What are the best practices for measuring the impact of your promotional activities?

1) Mental Availability 2) Sales (or other relevant behavioural metric) My Grandad used to fix pokie machines and he said ‘Take the money you plan to spend on pokies, throw half of it at the wall, put the rest in your pocket and you’ll still have spent your money more wisely’ I’d apply the same logic to metric fetishisation and market research

Specific Goals: Be specific about your target audience, desired outcomes, and actions you want your audience to take. Measurable Metrics: Quantifiable metrics allow you to track progress and measure success accurately. Achievable Targets: Consider your resources and capabilities when setting targets to ensure they are achievable within your constraints. Relevance Matters: The promotional activities should align with your company's mission and long-term objectives. Time-bound Deadlines: Having a deadline creates a sense of urgency and helps you stay focused on your goals.

Choose Metrics Wisely: Select metrics that directly show how well objectives are met. Relevance is Vital: Metrics must directly relate to the promotional goals set. Easy Analysis: Opt for metrics that are simple to collect and analyze. Examples Matter: Metrics like sales revenue, conversion rate, customer satisfaction, brand recall, and return on investment showcase impact effectively.

A pre-thought when it comes to Metrics of which get overlooked sometime is the Customer Lifetime value[CLTV]. it is important to know what we are measuring and its CLTV. CLTV = average order value x Purchase frequency x Average lifetime small details like this goes a long way

Choose Wisely: Pick methods tailored to your goals. Reliability Matters: Ensure methods are trustworthy. Ethical Approach: Conduct research responsibly and ethically. Example Methods: Surveys, experiments, interviews, and web analytics are useful tools. Stay updated with social media analytics too.

Clear Presentation: Use visuals like charts and graphs for easy understanding. Interpretation is Key: Explain how results relate to objectives and hypotheses. Highlight Strengths and Weaknesses: Discuss what worked well and areas needing improvement. Acknowledge Limitations: Address the constraints of your study to provide context. Implications and Recommendations: Explain what the results mean for future strategies. Actionable Insights: Provide clear recommendations for improvement.

Visibility in an organization is the close sibling to communication in an organization. This make a huge difference in the creation or downfall of a product. Very key

Comparison is Insightful: - Evaluate past, competitors', and industry results. - Identify trends, gaps, and opportunities. Benchmarking Sets Standards: - Define excellence as your goal. - Strive to surpass industry norms. - Acts as a guidepost for improvement. Continuous Evaluation: - Ensures relevancy and competitiveness. - Guides adjustments in promotional strategies. - Maintains a leading edge in the market.