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Marketing Effectiveness: An Ongoing Process
Our work with a major provider of consumer health products illustrates the importance of all these elements working together as part of an ongoing process. A segmentation analysis based on consumer needs, shopping behavior, financial value, and brand equity identified the major opportunity segments of the market. Subsequent conjoint trade-off analysis isolated several distinct elements of the product that, if modified, would likely increase profitable revenue. After these product changes were implemented and announced with appropriate messaging, performance was tracked on a continuous basis to ensure that messages were being received, understood, and acted upon. Having a comprehensive marketing effective - ness program enabled the client to manage their brand portfolio in a systematic, data-driven way while maintaining accountability to top management for monies spent.
Comments already made are key but a valid perspective I like to add, based on my experience working in Consumer Marketing, Sales and Market Research, is the need for market visits to obtain first hand feel/feedback from the market. On one hand, this allows us to sense check what the multiple market data points are saying. On the other hand, it helps to discern whether the KPIs reported in the multiple data points are leading or following the market reality we seek to influence. And that's what differentiate effective market analysis - one that sustainably grows revenue, profit & other KPIs - from an analysis that's otherwise an academic exercise.
Generally speaking, it is important to do research on a regular basis in relation to every individual client or category of clients. Effective research assesses current situations to project future developments and opportunities for the company. It studies competitors and proposes improvements.
1. Access multiple, diverse market data sources to develop an accurate, un-biased
market view
2. Understand which suppliers have the capabilities to meet your needs
3. Create a clear and insightful picture of the market related to size, growth, share,
competition, and market-specific dynamics
4. Understand the overall economics of your suppliers’ market, including profitability,
cost structure, and related drivers
5. Identify key trends that will influence the market in the future, including competition,
technology, pricing, and M&A activity
6. Identify how different suppliers compete and the level of intensity in market
competition
7. Synthesize the market analysis into clear and concise implications with supporting
rationale for making strategic decisions
Perfect Answer Mr/ Ayman
