Your Marketing Thermometer
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Do you want to make your business more profitable in 2005 than it was last year? A simple marketing evaluation system will help. Marketing evaluation can be your business thermometer. A thermometer measures temperature; it doesn’t control the temperature. It indicates whether the heating or cooling elements are working properly. If the room is too warm or too cold, you make adjustments to remedy the situation.
By regularly measuring your sales and profits, you will be able to see whether your marketing efforts are working properly–whether you are on track to reach your objectives and where you need to make strategic or tactical adjustments–in time to make any necessary changes.
How to Measure Your Results
Begin by dividing your annual goals–in terms of units and/or dollars–into quarterly objectives. Then at the end of each quarter, ask yourself a few questions: Are my sales on target? If not, why not? What changes must I make in the next quarter to become more successful and reach my current or revised target?
Finding the answers is a two-step process.
Step 1: Conduct a Quantitative Audit
A quantitative audit is objective. It involves comparing numbers that were forecast with numbers actually achieved, and it is easy to do with a quarterly spreadsheet, as shown below. In this case, the annual forecast of 4,000 units is evenly divided into four quarterly goals of 1,000 units to Distributor A…IBPA Members – Click here to view the full article (login required).
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