Marketing information is everywhere! As the business landscape transforms, management must be able to assess their activities while simultaneously planning a course of action for the future. In the past, marketing emphasized the sales process and advertising strategies. However as technology has advanced, so has the marketing management process. In today’s digital age, an insurmountable amount of marketing information is available at the click of a button. New tools are changing the face of marketing, allowing management to evaluate activities like never before. The ability to analyze a situation with readily available comprehensive marketing information, has created an opportunity for marketers to; assess, alter, and implement new profitable strategies on a day-to-day basis, rather than quarter-to-quarter.
Data-based marketing is efficient in measuring the performance and accountability of a particular campaign or communication. Marketing metrics can quantify otherwise miscellaneous information, to create an overall snapshot of a particular situation. The ability to quantify marketing information, allows the organization to manage their strategy; because if you can`t measure something, you can`t manage it. Marketing metrics can quantify complex business activities dealing with operations, logistics and financing. Metrics allow an organization to measure important indicators such as; market share, margins and profits, product management, customer profitability, sales force management, as well as promotional and advertising efforts. Metrics allow an organization to determine what elements are successful and what elements aren`t.
The way companies communicate with consumers has changed with technology. New social platforms have been introduced that encourage consumers to interact with each other on a mass scale. These new social media platforms include sites such as Facebook, Twitter and Youtube. These channels have been integrated by organizations to access consumers on a frequent basis, creating a great opportunity for businesses to have their message heard.
As part of the new BBA Marketing Management program, Kwantlen Polytechnic University has introduced industry professionals as guest speakers. One of these guest speakers was Michael Senger, the CEO and Founder of Stonemass LLC, a company dedicated to social media content management. Due to the biggest socio-technological revolution in the last 30 years, Stonemass has capitalized on the opportunity to service these “new” company channels. In order to understand their clients, Stonemass utilized marketing information through online surveys to dictate the selling price of their service packages. This strategy has allowed the organization to establish their pricing structure around consumer perception.
Mr. Senger also highlighted that “the first to the market, captures market share” where as the second competitor “has to change the game” on arrival. In order to change the game, an organization needs marketing information management to analyze and construct new strategies. Businesses have recently been creating Facebook pages to target their consumers. Stonemass deals with Facebook accounts on a daily basis managing their content. Facebook is a great tool for businesses to communicate with consumers because it offers them a cost-effective method that couldn’t be more interactive. The ability to measure the influence or impact of a Facebook page towards an organizations awareness was once thought to be impossible. However, Facebook has created an opportunity for companies to measure their efforts through Facebook Insights. Facebook Insights displays valuable information regarding the sites interaction, creating an assessment tool for an organization to utilize.
As a “how to” for small business owners wanting to manage their Facebook information, this site will help them understand the data available to them. All the marketing information in the world means nothing if you can’t comprehend it. (http://www.makeuseof.com/tag/facebook-insights-understand-blog-readers/)
Another established industry professional who appeared as a guest speaker was Kemp Edmonds of Hootsuite. Hootsuite is an organization that integrates communication efforts across multiple platforms to produce consistent messaging for organizations, similar to Stonemass. Mr. Edmonds conducted an informative and interactive presentation that detailed the changing landscape of business communication. He stated that social media marketers are “sociological detectives” attempting to “bridge the digital divide.” Really what he’s saying is, as detectives, marketers use database information regarding geographic and demographic info, to bridge a divide with consumers. He stressed a fundamental principle in marketing, of creating value for your consumer. This simple principle will remain the same as technology advances. Using social media presents the opportunity of big value with little cost. Value is generated through a channel that encourages interaction. Mr. Edmonds insists on a three-step process to building a page; a solid base of evangelists, incentivize your page, and generate participation by any-means-necessary. The goal is to find, foster, and activate brand evangelists to successfully promote your products for you.
According to Mr. Edmonds, a crucial rule for platform content is the 80/20 rule; which says 80% of your posts should talk about something other than your business, while 20% of your posts should talk about your products or services. With the 80/20 rule in place, companies can create conversations that initiate participation, while still providing important product details. Kemp Edmonds’ highlighted a key online performance indicator in the amount of clicks a link gets. He stressed businesses should shorten their links; as consumers are less likely to click on a long link, then a short link. This information can illustrate what consumers are accessing and what there not, providing valuable information to the company.
An outstanding “how to” tool for small business owners wanting to manage their Hootsuite accounts can be found at http://learn.hootsuite.com/hootsuite-university-video. Hootsuite has created a “University” video galley that provides valuable lessons on functions and tools they have to offer.
So do all organizations need marketing metrics? The answer is simple… YES. Marketing metrics serve as a vital situational analysis component for any business, big or small. The ability to analyze a situation with comprehensive marketing information creates an opportunity for marketers to assess, alter, and implement new strategies. The breadth of marketing information available has provided marketing departments with unlimited research. By analyzing data and then correlating results to activities, organizations can now compare and contrast past performance and strategies with current marketing efforts. By eliminating ineffective strategies, organizations can improve their efficiency and better attain their objectives. Ultimately, the marketing information management process is a cause-effect relationship that all businesses need to embrace. If you’re the owner of a small business, I highly recommend you look further at the links provided to better teach yourself about these new online tools.