ends with an evaluation, this final stage is to understand and correctly measure the result of marketing activities compared to the set targets and objectives. Marketing team conducts continuous evaluation which helps them to concentrate on amending or leading new activities to reach their set goals and objectives. In order to assess the success of NIVEA FOR MEN re-launch in UK the company adopted variety of key performance indicators. The company carefully assessed Market share- did the re-launch help to achieve goals and objectives of its market share? Brand image ratings- NIVEA FOR MEN has a very good brand image among their consumers as it was winner of Best Skincare Range in the FHM Grooming award 2008 for the 5th time in a row, Overall sales- was this target in line with set objectives? In 2008 sales in UK market was around £30Million and met all expectations, Product innovation– in accordance with continuous evaluation and consumer’s feedback existing formulation has been enhanced with product development and innovation.

All these analysis indicated that, in UK re-launch of NIVEA FOR MEN met its overall objectives and targets. Their marketing strategy for re-launch was to use past evaluation and forecast data to create new marketing plan which worked in their favour.

Conclusion

Thus, we can conclude that, when marketing evaluation is undertaken, it helps in determining marketing initiatives that an organization should undertake and this would aid organizations to achieve their desired goals. Marketing metrics are extremely vital for marketing professionals as such metrics would aid the professionals in evaluating the performance of the company and if any amendments that are required to be made to organization’s marketing strategies.

Apurva_92 (214228854)

References:

Business Case Studies, 2016, developing a marketing plan- A Nivea Case Study, Business Case Studies LLP, retrieved 16 May 2016, <http://businesscasestudies.co.uk/nivea/developing-a-marketing-plan/what-is-a-marketing-plan.html#axzz49TdeWqWE&gt;.

Boundless 2016, ‘Methods for Evaluating Marketing Performance’, Boundless Marketing, Retrieved 13 May 2016, <https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/introduction-to-marketing-1/evaluating-marketing-performance-23/methods-for-evaluating-marketing-performance-135-7299/&gt;.

Neiger, B, Thackeray,R, Wagenen, S, Hanson, C, West, J, Barnes, M & Fagen, M 2012, ‘Use of Social Media in Health Promotion: Purposes, Key Performance Indicators, and Evaluation Metrics’, Health Promotion Practice, vol. 13, no. 2, pp. 159–164, doi:10.1177/1524839911433467

 

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