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Marketing KPIs Should Be Constructed Always

Nov 3, 2007
Companies are bound to be different from each other. Marketing objectives will be completely different for each of them. From these marketing objectives of the company, KPIs should be derived. The levers should be identified when it comes to achieving the objective. All the objectives should first be listed, and then the KPIs should be drawn.

The kind of levers should be decided upon. You should also know if you would be able to quantify them. Besides this, you should explore all the surrogates which can quantify the KPIs. There will be several factors taken into consideration when it comes to marketing KPIs for any brand. The first is the internal sales of the company.

Next the market share will be taken into account. The growth over the past years will be looked at as well. The evolution index which is the growth of the brand and category is what comes next. The awareness of the brand and how popular it is with the customers is also very important. What kind of share the brand has among customers is something which cannot be ignored.

It is a must that key positioning variables must also be looked at. Marketing is a very critical area, as there is a lot of competition today. However the right indicators must be kept in place and this will then help the company a great deal. The marketing objective must be aligned with the business strategy. This will be the first step in finding the right KPIs.

Organization goals should be kept in mind, marketing plans should be driven hard and all this will help determine the right KPIs. If the goal is to get new customers, they should be attracted with good measurements. All these measurements which are selected will be a good insight to the business view.

You can cover a lot of areas with KPIs. They will include growth, revenue, acquisition, and strength. Metrics should be set soon after looking at the key performance indicators. Outcomes should be sorted out, as the objectives have to be measurable. This has to be done with frequency, as it should not be overlooked.

The data should be accurate as well, and one also needs to be consistent with the collection of data. The inputs should be good, and the information must not be changed mid way. This will cause a low with the progress of the company. When KPIs are done there should be analysis done as well. With good assessment, a lot of changes can be done with the company.

With this, good strategies as well as plans can be made to promote and improve products, promotion as well as pricing. All this analysis through KPIs will help you explore new avenues. You can get a new target audience, you can develop new products and you can use new channels to make the services better.

You should also make sure that you do not have too many metrics. Your objective should be supported greatly with the help of KPIs.
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