12 Nov 2019
Any advertising projects should be carried out taking into account the analysis of current results and an assessment of their effectiveness. Many companies do not pay due attention to the course of the promotion. This often leads to reduced sales and efficiency. Managers analyze the effectiveness of advertising on the basis of final sales figures. Instead, it’s much more efficient to monitor advertising during the promotion process. If you do not follow the course of the campaign, then you can quite unexpectedly get such a result when it’s too late to take measures to correct the situation
Large companies monitor and evaluate their advertising campaigns even when all market factors indicate that advertising achieves marketing goals. The head of the advertising and marketing department, who is interested in success, should always be sure that the sale of products is provided precisely by advertising, and not by other marketing factors, “misses” from competitors or the market itself. In addition, he is interested in the possible impact of advertising on future sales
Advertising and sales (profits) are not always directly related. The change in sales is influenced by many factors. Such as fashion, competitor behavior, consumer expectations, the economic situation in the country, lower consumer incomes, seasonality and many other factors. It is impossible to take into account the dynamics of all the above indicators. However, timely detection of a tendency to deviations in the situation on the product market in the country or in consumer behavior using research methods of the advertising campaign can help to avoid a number of unpleasant consequences. Accordingly, this increases the chances of a more favorable effect from advertising.
Tracking an advertising campaign requires a significant amount of financial resources. First, you need to conduct a preliminary, or control, study, if it was not carried out when developing an advertising strategy. Then, during the campaign, one or more “waves” of research are conducted, the results of which are compared with the “control” ones. The cost of each interim study depends on the goals of the survey, the size of the sample of respondents, the size of the questionnaire, the likelihood of making a purchase etc. Anyway it remains quite high.
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