As the competitive landscape is perpetually evolving, it is crucial to monitor the relevance and effectiveness of strategic plans and to review market positioning in the light of more recent market information.
How do you know if your goals are being achieved? What corrective action might be required to ensure they are reached?
In order to monitor progress, we would suggest a review at key milestones to ensure that plans are on track.
Effective marketing plans should incorporate measures to capture and analyse data & information, with a view to maximising control. Some metrics/mechanisms which your company might use may include, amongst others:
- Regular customer feedback – satisfaction levels, attitudes & perceptions and impact on purchasing behaviour.
- Number & cost of enquiries/conversions.
- Average order values before/after a launch or campaign.
- Specific number of new enquiries and so on….
The Market Information System (MIS)
Do you have all your market information easily to hand to facilitate decision making?
It may be the case that different pieces of key information are filed away across departments, potentially without an overview of what is available, with the danger that useful documents may be forgotten given changes of personnel.
We can help establish a simple mechanism for appraising and summarising key takeouts from your existing information resources, such as published market reports, competitor information or internal company documents & market research studies, to ensure that everything is clearly referenced. This can be invaluable when it comes to identifying any gaps in market knowledge and to facilitate preparation of future research briefs and information updates.
We'd love to hear about your business and discuss how we can help.