While you can measure actual performance against your targets, how do you know where your marketing efforts are going? Assessing your marketing efforts is even more important to ensure that your budget, time, and resources are being allocated in the right direction. In this post, we will show you a mechanism to assess your marketing efforts.
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- How are you using your existing resources?
Resources include both your physical resources and your human resources. How many hours are your staff putting in towards each marketing task (for example, how many hours does it take for them to create a billboard)?
How are you using your marketing expenses? Which channels are taking the most money?
- Online advertisements (pay-per-click ads, social media campaigns)
- Television and radio advertisements
2. What environment are you working in?
- Social – The demographics of your target audience
- Legal – Federal and state regulations
- Economic – The state of the economy and environment
- Political – The political beliefs you align yourself with
- Technological – The technology which your industry uses
3. What are your performance indicators?
Are you measuring any of the following key performance indicators (KPIs) for your marketing efforts:
- Sales revenue – It needs to exceed the expenses of your marketing campaigns
- Customer Lifetime value – What is the lifetime of your customer retention?
- Online marketing return on investment (ROI) – Your online traffic sources (including Adwords, social media campaigns)
4. What action do you take in each department?
Marketing involves the efforts of each department, not just the marketing department (such as the sales department, the product department, and more).
Analyse the actions you take in each department and how they affect your marketing. For example, if you have placed a hiring freeze on the product team, then the rate of production may reduce. As a result, marketing expenses will also have to be stopped.
See if your marketing efforts are paying off
Use marketing efforts analysis to see which actions are the ones that are bringing you money (and decide which ones to cut to save money). The Bumblebee Branding Company is a branding agency in Chennai, India that can help you with this process.