A promotion program is a set of relevant technologies that are used by an organization to stimulate sales, conduct advertising campaigns, maintain public relations, and carry out personal sales.
To achieve maximum efficiency of this program, it is necessary to draw up a detailed work schedule, including a list of activities, dates of their implementation, as well as responsible persons.
This plan will help reduce the likelihood of failure to meet the deadline for planned events. In addition, it will provide an opportunity not only to successfully implement the program for promoting the company's services on the market, but also to analyze its successes.
We determine how we will evaluate the results
Determining the effectiveness Reason to Choose Our Database Service of a promotion program is a complex process. Without identifying the effectiveness of planned activities, it is impossible to improve them or correct errors. Therefore, establishing effectiveness is an important aspect of a quality program.
However, the methods used to evaluate effectiveness (e.g., measuring market share before and after a set of activities) are usually time-consuming and resource-intensive. As a result, the costs of measuring the effectiveness of a promotional program are often related to the costs of implementing it.
Evaluation of promotion results
Source: shutterstock.com
Due to the limited budget, it is recommended to use cost-effective and simple methods to evaluate the effectiveness. One of the most accessible and widely used methods is a customer survey on the topic "How did you hear about us?". In addition, you can compare sales volumes for a certain period before and after sales promotion activities.
Additionally, you can conduct a simple telephone survey of consumers aimed at identifying changes in customer attitudes toward your company or products.
Evaluation of the effectiveness of enterprise promotion
There are many ways to measure the effectiveness of promotion, from a general assessment of the results of product implementation to an analysis of specific areas, such as advertising, SMM and SEO. In each case, certain metrics are used, some of which are unique to their niche.
It is necessary to regularly analyze the effectiveness of promotion in order to timely adjust the strategy and change the tools used to promote the enterprise. Most of these methods require the company to be present on the Internet, such as launching a website and managing social networks.
Let's imagine that the company "Satellite", which manufactures veterinary devices, made a wise decision to expand its product range and introduced dispensers into the production process.
This attracted the interest of veterinary drug manufacturers, who became the main target audience for this company. The company's staff of analysts must evaluate the effectiveness of marketing strategies and methods of promoting the new product.
According to the generally accepted methodology, there are several key indicators that should be taken into account in assessing the economic efficiency of promotion.
Evaluation of promotion effectiveness
Source: shutterstock.com