November 2, 2020
A significant step in creating a marketing strategy for chemical industry businesses is the evaluation stage. A lot of forethought must go into planning, but the impact is determined by tangible measurements of success. It is crucial to know how much revenue increased or how much closer you are to an objective.
Assessing the success and failure of a marketing strategy should not be based on a gut feeling. You need to set aside the emotional connection you feel towards an idea and instead view the actual impact of the promotion and the response of consumers. Any marketing strategy for chemical industry companies will involve multiple advertising efforts, and it is important that each effort is in line with what you need to accomplish. You may have short-term metrics that you monitor because they are available immediately, such as clicks, shares, and likes. These can be helpful, but it is important to evaluate if tactics are ultimately helping you reach your end goals.
When measuring the success of a marketing strategy for chemical industry professionals, you can use five techniques.
Evaluate Progress Towards Objectives with Testing
The primary focus of an assessment effort is to measure against corporate objectives. A successful marketing plan will move you closer to the end goal. If your measurements determine that the progression toward a goal is not happening or not occurring at the desired pace, then it is important to determine what changes are needed to get back on track.
One way to get insight into what changes will help in achieving your goals is to include A/B testing. This concept involves setting up two versions of a campaign, tactic or ad to see which performs better. You can then compare to see if one is better at achieving your goals.
Assess the ROI
Beyond comparing two campaigns side-by-side, you can determine the return on investment. ROI is a crucial tool in assessing the effectiveness of a specific marketing effort. Different strategies have different expected returns. However, only your company and marketing department can determine what is an acceptable ROI.
ROI is simply a way to measure how much is spent on an initiative compared to how much revenue is produced. There are many on-line calculators you can use, but the basic formula is (Revenue – Costs) / Costs = ROI.
Compare Strategy to Leading Competitors
While it is important to build a unique strategy, researching your competition can be helpful. What do they do that makes them successful? What tools do you have access to for evaluating their performance in the market? What channels and messaging are they using? What are potential customers’ perceptions of them? By comparing your performance, you can see potential ways to be more successful.
Talk with Consumers
The objective of any industry is to answer a problem for the consumer, making itself indispensable in the process. The best measurement of a marketing campaign’s success is the response from the consumer. An excellent campaign resonates with your target buyer, while an ineffective campaign falls flat. There are several ways to measure the effectiveness of a campaign by reaching out to your base.
- Direct communication
Compare Sales Revenue
The most obvious tool in your arsenal for measuring the impact of a marketing campaign is the difference in sales before and after the campaign. However, be careful not to get lost in regular seasonal or quarterly changes. Every business ebbs and flows throughout the year. Instead of measuring quarter to quarter, review historical data. By comparing against similar times over the past several years, you can make a fair assessment.
While there are plenty of ways to determine the success or failure of a marketing strategy for chemical industry businesses, analysis always comes down to measuring against benchmarks and overall performance.
Do you need tools to help you evaluate your marketing strategy for your chemical industry business? UL Prospector Marketing Solutions and Analytics can help you measure your impact. Speak with sales.