Rowan Atkinson, star of the “Mr. Bean” movies, said that, “marketing is what gets you noticed.” That may be enough for the film industry, but any executive of a company that sells products knows that marketing needs to translate into sales. In this day of mobile technology, WiFi everywhere, and unlimited data plans, metric tracking is simple. What you do with the information is another matter.
Marketing Analytics Versus Financial Metrics
Marketing data draws on the number of times that a prospect sees a particular marketing message. It focuses on brand recognition and awareness. The use of marketing metrics has been criticized as unrealistic and impractical. A new suggestion coming out of the business world is to blend marketing metrics with those of finance. By doing so, the marketing information can be strategically honed to yield tangible sales and sales opportunities.
What researchers are finding is that the metric orientation, which gives consumer patterns that are specific to the company, are more useful that general managerial characteristics of sales. Make sure that you are collecting data that is useful for your industry and business. Knowing the number of website page views means nothing; your analytical tool needs to help you to understand the value of each page view, which will then translate into sales or service delivery.
The age of technology has made the consumer more and more active in the supply and demand chain. More importantly, the consumers do not know how active they are. Mobile tech does things that we once thought was the realm of science fiction. Looking at smartphones and tablets, many contain functions that users do not understand or use. While applications on tablets offer a great way to market and track analytics, pulling behavior data from applications that are kitsch can be dangerous. With unlimited data plans, a user can allow an app to run indefinitely without actually engaging with the product.
Instead of looking for stagnant data like page hits, analyze your brand’s stickiness across mediums. Stickiness is the longitudinal strength of a change in the attitude of a consumer towards your company. If your company is sticky, then a small amount of advertising will easily remind a consumer of your brand appeal. The stickiness metric translates well into long term sales.
Get Them Moving
Metric analysis must show causality or a definitive lack thereof. Marketing’s goal is to move people towards a cause. This relationship is best seen in the film industry where marketing has a rapid pre-release/release phase and a protracted digital sales phase. Name recognition for movies is simply not enough. The film industry, relying heavily on social media advertising, uses nodal transaction analysis. Each node is a user or potential consumer and each connecting line is the media message being delivered. In some cases, the lines go in the opposite directions, indicating that a conflicting media message is being sent. This metric analysis allows filmmakers the ability to track the flow of positive response versus negative and change the marketing mix accordingly.
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Using Analytics To Motivate Consumer Interaction Across Devices