Metrics for GGI
The marketing approach for the implementation of the GGI procedure can be measured using several metrics. In this aspect, it would be more available for the business owners to realize how to go about the recommended processes in increasing the commercial exposure of the products.
As what has been recommended previously, the significant marketing plan for the GGI commodities is advertising dealing with media facilities such as direct marketing, TV ads, radio plugs, print distribution and electronic promotions. In order to measure how each of these promotional plans are performing with respect to total profitability outputs, certain marketing metrics can be applied. In the case of GGI, items are sold through different channels of dealers, sub-dealers and retailers.
However, to get hold of the natural response of the consumers to the promotional scheme, it would be advisable for the company to target measuring the metrics based on the lowest scale of transactions-the end users or the retailers. In this way, the overall flow of the products and the profit value being acquired can provide the most exact metric data for the business.
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The implementation of metrics needs to be separated in each of the marketing plan approaches. Advertising does not really measure how many products were sold, but can actually measure how the products’ commercial appeal will project metrics (Curtis, 2002).
Electronic Approach-The best possible measuring technique for this advertising process is to measure the amount of positive responses based on e-mail replies from the consumers. Since mail database promotions were used, the actual response rate of the end users can be tallied or structured in a database which can count the frequency of the response in a limited time frame. The basic recommendation which the team can apply to this metric is that if in a succession of time frame the hits on websites and the e-mail responses increase with respect to the previous measuring interval, then additional investments can be made to make the channels more visually or commercially appealing.
In terms of the website promotion, the metrics which can be used to measure the efficiency of the channel is to integrate a visit counter within the web pages. In this aspect, the company will be able to monitor how many hits per day are initiated by the online consumers on the website. Of course, it does not readily equate to sales, but the very aspect of monitoring the visits can create a very good projection of sales values.
TV and Radio Advertising-In terms of the conventional mediums of advertising, the survey method can be used as the primary metrics for the efficiency of these media units. Of course, it may be difficult for the company to increase their processes within the broadcast network’s ability to expose the GGI products. But what can be done is to regularly set up survey procedures at least once a month.
The metrics to be used should focus on how the respondents were greatly influenced to buy the products based on their exposure to TV and Radio advertisements. By the time the results are obtained, the team may be able to recommend purchasing additional time slots for these media ads. But before it can be done, survey results must first provide whether there is a direct relationship between consumer purchase and TV and radio ad exposures. This can be statistically measured using correlation and regression computations.
Flyers, Posters, Retailer Promotion-The last suggestion for advertising is under the scope of non-electronic mediums. This is the most basic form of measuring metrics since the retailers and dealers themselves will get to construct their respective databases on how much sales they were able to produce. Moreover, each store will definitely have tallied numbers of purchases of specific items distributed by GGI.
Therefore, the company will be able to immediately measure the success of the ad campaign in a given time interval. To make use of these metrics, the most effective process is to identify the market share earned by each partner retailers. Also, each of these units may capture the true flow of consumer preference by seasonally implementing Customer Relationship Management. Fabricated scorecards are always available in the market to help the retailers produce a reliable set of sales data (Miller, 2007).
In an overall scale, the best metrics to use for GGI is to take note of its ROI or Return of Investment Values. This can only be computed if the company was able to dispose all of the products in a batch for a particular time frame Also, it is only possible for the business to measure such metric if all the initial investments were already acquired back.
The remaining accounts receivable balance will then project the initial profit margin of the company. This will provide greater prediction strengths whether the marketing campaign was successful or needs improvement. Therefore, GGI might first consider improving its promotional campaign on the lowest level of advertising in the retailer units since these partners are the primary remitter of investment and profit value shares.
At the present stage of GGI which is supposedly very young, the best metric to maintain is the ROI analysis. Since the investment values are still very fresh and somewhat conservative, it would be ideal to limit the creation of secondary analysis such as surveys and database management because these require additional investment expenses.
Even though ROI exceeds surveys costs most of the time (Yun Lee, 2007), additional expenses will not be ideal for a starting business. With ROI, the only required tools are the company files and financial utilities based on the flow of products and acquisition of sales money. Apparently, knowing the most effective marketing metrics can save the company time and effort in allocating budget allowances (Cohen, 2007).
References
Cohen, J. 2007. Make More Money with Marketing Metrics. About.Com. Retrieved December 26, 2007 from http://marketing.about.com/od/marketingplanandstrategy/a/mrktgmetric.htm.
Curtis, E. 2002. Commercial Exposure. Dental Editors. Retrieved December 26, 2007
Miller, S. 2007. How Important is Productivity Measurement in Retail Stores?. Ezine Articles. Retrieved December 26, 2007 from http://ezinearticles.com/?How-Important-is-Productivity-Measurement-in-Retail-Stores?&id=812937.
Yun Lee, M. 2007. Conducting Surveys and Focus Groups. Entrepreneur.com. Retrieved December 26, 2007 from
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Metrics for GGI. (2017, Mar 23). Retrieved from https://phdessay.com/metrics-for-ggi/
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