Optimizing Marketing Funnel Performance Metrics
Awareness Stage
Impressions
- Low: Suggests limited reach, possibly due to narrow targeting or low ad spend.
Recommendations:
- Expand target audience; use broader demographics/interests.
- Increase ad budget for more exposure.
- Explore additional channels/placements to reach a wider audience.
- High: Indicates strong visibility.
Recommendations:
- Refine targeting to focus on more relevant audiences.
- Improve ad creative and messaging to increase relevance.
- Apply frequency capping to avoid ad fatigue.
CTR (Click-Through
Read MoreEnhancing Customer Satisfaction Through Effective Merchandising
Evaluation of Satisfaction. It is crucial to identify what customers care about most. The Measurement of Satisfaction investigates how the company’s overall product is perceived by the customer at the time of delivery, in conjunction with a set of expectations (expected results for the customers as a result of supply).
The level of expectations is determined by:
– Activities of mass communication or custom of the company.
– Personal experience with the enterprise customer and the competition.
Understanding the Marketing Research Process
Phases of Marketing Research
Step 1: Define the Need
The need for information arises within a company. This could be to solve a problem, take advantage of an opportunity, or find answers to inform decisions. The decision-maker and the researcher must be in agreement.
Problem-solving involves:
- An objective
- Two or more alternatives to achieve the objective
- Uncertainty about the most suitable alternative
Examples of problems: Whether or not to change packaging, a name change, or defining the consumer’s profile.
Read MoreEvent Planning: Key Stages, Elements, and Budgeting
Key Stages in Event Planning
Outline and explain the importance of 5 of the 9 stages
Defining Business Objectives
This stage ensures the event’s financial goals align with the organization’s overall purpose, whether breaking even or maximizing profit. Objectives must be measurable, specific, achievable, time-limited, and prioritized (MASTER acronym). Example: An event aiming for a £3 million profit sets clear, actionable targets, making it easier to evaluate success.
Auditing Resources
This step
Read MoreUnderstanding Market Research, Segmentation, and Targeting
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Market Research
These are activities that allow an organization to obtain information required to make decisions about their environment.
Why do market research?- Competitive Pressure: essential for the company to exist.
- Growth market.
- Costs of errors.
- Increasing expectations from consumers.
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Marketing Information System (MIS)
Definition: An ongoing process within organizations whose purpose is to generate, analyze, disseminate, store, and retrieve information used in decision-making.
How should a Marketing
Market Segmentation Strategies and Benefits
Market segmentation is the process of dividing a larger market into smaller groups of consumers who have similar needs or characteristics. This allows businesses to create targeted marketing strategies and offer their products or services to specific segments of their audience, ultimately increasing the likelihood of success.
Examples of Market Segmentation
- Demographic segmentation: by age, gender, income, education. For example, a company that sells luxury cars may target consumers who earn a high