Marketing Plan and Analytics

Process
16
Creating a Plan and Assessing Its Success
Objectives

• Learn how the different elements of marketing fit

together for a marketing plan

• Discuss why marketing analytics are important

for tracking marketing success

• Define marketing analytics approaches and types

of metrics to track
A comprehensive strategy covering the marketing
management process for a product or service

Marketing Plan
Questions to Ask

• Who are we as a company — what is our purpose?

• Why do we exist?

• What are our company missions and goals?

Target Market Questions to Ask

• Who is the ideal customer?

• What are the characteristics of the target market?

• What does the target market value in a product / service?

• Are there any unmet needs in the market?

Product / Service Questions to Ask

• What is the product?

• How does it satisfy customer needs?

• Does it fit with company identity?

Situation Analysis Questions to Ask

• What is happening in the immediate environment?

• What is happening in the external environment?

Situation Analysis Questions to Ask

• What are the potential opportunities for the company?

• What are the possible threats that the company

or product might face?
Questions to Ask

• What do we hope to accomplish in the next (six months,

year)?

• What sales do we hope to reach in a certain period

after product launch?
Questions to Ask

• What brand awareness level do we hope to meet in the

target market?
A guide to internal strategy

Ties together top and bottom halves of the marketing plan

Point at which the plan moves from a strategic analysis

to a tactical plan
In order to create an effective plan, marketers must
decide how to use their marketing tools, or the 7 Ps,
to address what they’ve found out in the earlier half
of the marketing plan
Once a plan is completed, how does the marketer
know if it is successful?

The marketer develops a plan to gauge whether or

not the plan is successful or if changes are needed.
 The process of collecting and using data
to measure its own effectiveness and then takes
actions based on the data to get better
at what it does.

Analytics Process
 Marketing Needs Data

• To know how effective its efforts are

• To improve marketing’s performance

• To build marketing’s credibility

 Analytics Terms
Marketing analytics: a process for measuring
and analyzing marketing data to better manage
marketing performance and maximize the return
on the investment that a company makes in
marketing

Metrics represent the data that serves as input

for any analytics process
Benefits of Analytics

Teams With an Analytics Process

• Are better focused on achieving their objectives

• Gain credibility within the organizations they serve

• Show constant improvement

 Analytics Process

1. Identify the right metrics

2. Track the metrics over time

3. Use the analytic data to improve

4. Repeat these steps on a regular basis

 Classes of Metrics

Effectiveness metrics: measure important

outcomes

Efficiency metrics: measure how well marketing

got things done
 Classes of Metrics
• Outcome
• Activity
• Leading indicators
• Output
• Predictive
• Operational
 Marketing analytics concerns itself with identifying
the right metrics, tracking them over time,
analyzing them, and using the results of that analysis
to improve what marketing does.
 Improve with Analytics

• Compare results

• Discover reason for results

• Use insights to market

Review

The Marketing Plan is a strategic approach

to managing the marketing of a product or service
Review

Analyzing marketing’s data should happen at regular

intervals.