Bantayan - Chapter 6 COSLA (draft)
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This document discusses new marketing metrics - Purchase Action Ratio (PAR) and Brand Advocacy Ratio (BAR). PAR measures how well a company converts brand awareness into purchases. BAR measures how well a company converts awareness into advocacy. The document uses Philam Life as a case study. Through its wellness program Philam Vitality and aggressive marketing, Philam Life was able to improve its PAR and BAR by converting more policyholders into advocates who referred others. The new metrics allow marketers to better measure performance and returns from marketing spending.
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To provide our customers with the best medicines to help alleviate common cold and allergy symptoms in order to help you get through your day.
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· On average, Allround have 1.7 square feet of shelf space. In many cases, this is three times that of competitors. All Allround products consistently control shelf space.
· Stock price has nearly tripled in 4 years and continues to show a path of growth
· Allround+ is the most recommended product of its kind
· Allright is the most recommended allergy medicine
· Allstar’s products lead the market in satisfaction across the board
· Allround dominates the retired market with the closest competitor holding half the share of Allround,
WEAKNESSES:
· MSRP fluctuation. At times the price failed to keep pace with inflation. At other times, the price was considered too high. The products’ price was not consistent during the first years (periods).
· The gross margin dropped so much in the first few years that is has just now recovered to its original percentage.
· Allstar’s sale force is large relative to competitors. Likely to be unnecessary due to the market dominance of Allstar’s products.
· The cost of goods sold is significantly higher than Allstar’s closest competitor, B & B.
· Allstar’s net income is significantly lower than B & B’s
· Allround+ trails Besthelp+ in every channel.
· Allround’s sales have dropped consistently over time to the point of matching Besthelp.
OPPORTUNITIES:
· Convenience stores’ growth is currently at 25.9%. Allstar’s focus on grocery stores may need to alter in order to capitalize on the growing convenient store market.
· Retail sales unceasingly increase by ~6%. A focus on retail and away from mass merchants could be beneficial.
· The trend among competitors is limited or no alcohol in products. An alcohol-free brand reformulation may be due.
· There are no 12-hour multi-liquid products on the market. A reformulation or brand extension into this market should be evaluated.
· Allright continues to be the only non-drowsy 4-hour capsule on the market. An expansion into a 12-hour non-drowsy capsule should be researched.
· Price is t ...
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- 1. THE NEW WAVE IN MARKETING METRICS PAR and BAR Julian Sebastian B. Bantayan
- 2. “Measurement is the first step that leads to control and, eventually, to improvement.” H. James Harrington
- 3. “What cannot be measured, cannot be done.”
- 4. ➜ Importance of metrics ➜ PAR and BAR explained ➜ Philam Life: from Action to Advocacy The New Wave in Marketing Metrics
- 5. Why are metrics important? ➜ Deep insights on performance ➜ Alert us on which ideas to replicate and improve ➜ Gives credibility as to why marketing is a good investment
- 6. Brand awareness: the gate to the consumer path ➜ Awareness and Advocacy ○ focus more on the outcome rather than the process to reach the goal ○ companies often fail to see any correlation between awareness and advocacy
- 8. Purchase Action Ratio (PAR) - measures how well companies “convert” brand awareness into brand purchase
- 9. Brand Advocacy Ratio (BAR) - measures how good companies “convert” brand awareness into brand advocacy
- 10. PAR and BAR tracks the number of customers who go from AWARE to ACT and eventually to ADVOCATE AWARE APPEAL ASK ACT ADVOCATE
- 11. From a population of 100 people in the market, Brand X is recalled by 90 people; out of that 90, only 18 people end up buying the brand, and only 9 spontaneously recommend the brand. EXAMPLE
- 12. PAR of 0.218 out of 90 buy the brand Brand X fails to convert 80% of the high level of brand awareness into sales BAR of 0.19 out of 90 recommend the brand
- 14. PAR and BAR allow marketers to measure the productivity of their spending, particularly for generating brand awareness. 14
- 15. Marketers should also measure every conversion rate from awareness to advocacy ➜ A low conversion rate from aware to appeal for a brand reflects low consumer attraction ➜ A low conversion rate from appeal to ask for a brand is a sign of low consumer curiosity
- 16. Marketers should also measure every conversion rate from awareness to advocacy ➜ A low conversion rate from ask to act for a brand indicates low commitment ➜ A low conversion rate from act to advocate for a brand indicates low affinity
- 18. ➜ In 2015, Philam Life shifted its focus to improving the quality of life for every Filipino through health and wellness. ➜ Philam Vitality is a wellness program for policy holders that offers rewards for taking steps to a healthier life.
- 20. ➜ Aggressive marketing campaigns raised awareness for Philam Vitality ➜ Financial advisors bundled life insurance policies with Philam Vitality ➜ Vitality was particularly attractive to the millennials and Gen Z population
- 21. ➜ Policyholders themselves advocate among their peers the benefits of Vitality, and referrals to Financial Advisors increase because of this program.
- 22. ➜ Purchase Action Ratio (PAR) ➜ Brand Advocacy Ratio (BAR) ➜ Philam Life: from Action to Advocacy The New Wave in Marketing Metrics 22
- 23. THE NEW WAVE IN MARKETING METRICS PAR and BAR Julian Sebastian B. Bantayan
Editor's Notes
- It indicates that customers who are made aware of the brand do not find it appealing. Consumers do not feel compelled to ask questions and research the brand further. This usually stems from a company’s inability to trigger conversation and facilitate information sharing among consumers However, the curiosity level of a brand should never be overly high. When consumers have too many questions about the brand, it means the brand message is unclear
- people are talking about the brand without making the commitment to buy. Usually this means that the brand has failed to convert confirmed interest into purchase through its distribution channel customers who have experienced the brand are not delighted enough to recommend it. The low conversion rate may be a result of poor post-sales service or poor product performance