In order to evaluate, monitor, and control the effectiveness of the marketing plan, identifying quantifiable elements are detrimental to V-Techs financial gains and holdings. Marketing campaigns are the most costly measurement to the company and the launch of V-Techs Virta Window new product line in its marketing practices needs to show financial accountability. The focus of controlling and effectiveness to quantifiable elements reside in the metrics analysis of:
3. Lead generation
4. Sales feed back
5. Return on investment
6. Customer retention
Once the elements of V-Tech’s marketing campaign is identified, quantifiable goals can be set to counter financial loss and actionable measures can be taken to offset the losses for exchange of returnable gain. To begin identifying the elements of concern, V-Tech accounting management will look at:
The product is an innovative technological breakthrough, meant to create real time life and learning experiences for its target audience. The product has little competition but may be hard to catch on in the marketplace and cause resistance within consumers. Quantifiable marketing goals that would need to be set: Be flexible to understanding that new products may need a longer campaign run. Placement metrics track the impact of consumer awareness and the impact of individual campaigns ability to reach marketing goals. Calculating metrics for analysis will determine if the whole of the marketing plan is bringing in more profit than it cost to run. Placement of the products marketing geographical and economic stature is an important quantifiable element. A metric analysis of location placement will measure the buying power and behavior of the consumer by geographic location.
If the product is not selling well in placement, location factors may be that the target areas do not have the right selling class. Geographical metrics indicate a target audience income, medium house hold income, pay scale and if the economics of the area are depressed or thriving for businesses and product buying. The goal would then be to move the marketing campaign into better location areas where purchasing is a stronger asset for the product. Measuring the metrics of geographic locations can also help the company keep a competitive advantage as more technology companies advance to offering consumers a similar product. By being better able to understand consumer behavior by geographic V-Tech will have a higher ROI(return on investment) strengthen their marketing campaigns that keep customer retention, loyalty and target a larger audience base. Pricing by far may be the most important aspect in finding quantifiable controlling elements.
A new product of technology changes the whole atmosphere of the market place from how it is developed to the price of manufacturing and distribution. The marketing of V-Techs new product is to reach a broad base of a consumer audience over affordability. This may cause a huge financial loss for the company. The campaign of the marketing needs increasing without the extra-added expenditures to cover the cost of loss and turn a profit. The reasoning behind quantifiable control is marketing the product to show value, and to measure financial gains where the product and marketing campaign will exceed profit and generate profit growth. The goals would then be to do a review of past sales to compare to sales of the new product and build on the strengths that previous campaigns have generated. A metrics analysis can be done in order to find out how many people clicked on an ad from online, what the numbers of new sales are and the percentage of new leads generated. From measuring sale metrics, the company will be able to tweak the marketing campaign, generate a new marketing design, or repeat the campaign until the marketing goals meets its value.
The company will also be able to determine the effectiveness of its Public relations effort in relation to its marketing efforts. A cost saving measurement to the company and the marketing campaign would be to get out in front of the face of the audience. Increase web activity, broaden the scope of social media awareness and depth in which marketing the product can help exceeded sales goals. The promotion of V-Techs product quantifiable control elements are to measure consumer awareness and set goals if the product is failing in brand awareness, website traffic, and not generating the sales lead expectations. Taking advantage of sending out Brand Ambassadors to area store locations and increasing trade market showings will promote and target the customer audiences awareness of the new product, how it is designed and will demonstrate why the consumer has a need to purchase the product. Social media marketing is limitless for brand awareness, in where a campaign can go to reach a border target buying audience.
The quantifiable elemental goals are to take advantage of the use of the internet’s effectiveness of marketing to cost with web videos, direct coupons to the consumer, customer loyalty incentives, package discounts on education and parental sites. Identifying the quantifiable elements that help to control a marketing plan is an invaluable asset to V-Tech technologies and its new product launch. The analyzed metric data sets timely goals to which the company can redefine its control of marketing execution to increase sales and profits. The wealth of information extracted from the identification process takes on a new format that will find strengths and weakness of the consumer target audience, and will help to keep a competitive advantage as new companies move in the territorial locations of the innovative technology that V-Tech Windows will bring to a new market place.