Direct response marketing targets your Market Segment / Target Market directly without using any other traditional marketing channels, sales channels, promotion and advertising. Direct Marketing is a very Effective Marketing Tool / Approach because it allows you a direct communication with your Target Audience (Your Potential / New Customers). Compared to other Marketing Tools and […]
Using Likert Scale in Surveys When designing a survey you always start with the goal in mind – the purpose of the survey. Next is creating a list of questions (designing survey questionnaire) and deciding how the respondents will answer your survey questions. What answering options should you give to the survey respondents and how […]
A market research survey is one of the most simple and direct avenues that your business can take to obtain information from your current and prospective customers. The purpose of this technique is to obtain data from a segment of your target market so that you will be better informed regarding what they want and […]
Marketing Audit: Organizational Marketing Assessment Marketing Audit is an organizational marketing assessment approach with the purpose of analyzing the marketing approach. Marketing Audit is very useful exercise for any organization because it can reveal weaknesses and identify opportunities for improving the current marketing activities taken by the organization. Marketing Audit is strategic marketing assessment and […]
The marketing mix model is a process for planning and strategy development that involves four elements within your control. These are: Product Price Place Promotion
Marketing Performance Management The success of our marketing performance just like any performance management system depends on the metrics that drive the measurements and decision making as we manage our businesses on a daily basis. Our perception and actions depend on how we decide about the ways moving forward. What is good performance? What is […]
Examples of Frequently Used Marketing Metrics: Customer Acquisition Cost Average marketing and sales cost associated with acquiring new customer. Example: total marketing investment divided by number of new customers. Customer Retention Percent of our customers who keep doing business with us. Customer retention rate is calculated per period, for example, annual customer retention rate.
Developing Successful and Effective Marketing Plan The following is a list of most frequently considered issues by marketing and sales managers. Developing marketing plan is a process of creating a roadmap for building success in the marketplace. It’s about exploring the market trends and opportunities and outperforming competitors while building long-term competitive advantage.