From the following points, one can easily understand that why there is the need to evaluate the marketing strategy:
Dynamic business environment: The need for evaluating marketing strategy arises out of the dynamic nature of the market and business environment. The market trends keep changing, and firms must adjust to such changes, which require evaluation of marketing strategy. Similarly, the business environment sees changes such as technology advancement, entry/exit of firms, and socio-cultural movements.
Parity with marketing goals: One should evaluate the marketing strategy to check if they give results that are at par with the marketing goals. A marketing strategy that does not produce the desired results is futile.
New opportunities: One should reassess marketing strategies to make sure that the firm utilizes new opportunities in the market. The market keeps evolving, leading to new opportunities, such as new technology, new markets, or new products.
Imminent threats: The firm must be on the lookout for imminent threats in the market. A reassessment of marketing strategy will shine a light on such threats. In addition, evaluation and modification of the marketing strategy could protect the firm from huge losses.
When to Evaluate Marketing Strategy:
Typically, one should evaluate marketing strategy every six months. This is because markets see changes in wants with the onset of every season. Every season brings with it a demand for certain products. Firms can also choose to evaluate their marketing strategy every year if their product line is independent of its seasons. The marketing strategy should be keenly evaluated when a new product is launched. Introducing a new product requires huge investments in its marketing. Thus, the firm should consistently keep a check on its marketing strategy to see if it is giving the desired results or not. Similarly, when a firm enters a new market, the marketing strategy should be kept in check. The need to evaluate the marketing strategy should arise when the firm does not generate enough sales volume. Marketing strategies are formulated with the intent of efficient marketing and generating a healthy volume of sales. When the firm fails to do so, it must take a closer look at its marketing strategy.
How to Evaluate Marketing Strategy:
From the following points, one can easily understand that how can they evaluate the marketing strategy:
Monitoring the sales numbers: Good marketing efforts lead to a generous number of sales. Thus, if the firm generates an ideal amount of sales, the marketing strategy must be working in the firmâ€™s favor.
Taking the consumersâ€™ opinion: The consumer is the best person that can tell if the marketing strategy is working or not. It is because marketing strategies are made to appeal to the consumers. Therefore, the consumersâ€™ opinions can tell a lot about the efficacy of the firmâ€™s brand. If the consumer says that the marketing strategy does not interest them, they must make it work. One can collect the consumersâ€™ opinions through surveys and questionnaires.
Analyzing investment vs results: A firm that invests more and receives less from its marketing efforts has a faulty marketing strategy. Therefore, a criterion to judge the effectiveness of a marketing strategy is to check if the firm gets good returns on its investment for making marketing efforts.
Taking notes from competitorsâ€™ marketing strategy: A firm can observe the marketing strategy of a close competitor to look for improvement areas in its marketing strategy.
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