Evaluating The Marketing Performance

EVALUATING THE MARKETING PERFORMANCE
Definition:
Market evaluation is a research of a marketplace aimed at
determining whether a new company can perform well and
succeed in a new business environment. It helps receive insights
into your competitors' state of affairs and market trends and
make strategic business decisions.
• Purpose of marketing evaluation
• To measure the success of a marketing campaign or ongoing
marketing activity in order to determine whether they can be
improved upon in the future.
• To analyze success in achieving individual marketing
objectives
• To assess the entire organizations marketing effort
• Return on investment or ROI

It is used to evaluate the efficiency or profitability of an
investment or compare the efficiency of a number of different
investments.
2. Sales number
Most basic way to determine whether your plan is working
3. Customer response
It helps in analyzing marketing response in all its varied form.
4. Expansion
If marketing reach is expanding, the effectiveness of the plan is
the probable cause.
5. Partner response
It reveals the effectiveness of your efforts in relation to associated
brands, suppliers and vendors.
6. Salespeople
Salespeople are a great barometer for the measurement of
marketing effectiveness.
7. Competitor response
It tells whether the marketing plan comes to the success or
failure.
•
• A marketing audit is a full exploration and analysis of the entire
marketing environment of a business, assessing everything
from strategies and targets to specific marketing activities.
•
• Step 1: Describe all marketing goals and objectives
•
• Marketing goals should be comprehensive, well thought
out, SMART and align with overarching business objectives.
• Create both Long term and short term goals;
• Long-term- with 6 – 8 goals listed in
priority order to be
accomplished in the next two year
• Short-term- with a 1 – 2 goals to be
accomplished in the next 12 months
listed in order of their priority.
•
• Step 2: Create your customer personas
• Most businesses have multiple buyer personas, with each one
describing in detail what drives them to buy their product or
service.
• Ideal buyer persona should include:
• Step 3: Identify the competitors
• Name top 3-5 competitors in your industry

• Note their business information, such as company name,
website and headquarters location
• Make a comprehensive list of all their products and services
• Note each that overlaps with your own products and services
• Step 4: Describe your products and services
• Be sure to include all features, benefits, pricing, sizing and
distribution method for each product and services
• Analyze how each of your products or services compares to
your top competitors
• Detail various strengths and weaknesses, any historical data
regarding your market share, customer perception and overall
performance of each item as it compares to the competition.
•
• (Collaterals: any media material used to promote company’s
products or services. E.g
• Blog post, brochures, landing pages, business cards , case
studies, ebooks, infographics, direct mail, flyers , magzines,
product catalog, testimonials, videos, newsletters, sell sheets,
webinars,displays, digital marketing)
• STEP 6: Analyse Data and Draw Conclusions
•
• STEP 7: Make a Plan and Put It into Action
(CRO: convertion rate optimization. CRO marketing is a method of

increasing the percentage of your website visitors who take
desired action. term can mean different things depending on your
company goals.
Ux: user experience)
• Audit Tools
Marketing audit can be influenced on marketing planning process
through various internal and external factors. There are number of
marketing audit tools used during marketing planning process to
evaluate marketing performance. Some are as follows:
• SWOT analysis is a strategic planning technique that provides
assessment tools.
• A SWOT analysis provides information about internal as well as
external factors that may have uncontrollable impacts to
decisions (opportunities and threats).
•
• Identifying core strengths, weaknesses, opportunities, threats
leads to fact-based analysis ,fresh perspectives, new ideas.
•
• PEST ANALYSIS
• Refers to internal+ external environmental factors.
•
•
• Pest analysis tool helps in understanding:
• Your business current position.
• Future potential
• Identifying opportunities and threats in external environment
• FIVE FORCE ANALYSIS
• Tool used for evaluating competitive environment

• This analysis goes through five forces that determine potential
competition.
• Forces include:
•
• Threat of substitution:
The existence of substitute products increases the propensity of
customers to switch to alternatives.
• Threat of new entrants/entry:

Profitable markets that yield high return will draw firm. This lead
to new entrants which will lead to decreased profitability.
• Competitive rivalry:
Sometimes rivals compete aggressively and sometimes in non-
price dimensions such as innovations etc.
• Buyer power:
Is there an underlying risk that your clients will move to another
provider who charges less and offers what you offer?
• Suppliers power:
Suppliers may refuse to work with firm or charge exclusively high
prices for unique resources

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EVALUATING THE MARKETING PERFORMANCE

• Return on investment or ROI

• Step 3: Identify the competitors

• Name top 3-5 competitors in your industry

(CRO: convertion rate optimization. CRO marketing is a method of

• FIVE FORCE ANALYSIS

• Tool used for evaluating competitive environment

• Threat of new entrants/entry:

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