Marketing analytics is the practice of measuring, managing and analyzing marketing performance to maximize its effectiveness and optimize return on investment (ROI). Understanding marketing analytics allows marketers to be more efficient at their jobs and minimize wasted marketing dollars. Beyind the sales and lead generation applications, marketing analytics can offer insights into customer preferences and trends. Keeping a close watch on performance indicatorsand analyzing them is required to check the effectiveness of the marketing team and its activites.
- The effectiveness of market research, targeting and segmentation can be improved with the right metrics and its review
- Visualize the graphs and understand the trends therbygving feedback to sales people who are in the field.
- Find out which works and which does not to arrive at right strategies for market penetration
- Periodic monitoring of the trends in product pricing, and competitor movements
- Closely watch marketing expenses and returns to ensure it is within budget
- Use the indicators to ascertain the forecasting accuracy and improve.
Marketing Performance Indicators
Sales Forecast Accuracy
Average Selling Price
Unit Sales Growth
No of Demos/ Seminars
No Of Sales Outlets
Advertising Spend
Newsletter Sign Up
Total Discounts Value
Product Training Hours
Direct Mailers
Sales Forecast Accuracy
This Indicators shows how accurate the sales forecasting is. Monthly forecasting is vital for procurement and production planning. More importantly it reflects the marketing efforts done and its feedback.
Average Selling Price
Average selling price is the price per sale. This is arrived at by dividing the total sale for the period to the no of customers/ orders during the same period.
Unit Sales Growth
This figures shows how is the sales movement compared to previous period. Marketing department should closely monitor this and ensure the efforts are channelized for positive growth.
No Of Demos / Seminars
These are BTL marketing efforts to get the product/ service information to the customer groups. A good number of these are mandatory to create an awareness about the product.
No Of Sales Outlets
This indicators give the details of the total number of sales outlets that is selling the product. Any drastic change in the quantity will seriously effect the top line income.
Advertising Spend
This indicators give the details of the total cost of advertising during the period. Advertising is a costly process and should be closely monitors for it to be within budget and effectiveness.
Newsletter Sign Up Rate
Newsletter is a powerful marketing tool. This metric collect the details of newsletter sign ups done and not done , why high or low etc
Total Discount Value
Discounts are primarily product promotion techniques. Marketing dept should monitor the actual spend on this for the given period and its effectiveness.
Product Training Hours
This indicator should be closely monitored to ensure adequate information is being provided to the market to help sell the products as per the sales plan. Only a well informed sales team can deliver value added results.
Direct Mailers
Direct mail are mails send directly to prospects explaining about the product or service offering. Normally a promotional offer is clubbed along to make it attractive.
