Brand awareness
As the name suggests, this indicator tells you whether your target audience knows about your brand or not. Your super-advantageous offer probably doesn’t work and no one comes to you simply because 80% of potential customers haven’t heard anything about you.
Of course, it is unlikely that you will be able to achieve 100% recognition right away. However, participants in the main market share must be aware of your business so that you are on par with your competitors.
In addition, the accuracy of determining this indicator is very low, especially when it comes to tens and hundreds of thousands of potential clients. It is important to survey the maximum lawyer email list possible number of respondents located in different places so that the result is more reliable. The data obtained is then combined with the market volume in the appropriate proportions.
Various methods are used for analysis. In practice, the following are used:
statistical;
mathematical;
heuristic (expert assessments);
matrix (multidimensional);
hybrid;
process and risk modeling.
Let's look at each of them in more detail, starting with definitions.
Statistical methods
In this case, analytical statistical tools are used: calculation of absolute, relative and average values, construction of factor models (index, regression, trend), other types of analysis (variation, correlation, cyclic, dispersion, multidimensional, descriptive, inferential, predictive, analysis of relationships and differences). All of the above methods are used individually or in combination. They are used to study mass and periodically recurring phenomena, as well as to predict the behavior of participants in a particular market.
For example, it is necessary to identify how much different factors influence the object under consideration. The answer to this question can be obtained through regression analysis. First, a graph of the dependence of one parameter on another is constructed. Then, a suitable equation is selected, the parameters of which are calculated by solving a system of normal equations.
Typically, this type of analysis is used when one of the dependent variables is known in advance (for example, the demand value) and it is necessary to find the degree of its connection with the remaining independent parameters (for example, the income of buyers and the cost of the product). After this, changes in the dependent variable in the future are predicted.
Among the advantages of regression analysis, it is worth mentioning the use of mainly precise and measurable parameters and the almost complete absence of properties of the identified dependencies. The resulting models are quite precise, but difficult to interpret. This is where the main disadvantage of the method comes from: if the model is too simple or, conversely, excessively complex, the result in both cases may be inaccurate, and the interpretation of the model may be erroneous.
Marketing Performance Analysis Methods
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