Key Marketing Indicators And Tracking Your Marketing Strategy

A great way to look at your key marketing indicators to understand whether your marketing strategy is working or not is to look at your sales revenue in relation to your key marketing indicators listed below. If your sales are up-it is working. If your sales are down-it is not.

However, this is not enough. Sales revenue alone gives you no feeling for your marketing dynamics and provides no way to focus on the key elements of your marketing operation. Try creating a marketing funnel by looking at the following starting at the top and working your way down the funnel:

1. The size of your market as a whole.
2. What part of the market you cover with your marketing activities.
3. How much of your market coverage can be converted into interested potential buying customers?
4. Measure how many of those potential buying customers actually convert into customers.

This funnel narrows at each step of the process. You can quantify each level of the funnel with key marketing indicators and track how well your strategy is really working or not working and how to correct it.

The key marketing indicators are

Market Size:Your Target Market Population.
Market Growth:Target Market Changes
Market Potential:Business Available from your Target Market with a
Maximum Dollar Value
Market Coverage:Effective Marketing Activities that Reach Your Target
Market
Lead Generation:Quantity of Motivated Potential Buying Customers and
% of Target Market
Lead Conversion:Quantity & % of Leads Converted to Sales
Market Share:Market Share of Business in Your Target Market
Average Sale:The Dollar Amount of Each Average Sale.

To be effective in your marketing strategy, you should measure this information monthly and be consistent in the measurement of this information. To do this more often, the information may be skewed in that there are too many daily variances to get a clear picture and understanding of the underlying dynamics of your market and business practices if you look at the information on a daily or weekly basis.

Monitoring the above information will tell you what is and what is not working in your marketing strategy. You will know if your market is growing or decreasing, in addition to how much business is out there for you and your competitors. You will know if your advertising and other integrated marketing communications are bringing in sufficient numbers of qualified leads for potential buying customers. You will also be able to determine if your market coverage needs to be increased or not and if your sales people are converting leads into customers effectively. You will understand the trends of your business and will be able to spot areas that need more attention than others.

Using this information will allow you to have a complete understanding of your competitive analysis that will give you a solid feel for ways to increase your share of the target market.

When compiling data for your market size, it should consist of the number of people in your target market who meet your demographic study discussed earlier. This information would be updated annually rather than monthly, as it is a demographic comprehensive study of your potential probable customer.

To gather the data for your market growth, consider the average frequency of purchase for your type of product or service. Unless you have great market research at the tips of your fingers, you will have to estimate this one based on your knowledge of your markets and common sense at the same time. In the exhibit industry, I would want to know how often my customer purchases an exhibit item and what they purchase to determine this demographic information.

The next step is gathering Market Potential based on the first three steps in looking at your marketing exposure. Does your marketing reach someone in your target market? If so, the potential buying customer is exposed to your marketing message. A great example is a direct mail piece that has been mailed to 5,000 people and you would have created 5,000 exposures if all the addresses were known and correct. If you do this twice a year, you would be creating 10,000 exposures. Additionally, if you run an advertisement in the local business paper or magazine that reaches 15,000 of your target market customer, then you have created a total of 20,000 total exposures by this time. If you continue to circulate 2,500 newspaper inserts per week for four weeks, then that would be another 10,000 exposures for a grand total of 30,000 exposures to your target market potential customers.

In generating leads, it can be done in many different ways for your company. A lead would be any person who has expressed interest in your business or its products and/or services by walking into your store or showroom, submitting an email, responding to your direct mail or viral marketing piece, making a telephone inquiry indicating interest in your product and/or service, or filling out a call to action form on your web site responding to a product and/or service inquiry. This person would be considered more than someone in your target market because they exhibited a motiivation to buy and an interest in your product. Leads are a process of someone having already begun to work their way through the Purchase Decision Buying Cycle and have made an expressed interest in working with your company.

When you convert these leads to sales, you have already most likely collected sales information by this time. For the purpose of tracking your marketing strategy, you will need the exact number of each sales transaction and the number of each lead generated to calculate your true lead conversion rate.

When compiling your sales dollar totals, you can find this on your business financial statements or in your sales reports in your accounting program. This information represents one type of marketing data most people can find fairly well.

Now that you have created your key marketing indicators, it is time to use metrics and evaluate this information to keep you informed of what your quantification efforts are and will give you accurate, objective and an ownership point of view of your business rather than the usual collection of random numbers with personal impressions most small business owners rely on. You will know what your business is doing and what to do about it. You will be able to constantly adapt to change by being in the know of your business strategies and using metrics for quantifying your data.

This is the last section of What is Marketing Strategy and Why is it Important? I hope you found each of the six components to your marketing strategy of value and will use this information to grow and strengthen your business by using metrics along the way.

Amway Network Marketing Review – Is This A Waste Of Time

The Amway network marketing business opportunity is one of the longest serving M. L. M companies in history serving its customers and members for over fifty years. Founded in 1959, Amway has seen annual sales of around US$8.4 bn. and has driven on to have a fantastic level of success. Amway has grown to be one of the largest Multi-Level Marketing opportunities on the planet and operates in more than 80 different countries. This company has created numerous millionaires by reps working diligently to reach this status creating 6 figure incomes every single month. There are always top earners in every field of business however how practical will it be for you to become a top earner within this company or ultimately will it be simply a waste of your time?

Amway products consist of healthy vitamins, supplements, high energy juices, beauty and body products like make up, body lotions for example. Amway has such a wide range of selling items that you can even find goods like cooking pots, car & home cleaning liquids and even jewellery for sell as well . In total Amway offers around 450 products. Distributors have such a abundant list of stock items it shouldn’t be hard to sell things even if customers are just browsing. Price ranges depend on what products are sold of which distributors make good commissions. In 1999, Amway teamed up with a company called Quixtar which form part of the Alticor Group who then developed the Amway network marketing model.

Amway has around ten thousand staff and almost 3 million Independent entrepreneurs ( IBOs ) globally. The determination to stay as the top direct selling corporation makes Amway stand proud of other Multi-Level Marketing firms.

The Amway network marketing opportunity works in a similar way to most other M.L.M companies now available, sell x amount of the product, sponsor x amount of distributors and your financial freedom is handed to you, sounds extraordinarily simple and straightforward. The marketing strategies encouraged by Amway are to sell and sponsor those from your direct warm market i.e. friends, family, neighbours etc . This is a proven system by a lot of network marketers that has produced superb results. There are however some major difficulties that come along with this marketing method for some representatives. Network marketing is a people business which requires other entrepreneurial folks to join your down line. If you already have targeted, determined people within your warm market then you should find it quite a straightforward process to sign them up, if you don’t have these types you will need to seek for these few and far between people which can prove extremely exhausting and unrewarding.

The Amway network marketing opportunity has had sceptics watching each move made by the company and was eventually able to take Amway to court on charges of illegal pyramid practice. The prosecution were never able to prove this charge so Amway continued with business as normal. With most businesses of this nature there are always folks who don’t understand this industry and are fast to reach an unjustified conclusions wasting peoples time and cash in the process. Network marketing is nothing like a pyramid, an important factor to remember is pyramid schemes hardly ever have a product connected with the business, instead just money is paid in with the hope that you receive it back plus 20% for instance. Amway operates in a totally different way and has over 450 products of which representatives sell to customers to make an income.

The Amway network marketing business model does have the potential to create your financial freedom however as discussed above marketing this business can prove more complicated than it sounds. Within my own mlm company It took me a while to grasp talking to individuals like my neighbour who had no real interest in becoming an entrepreneur at all was a complete waste of my time. I loathed the incredible amount of rejection that I faced not to mention the amount of cash I wasted on telephone calls, petrol, hotel suites, leaflets and so on.

Some Amway Marketers have become reliant on internet marketing allowing them to open doors that they had never done before. Network marketers are always taught warm market methods with the basic fundamental being people may join your team because they know, like and trust you, put any decent business model in front of them and there’s a possibility of them joining solely because of you. Working online is a much colder market however using personal branding (attraction marketing) methods like creating blogs and lead squeeze pages is a way for prospects from all areas of the world to learn more about you and what it is you do so turning a relatively cold market into warm.

Online marketing has allowed Amway reps to generate 50+ leads each day nearly on autopilot which is great. This solution to marketing has had wonderful results worldwide making millionaires in the process and could help practically any person in the world have better success within any MLM company including your Amway network marketing business.

Effective Marketing is About Loving Your Customers

Quality means doing it right when no one is looking. ~Henry Ford

Do you cut corners in your products and services? Or do you make the honest effort to do it right even when no one is looking? You cant expect perfection as that is an impossible goal for the imperfect people we are. The question is simply if you have done your best. Do you do the job right even if your customer or client may never know the difference?

Marketing with Integrity is about loving your customer. Develop a relationship with them. Advise them. Help them. Offer them products and services which will help them. Protect them from those who would take advantage of them. It isnt about being the cheapest in the market, although you could make that your unique selling position.

It is really caring about the results your customers get from your products. If good service and quality require higher prices, then youll have to charge higher prices. Base your business on really helping solve your customers problems.

That shouldnt just be a buzz phrase. Make it the truth to you and your business.

Employ educational selling. Tell your customers the whole story if necessary. Give them reasons why they should buy from you. Promote the benefits of your product or service. Have ads which tell a story of how your product has helped other customers and clients. Just make sure it is a true story!

Being honest doesnt mean being boring.

It also doesnt mean being bland. You can still have exciting benefit rich ad copy and true stories to sell you products. You have to use good salesmanship to bring in buyers. Just dont use salesmanship as an excuse for lying or dishonesty.

If you truly love your customers, you wont deceive them or trick them into buying something they shouldnt. You wont tell them this is the best price when it isnt. You wont make up fake stories to sell more items. You will do everything you can to help them make a right buying decision. You will give them all the information they need to make a wise decision.

You will show them how well your product will help their lives. Do your best to produce or find the absolute best product or service for your customers wants and needs. Tell them how your product will improve their lives. Use examples. Tell true stories.

Paint a picture of the results they can achieve through the product. Once someone buys, nurture and continue to care about them. Support and reinforce their buying decision by how you contact them. Then offer them other products and services which will benefit their lives. Dont use integrity as an excuse to keep your products hidden and not show the full benefits of them to your customers.

Youre hurting your customers if you keep good quality products hidden from them!

Whats The Scope Of Network Marketing In India

As the menace of the internet is prevailing everywhere around the world, there is record increase seen in the use of the World Wide Web. There is a record increase observed in the use of the internet for the past few years. This has drawn a deep impact on the business sector which has resulted in the ever increasing websites of many different companies around the globe involved in almost all types of business being carried out today in the world. It helps the business companies in growing their business which is always found helpful for business of every nature.

Network marketing allows people to carry out their routine businesses while sitting at home. This has started a new revolution in the business sector. Out of several different of ways doing marketing, online network marketing is becoming very popular in masses. Many companies are performing their marketing campaigns on the internet as it gives the ease to work from any place of your choice. Network marketing has provided mobility to different business which were done before only from a particular or office. In the modern world it is the modern network marketing which is becoming more reliable as compared to traditional marketing methods.

Network marketing gives you the ease to market your product or business to millions of people in just a fraction of a second by a single click. This has started a new trend of having well designed website for your business marketing. A website is just like a window to towards your business for the outer world. There are many modern advancements being carried out in the field of information technology there have been consider able improvements website designing that helps the client in using different types of website. Network marketing helps to keep a track of your growing business from anywhere instead of just sticking to your office at a particular place.

If you have your own brand of any specific type of clothing you can simply make your website with the brand name and advertise it the internet on very nominal charges. By doing so you can reduce the overall cost of your marketing expenses for your product as compared to the traditional method of print media including posters and pamphlets etc. there ha s been observed that many people from almost all age groups are now using network marketing to promote their business while sitting at home especially women and disabled people by making small investments which later on result in huge revenues in a short time span as compared to other types of businesses

The 6 Ws Of Target Marketing

As with any full color printing ad that you create, theres one thing that you should know when you plan- who is your target market?

Defining your target market means focusing on target clients that have the potential to become definite buyers of your product or service. They are the ones who have a need for your business. They are most likely small groups that have the same needs, wants, problems, issues, interests, and experiences.

When target marketing, not only do you customize your color printing to address the needs of your potential clients; it also allows you to limit your costs so you can work according to the resources available to you.

So who is your target market? In order to get those who would actually buy from you, you need to know the 6 Ws of target marketing:

Who?
Who would benefit most from your product or service? Who has the most potential to buy from you? Are they men or women? Does your product create excitement among the young generation or the much older ones? Is your target market family-men or are they single-working moms?

What?
What do these target clients want to buy? What are their interests? Are they easily keyed up everytime a new model of mobile phone comes out of the market? Are they a techy-kind of clients? What do they mostly purchase each year?

When?
When do they usually buy- when they have the money or when they need it? During sales or even on regular days? When do they shop? Do they enjoy wrestling with so many people during sales? Or they would rather buy after everyone has stopped the buying frenzy? Do they buy on impulse?

Where?
Where do they usually buy- at the local grocer or at the mall? Do they drive to out-of-the-way shops to get specialized items? Do they get excited when they see thrift shops or outlet stores? What about garage sales?

Why?
Why do your target clients want to buy? Because they need it or they buy it on a whim. Do they actually believe that your product or service is effective?

HoW?
How does your target market buy? In bulk? Are they interested more on single purchases? What about buying wholesale?

So who is your target market? They are the ones who satisfy the 6 Ws of your marketing campaign. For your next color printing
ad, understand your target market and create a marketing campaign that answers your target clients needs and wants. Not only would you be able to have an effective ad in your hands, but gain as many clients who you can benefit immensely in the process.