Analytical Marketing Tools & Techniques

1. Analytical Marketing Tools & Techniques ANALYTICAL MARKETING TOOLS AND TECHNIQUES HOW-TO GUIDE

2. 2 Analytical Marketing Tools and Techniques How-to Guide Analytical Marketing Tools and Techniques Decisions need to be supported by sound information. Obtaining information and translating it into actionable and predictive insight is a difficult challenge. Don’t reinvent the wheel; leverage tools and techniques that have been proven to work. Following is a list of tools and techniques that will help you to demonstrate marketing ROI and develop marketing dashboards. Key Analytical Tools and 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 and weaknesses, and determining unmet customer needs. Click here to learn more. Resource Allocation — By combining management science, historical data, and executive judg- ments, this model can be used to size and allocate marketing resources, such as salesperson head- count. Click here to learn more. 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. Click here 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. Click here 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. Competitive Radar — Use Demand Metric’s Competitor Analysis Tool to graphically represent your competitive matrix. HOW-TO GUIDE Credibility stems from accountability and the ability to back up your recommendations with solid evidence. Master analytical techniques and deploy a toolset that can be used to inform marketing decisions, measure market conditions, and provide actionable, predictive insights. Bottom Line 2 Analytical Marketing Tools and Techniques How-to Guide Analytical Marketing Tools and Techniques Decisions need to be supported by sound information. Obtaining information and translating it into actionable and predictive insight is a difficult challenge. Don’t reinvent the wheel; leverage tools and techniques that have been proven to work. Following is a list of tools and techniques that will help you to demonstrate marketing ROI and develop marketing dashboards. Key Analytical Tools and 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 and weaknesses, and determining unmet customer needs. Click here to learn more. Resource Allocation — By combining management science, historical data, and executive judg- ments, this model can be used to size and allocate marketing resources, such as salesperson head- count. Click here to learn more. 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. Click here 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. Click here 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. Competitive Radar — Use Demand Metric’s Competitor Analysis Tool to graphically represent your competitive matrix. HOW-TO GUIDE Credibility stems from accountability and the ability to back up your recommendations with solid evidence. Master analytical techniques and deploy a toolset that can be used to inform marketing decisions, measure market conditions, and provide actionable, predictive insights. Bottom Line

3. 3 Analytical Marketing Tools and Techniques How-to Guide 1 3 Learn Techniques Make Recommendations Conduct further research and analysis of the preceding tools and techniques to deter- mine if you have requirements in areas they address. Most organizations could benefit from analytical decision-making frameworks, but don’t invest the time to understand their applications. Action Plan STEP 1 - Learn Techniques 7 Build a Dashboard 6 Implement a Dashboard 4 Add More Techniques 2 Select a Pilot Technique 5 Determine Dashboard Capability Know Your Marketing Tools and Techniques Learning to Love Analytics W AT C H V I D E O LEARNING TO LOVE ANALYTICS eWorkshop 3 Analytical Marketing Tools and Techniques How-to Guide 1 3 Learn Techniques Make Recommendations Conduct further research and analysis of the preceding tools and techniques to deter- mine if you have requirements in areas they address. Most organizations could benefit from analytical decision-making frameworks, but don’t invest the time to understand their applications. Action Plan STEP 1 - Learn Techniques 7 Build a Dashboard 6 Implement a Dashboard 4 Add More Techniques 2 Select a Pilot Technique 5 Determine Dashboard Capability Know Your Marketing Tools and Techniques Learning to Love Analytics W AT C H V I D E O LEARNING TO LOVE ANALYTICS eWorkshop

4. 4 Analytical Marketing Tools and Techniques How-to Guide 1 3 Learn Techniques Make Recommendations Challenge yourself to learn one new tech- nique. 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. Action Plan STEP 2 - Select a Pilot Technique 7 Build a Dashboard 6 Implement a Dashboard 4 Add More Techniques 2 Select a Pilot Technique 5 Determine Dashboard Capability Perfect a New Technique to Impress Management 4 Analytical Marketing Tools and Techniques How-to Guide 1 3 Learn Techniques Make Recommendations Challenge yourself to learn one new tech- nique. 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. Action Plan STEP 2 - Select a Pilot Technique 7 Build a Dashboard 6 Implement a Dashboard 4 Add More Techniques 2 Select a Pilot Technique 5 Determine Dashboard Capability Perfect a New Technique to Impress Management

5. 5 Analytical Marketing Tools and Techniques How-to Guide 3 Make Recommendations Once your pilot tool is developed, communi- cate its purpose with the senior management team. Provide recommendations based on the results from your analysis. Action Plan STEP 3 - Make Recommendations 7 Build a Dashboard 6 Implement a Dashboard 4 Add More Techniques 2 Select a Pilot Technique 5 Determine Dashboard Capability 1 Learn Techniques Clarify the Purpose of Your Pilot Tool 5 Analytical Marketing Tools and Techniques How-to Guide 3 Make Recommendations Once your pilot tool is developed, communi- cate its purpose with the senior management team. Provide recommendations based on the results from your analysis. Action Plan STEP 3 - Make Recommendations 7 Build a Dashboard 6 Implement a Dashboard 4 Add More Techniques 2 Select a Pilot Technique 5 Determine Dashboard Capability 1 Learn Techniques Clarify the Purpose of Your Pilot Tool

6. 6 Analytical Marketing Tools and Techniques How-to Guide 3 Make Recommendations Once you have mastered one analytical technique, begin to learn how other tech- niques can be incorporated into your deci- sion-making processes. Action Plan STEP 4 - Add More Techniques 7 Build a Dashboard 6 Implement a Dashboard 4 Add More Techniques 2 Select a Pilot Technique 5 Determine Dashboard Capability 1 Learn Techniques Keep Growing Techniques for Each Decision Made 6 Analytical Marketing Tools and Techniques How-to Guide 3 Make Recommendations Once you have mastered one analytical technique, begin to learn how other tech- niques can be incorporated into your deci- sion-making processes. Action Plan STEP 4 - Add More Techniques 7 Build a Dashboard 6 Implement a Dashboard 4 Add More Techniques 2 Select a Pilot Technique 5 Determine Dashboard Capability 1 Learn Techniques Keep Growing Techniques for Each Decision Made

7. 7 Analytical Marketing Tools and Techniques How-to Guide 3 Make Recommendations Many of these techniques are integral to creating a marketing dashboard that provides visibility and predictive insight. Action Plan STEP 5 - Determine Dashboard Capability 7 Build a Dashboard 6 Implement a Dashboard 4 Add More Techniques 2 Select a Pilot Technique 5 Determine Dashboard Capability 1 Learn Techniques Assess Your Company’s Marketing & Performance Read Demand Metric’s Research downloadable guide, Get Ready to Measure Marketing Performance, and go through the associated Dashboard Readiness Assessment to determine if you are ready. V I E W R E S O U R C E Dashboard Readiness Assessment 7 Analytical Marketing Tools and Techniques How-to Guide 3 Make Recommendations Many of these techniques are integral to creating a marketing dashboard that provides visibility and predictive insight. Action Plan STEP 5 - Determine Dashboard Capability 7 Build a Dashboard 6 Implement a Dashboard 4 Add More Techniques 2 Select a Pilot Technique 5 Determine Dashboard Capability 1 Learn Techniques Assess Your Company’s Marketing & Performance Read Demand Metric’s Research downloadable guide, Get Ready to Measure Marketing Performance, and go through the associated Dashboard Readiness Assessment to determine if you are ready. V I E W R E S O U R C E Dashboard Readiness Assessment

8. 8 Analytical Marketing Tools and Techniques How-to Guide 3 Make Recommendations Action Plan STEP 6 - Implement a Dashboard 7 Build a Dashboard 6 Implement a Dashboard 4 Add More Techniques 2 Select a Pilot Technique 5 Determine Dashboard Capability 1 Learn Techniques Understand What an Effective Dashboard Is Read Demand Metric’s 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. V I E W R E S O U R C E Implementing Effective Marketing Dashboard 8 Analytical Marketing Tools and Techniques How-to Guide 3 Make Recommendations Action Plan STEP 6 - Implement a Dashboard 7 Build a Dashboard 6 Implement a Dashboard 4 Add More Techniques 2 Select a Pilot Technique 5 Determine Dashboard Capability 1 Learn Techniques Understand What an Effective Dashboard Is Read Demand Metric’s 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. V I E W R E S O U R C E Implementing Effective Marketing Dashboard

9. 9 Analytical Marketing Tools and Techniques How-to Guide 3 Make Recommendations Action Plan STEP 7 - Build a Dashboard 7 Build a Dashboard 6 Implement a Dashboard 4 Add More Techniques 2 Select a Pilot Technique 5 Determine Dashboard Capability Learn Techniques1 Implement Your Marketing Dashboard Using Best Practices A few popular templates include: Key Marketing Metrics Dash- board Website Metrics Dashboard Social Media Dashboard Content Marketing Dash- board Business Strategy Dash- board Product Development Dash- board Use Demand Metric’s Excel based Dashboard Templates as a starting point. Key Marketing Metrics Dashboard V I E W R E S O U R C E 9 Analytical Marketing Tools and Techniques How-to Guide 3 Make Recommendations Action Plan STEP 7 - Build a Dashboard 7 Build a Dashboard 6 Implement a Dashboard 4 Add More Techniques 2 Select a Pilot Technique 5 Determine Dashboard Capability Learn Techniques1 Implement Your Marketing Dashboard Using Best Practices A few popular templates include: Key Marketing Metrics Dash- board Website Metrics Dashboard Social Media Dashboard Content Marketing Dash- board Business Strategy Dash- board Product Development Dash- board Use Demand Metric’s Excel based Dashboard Templates as a starting point. Key Marketing Metrics Dashboard V I E W R E S O U R C E

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