Analytical Marketing Tools and Techniques


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Analytical Marketing Tools and Techniques

  1. 1. How-To GuideMarketing Tools & TechniquesExecutive SummaryDecisions need to be supported by sound information. Obtaining information andtranslating it into actionable and predictive insight is a difficult challenge. Dont reinventthe wheel; leverage tools & techniques that have been proven to work. Following is a listof tools & techniques that will help you to demonstrate marketing ROI and developmarketing dashboards.This How-To Guide will outline the following:  Key analytical tools & techniques  Action plan for getting startedKey Analytical Tools & Techniques  Perceptual Mapping These maps take empirical customer-based evaluations of key brand attributes and translate this data into visual maps. These maps provide a method for calculating the ROI of positioning changes, identifying product strengths & weaknesses and determining unmet customer needs. Click here to learn more.  Resource Allocation By combining management science, historical data, and executive judgments, this model can be used to size and allocate marketing resources such as salesperson headcount. Click here to learn more.1 © 2012 Demand Metric Research Corporation. All Rights Reserved.
  2. 2. How-To Guide  Bass Diffusion Model Use this technique to accurately forecast revenue for a new product where you have no historical data. Click here to learn more.  Markov Chains This technique can be used to understand the future of your market such as how your customers will make purchasing decisions. Many organizations have used Markov chains to forecast the impact of market changes. Follow this link to learn more about this technique.  Marketing ROI Measuring return on investment is one of the most frequently used methods for analyzing the success of marketing programs. Follow this link to learn more.  Decision Trees This technique provides a method for breaking large decisions into manageable pieces, analyzing the expected outcomes, and determining potential payoffs. Click here to learn more.  Simulation Tools Using turbocharged Excel spreadsheets can provide insight into the effectiveness of a particular marketing program.2 © 2012 Demand Metric Research Corporation. All Rights Reserved.
  3. 3. How-To Guide  Competitive Radar Use Demand Metric’s Competitor Analysis Tool to graphically represent your competitive matrix.Action Plan for Getting Started 1. Learn Techniques - conduct further research & analysis of the preceding tools & techniques to determine if you have requirements in areas they address. Most organizations could benefit from analytical decision-making frameworks, but dont invest the time to understand their applications. 2. Select a Pilot Technique - challenge yourself to learn one new technique. Once you get the hang of these methods, you will impress your senior management team by providing relevant and timely recommendations based on your analysis. 3. Make Recommendations - once your pilot tool is developed, communicate its purpose with the senior management team. Provide recommendations based on the results from your analysis. 4. Add More Techniques - once you have mastered one analytical technique, begin to learn how other techniques can be incorporated into your decision-making processes. 5. Determine Dashboard Capability - many of these techniques are integral to creating a marketing dashboard that provides visibility and predictive insight. Read Demand Metrics Research downloadable guide, Get Ready to Measure Marketing Performance, and go through the associated Dashboard Readiness Assessment to determine if you are ready.3 © 2012 Demand Metric Research Corporation. All Rights Reserved.
  4. 4. How-To Guide 6. Implement a Dashboard - read Demand Metrics Implementing Effective Marketing Dashboards to learn how to move forward with this idea. This report will outline what dashboards are, what benefits they offer, and implementation best practices. 7. Build a Dashboard - use Demand Metric’s Excel based Dashboard Templates as a starting point. A few popular templates include:  Key Marketing Metrics Dashboard  Website Metrics Dashboard  Social Media Dashboard  Content Marketing Dashboard  Business Strategy Dashboard  Product Development Dashboard  Sales Operations Dashboard  Webinar Metrics Dashboard  Sales & Marketing Executive Dashboard  Public Relations Dashboard  Mobile Marketing Dashboard  Management & Leadership Dashboard  Lead Generation Dashboard  CRM Program Metrics DashboardBottom LineCredibility stems from accountability and the ability to back up your recommendationswith solid evidence. Master analytical techniques and deploy a toolset that can be usedto inform marketing decisions, measure market conditions, and provide actionable,predictive insights.4 © 2012 Demand Metric Research Corporation. All Rights Reserved.