Marketing Analysis
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1. We know the value of a customer across all of our products and services and we use this information when reviewing our customer acquisition costs
Why is this item important?
Customer acquisition costs (CAC) gives you an understanding on the amount of money you spend to acquire a new customer and helps you more effectively measure your return on investment of your marketing efforts.
How can I tell if I meet this item in my business?
Do you have a marketing plan in place that includes you setting measurable objectives for all your marketing activities, so you are able to track how customers and your wider target audience engage with your business and which ones actually deliver the best results for you to grow?
Do you have a process in place for calculating CAC for each marketing campaign, which includes all marketing and sales expenses and any relevant overhead costs to provide a more accurate figure? Also, consider the timeframe as most campaigns run for more than a month.
What do I need to do to meet this item?
A marketing plan is essentially a roadmap of all your proposed marketing activities for your overall marketing strategy. Creating a marketing plan puts a process in place to help you keep track of all your marketing activities you have running which includes allocating success measures for each activity, so you are continually reviewing and reassessing your marketing approach and customer acquisition costs.
2. ** We regularly (at least monthly) monitor and evaluate the market response to our marketing strategies, enabling us to evaluate the effectiveness of individual activities and the marketing plan as a whole on an ongoing basis and allowing us to make any adjustments needed to meet our goals
Why is this item important?
With the market environment and the amount of marketing tools available constantly changing (i.e. social media, email marketing, campaigns etc.) it’s important to understand and regularly monitor if your marketing strategies are reaching your target audience and if so why or why not and what may need to be changed within the strategy to make it more effective.
How can I tell if I meet this item in my business?
Do you have a process in place to regularly evaluate the effectiveness of your marketing strategies? What metrics are you using to measure your marketing efforts? How do you know what you are getting in return? How can you quantify the results of your marketing efforts to make sure they are worth the money spent?
What do I need to do to meet this item?
You need to have a marketing strategy and plan in place that includes measurement and review dates, so you are monitoring the effectiveness of your marketing activities on an ongoing basis. A marketing plan is a working document and needs to be continually reviewed and adjusted. Timeframes may change or an activity just isn’t working as well as you thought, or something is working well so you may choose to investigate why and use it again or do more of it.
3. ** We regularly (at least monthly) review and compare our customer acquisition costs and the ROI of our various marketing activities to ensure that we are maximising the overall return on our marketing spend
Why is this item important?
It’s important to make sure the costs you are putting into acquiring a customer through the various marketing activities are worth the time and investment. Looking at measures such as customer acquisition costs (CAC) and return on investment regularly will help you make more informed decisions on if you need to change or upscale certain marketing activities, choose more effective marketing strategies to minimising CAC, how and where to invest your future marketing budget and if overall, you are on track to successfully achieving your objectives.
How can I tell if I meet this item in my business?
Do you continually review and measure your marketing activities?
Do you know if the marketing strategies you have in place are working?
What do I need to do to meet this item?
Your marketing strategy and plan needs to include measures and regular review stages for each of your marketing activities/campaigns. The review stages could vary for each marketing activity/campaign depending on the length of time you are running them for.
4. We measure the ROI of each our marketing activities in relation to their goals and objectives, taking into account measures such as brand awareness, brand liking, and brand knowledge, to determine whether our marketing spend is helping customers move along the buying journey even if they're not making purchases now.
Why is this item important?
Different marketing activities can be utilised depending on where the customer is along the buying journey. A mix of measures are required at each stage of the buying journey so you can understand the activities that have worked well, those that may not have worked at all and others that you may be able to slightly tweak to achieve a better result and achieve your objectives.
How can I tell if I meet this item in my business?
Are your marketing goals aligned to your business goals?
For each of your marketing activities do you understand the impact they have on the critical touchpoints throughout your buyer’s journey?
What do I need to do to meet this item?
Firstly, do you have a marketing strategy and plan for your business? Creating a marketing strategy will make sure your business and marketing goals are aligned from the start. Knowing what you want to achieve will help you narrow down and choose the right measures for your marketing activities to track which ones deliver the best results for your business. There’s no denying that there is so much data available and it can be difficult to identify which measures are more important than another.
You need to include regular review dates which are relevant to your overall business, buyer’s journey and marketing activities/campaigns timeframes. Regular reviews will give you a greater chance on return on investment on your marketing efforts, can prevent unnecessary spend or rework and provide you with an informed overview to decide how and where you would invest your future marketing budget.