Marketing Plan- Marketing metrics Essay Example | Topics and Well Written Essays - 750 words

Marketing Plan- Marketing metrics - Essay Example This will involve advertising campaigns. There has been significant improvement in database technologies which has made it possible for companies to gain access of customer specific information as well as competitor specific information. GGI should use such information while devising their strategies. They should identify innovative drivers to determine customer value. They need to work on enhancing their brand image since they are a relatively new entrant in the retail market. They have to build a favorable image for their brand in the customer’s mind and find out ways to attract greater number of customers and retain their existing customers. Identified Key Marketing Metrics GGI is planning to open 10 new retail stores in addition to the one it already has. This will involve substantial expenditures which have necessitated the identification of certain key marketing metrics that will enable GGI to justify their marketing expenditure. These marketing metrics will facilitate t hem to formulate strategies to enhance the performance of the company. The company can use a wide range of marketing metrics namely brand value metrics, word of mouth and referral value metrics, acquisition and retention metrics, customer value metrics, multichannel shopping metrics, product return metrics and cross buying and up buying metrics (Peterson & Et. Al., 2009). Other metrics include direct mail response rates and advertising, market share, wallet share, return on investment and customer relationship management (CRM). Recommendation on How GGI Can Improve on the Key Marketing Metrics The brand image is an extremely important intangible asset of a company. The brand image determines the future purchases made by customers, helps in developing customer loyalty and ensures customer retention. Thus, the brand value metrics is very important for GGI since it is a new entrant in the retail industry. The brand value metrics can be improved by creating an ethical and responsible im age for the company and stressing on quality of products. A company can experience considerably high purchases based on word of mouth publicity generated for the company. The predicted referral value score of each customer determines which customers should be targeted during the next period by providing them referral incentives. The word of mouth and referral value metrics and acquisition and retention metrics can be improved by enhancing the experience of the existing customers by providing superior quality products and excellent services. Multichannel shopping metrics can be improved by introducing innovative methods of purchase. The company can introduce online purchases. Improvements in cross buying and up buying metrics depend on special efforts on the part of the sales personnel. The enhanced efforts of the sales personnel makes customer buy products that they may not have planned to purchase earlier. The direct mails should be increased. The advertising should be done through multiple advertising vehicles. Wallet share refers to the amount of business generated from specific customers. Reaching out to wider range of customers by providing a wider range of products helps in increasing wallet share. This will also help in improving the ROI metrics. The CRM should be made more interactive. A closer watch on the competitors’