Marketing metrics are those measures and parameter that make a quantitative assessment for measuring, comparing, monitoring, analyzing, and tracking organizational marketing efforts with respect to production and performance. Marketing analysts use marketing metrics for comparing their performance with different companies despite the variation between their business size and nature. Marketing metrics play a crucial role in facilitating an organization in order to measure its performance against its predefined organizational goals. Although there are an extensive array of marketing metrics available, but Mitch-Mil has decided to use the following metric in the relative marketing categories with respect to their relatively and suitability to business (Kotler & Keller, 2012).
Sales Metrics (Market Share Metrics)
Sales are both a science and an art. It is a blend of logical and emotional process, free-thinking and creativity. Since Mitch-Mill is to face intense rivalry, it is a crucial master in sales as compared to its competitors. This can be achieved by cultivating a data-driven culture by providing the sales team with the right business metrics and performance indicators. Therefore, Mitch-Mil has decided to use Market Share Metrics. Market share metrics is considered to be the most significant metrics to measure the business strength, competitiveness with the industry, and effectiveness of the marketing campaigns. Market Share Company has two major categories i.e. sales unit share metrics and sales revenue share metrics. Unit market share measures the total units sold by the company in comparison to the total units sold within the market. Likewise, revenues share measures the total revenue earned by the company in relation to the total sales revenue of the market. Both the measures are usually demonstrated as a percentage value (Kotler & Keller, 2012). In case of Mitch-Mil it will be calculated as below:
Sales Unit Market Share = Total Units Sold by Mitch-Mil/ Total Units Sold within the Market
Sales Unit Market Share (Percentage Value) = Total Units Sold by Mitch-Mil/ Total Units Sold within the Market * 100.
Sale Revenues Share = Total Revenue earned by Mitch-Mil/ Total Sales Revenue of the Market.
Sale Revenues Share (Percentage Value) = Total Revenue earned by Mitch-Mil/ Total Sales Revenue of the Market * 100.
Customer Readiness Metrics (Preference Metrics)
Brand awareness plays a crucial role in persuading customers to take a decision about buying a product or service. It has been observed that people are more likely to buy from the brand to which they either trust or familiar with. It is also observed that higher brand awareness leads the customer to make buying decision more quickly than usual. This phenomenon is closely associated with customer readiness to purchase. Buying readiness has six stages including knowledge, initial interest, association, preference over other product and services, conviction, and finally, purchase. These are all the stages through which a potential consumer goes through in order to be a regular customer. Therefore, after focusing attention on promotional and branding initiatives, Mitch-Mil needs to measure the customer readiness to buy the services that the company provides. In order to do so, Mitch-Mil will use Preference Metrics.
Preference metrics measure the competitive position of the brand at a different level of brand ranging from just awareness to hard-core loyalty (along the stages of readiness to buy). Therefore, Mitch-Mill evaluates the readiness of its customers along all these six measures. The dimension that will use to measure readiness will include potential reach to the brand, willingness to repurchase, inbound and outbound links, registration, subscriptions and referrals (Kotler & Keller, 2012).
Customer Metrics (Customer Satisfaction Metrics)
Customer satisfaction plays a crucial role in developing brand equity because for a successful brand, brand equity is equaled to brand loyalty. In order to get a customer base of a loyal customer, it is imperative to meet their expectation and keep them satisfied. Mitch-Mil also aims to keep its customer highly satisfied. In order to maintain a healthy relationship with its customer, Mitch-Mil has decided to embark upon customer satisfaction metrics. Customer satisfaction will allow the company to measure numerous dimension of customer satisfaction. Apparently, Mitch-Mil will use the six most important dimension for measuring the satisfaction level of its customers. These will include measurement of customers’ expectation with their perceptions of Mitch-Mil services, the probability of referring to others, experience with Mitch-Mil vs. ideal experience, cognitive and affective satisfaction, and the aggregate of all to measure the overall performance level. The measuring tools use to get the figures will be surveys, feedbacks, complaints, the number of referrals etc. (Kotler & Keller, 2012).
Distribution Metrics (Average Sales Per Point Of Sale)
It is crucial to identify efficient distribution point in order to enhance sales. For Mitch-Mil, it is vital to find out the most suitable distribution point to amplify its sales. For instance, vicinity with the highest population of baby boomer tends to be the most attractive distribution area. Apparently, to track the distribution-centric sales location, Mitch-Mil will use Average sales per point of sale. This will help Mitch-Mil to measure how fast its services are moving within the distribution areas. It can be calculated by dividing sales measure to distribution measures (Kotler & Keller, 2012).
Average sales per point of sale = Sale Measures (Dollars) / Distribution Measures E.g. ACV Distribution (All-Commodity Volume).
Communication Metrics (Effective Rec Metrics)
In modern business world, it is necessary to track the effectiveness of your communication in order to find out that whether the message that you have disseminated has been rightly perceived by the right audience or else the consequences could be detrimental to the business. For the content marketing efforts of Mitch-Mil on social media, communication metrics can provide deep insights for improvement. To measure the effectiveness of marketing communication, Mitch-Mil will use Effective Reach Metrics.
Effective Reach Metrics will help Mitch-Mil finding the right audience to which the communication should be targeted. As finding the right audience increase the chances that your message is potentially rightly heard and perceived. A measure that will be used to determine effective reach will be different for different communication mediums. For instance, for social media, it will be page views, search engine traffics, conversion rate etc. (Kotler & Keller, 2012).
References
Kotler, P., & Keller, K. L. (2012). Marketing management 14th edition prentice hall. Retrieved From http://socioline.ru/files/5/283/kotler_keller_-_marketing_management_14th_edition.pdf on August 12, 2016
