Part 1 of your textbook covered the metrics of a marketing
plan. The author talked about many of
the key components that go into the metrics of a marketing plan.
For this week’s blog, research two other sources that talk about
metrics. Use the Internet for your
research and use the keywords “metrics of marketing plan.” Do not reference ad sites (usually the first
few sites listed in a search).
- Write a complete paragraph about each of the sources.
- Talk about some of the different ideas and approaches you find in your search.
- Talk about some of the same ideas or consistencies that you find in your search.
- Include if you think your sources validate what the author states in the text, adds to what she says, or completely invalidates what she says.
- Make sure to include in-text citation and a reference list that lists the two URLs of your sources.
- Leave at least two responses under two different classmate’s posts agreeing or repudiating what they say including evidence from your own research.
- Write a final reflection of what you have learned from reading your classmates posts.
The first article I came across is written by Terry Lane called “What Does Marketing Plan Metrics Mean?” The difference I found within this article was how it discussed social media metrics. I feel that this is an important way to keep track marketing. It discusses the influence facebook, twitter has on a business. It also discusses how advertisements can be used & it keeps track on how often your ad pops up on the internet through these accounts. The article matches with what I learned from our text with regards to return of investments & tracking revenues. It doesn’t go in depth as much as the text does, but it does give you a nice generalization of what they are used for. The very first sentence Lane writes is, “Marketing plan metrics are measurements that let advertisers, marketers, business owners and others judge how well a marketing or ad campaign is working.” This sentence goes with what we learned from Murray throughout part one.
ReplyDeleteThe second article is written by Kevin Cain called “Measuring Marketing Effectiveness: 6 Metrics You Need to Track.” I feel that this article goes more in depth of what you should be tracking with it comes to the internet. I feel that our book didn’t touch as much as it should when it comes to using the internet. Nowadays people live off of it. He discusses the bounce rate. How many times does people click on it, & that’s just instantly leaves it. Search engine traffic & inbound links I found to be pretty interesting also. This article is very straight to the point. It lists the six metrics to track with a brief description, & was followed by graphs on what it should look like when tracking. I feel that Cain needed to also remember there are other types of metrics that still need to be tracked, it was very internet based. I feel that both this article & the text focused on different aspects of the metrics & what to track, but if you put them together, I learned that much more.
Reference List
Cain, K. (2016, November 16). 6 Metrics to Track When You Measure Marketing Effectiveness. Retrieved from https://contentmarketinginstitute.com/2012/10/measuring-marketing-effectiveness-metrics/
Lane, T. (2017, November 21). What Does Marketing Plan Metrics Mean? Retrieved January 22, 2019, from https://smallbusiness.chron.com/marketing-plan-metrics-mean-67457.html
Murray, K. (2012). The ultimate child care marketing guide: Tactics, tools, and strategies for success. St. Paul, MN: Redleaf Press.
Hi Tanya,
DeleteYou make a good point by mentioning that most of the articles we find on the web are related to internet marketing, as technology has impacted the way most of the companies operate online. According to my research, nowadays marketers, business owners, etc. can find digital tools to support their marketing operations. There are great marketing platforms that provide tutorials to track the channels where you are getting your leads and the content that attracts them. These marketing metrics relate to what we read in our book because they also measure revenue, cost for lead/customer, website traffic, and customer lifetime value. And, this information will help us track our performance and make the right decisions for our marketing investment. I think both of us have learned something new about digital marketing this week!
Tanya,
DeleteWhat do you think the effect is online media to marketing after reading your articles? I only use word of mouth and online sources and have always had a waiting list so I went looking for online marketing metric articles that I can utilize the information in helping my own business but it is good to see what others think. I have tried other sources in the past but they didn't have much success so I stopped using them like our text pointed out was what we should do but at times I wonder if that limits my clientele to online social media users and those that know and use are local resource and referral agency only which is a small portion of the market.
Jennifer
Tanya,
DeleteI also find it very interesting that your article discussed the only the different social media metrics and I agree that it is an important way to keep track of marketing because social media is growing and a lot of businesses are using social media to promote their company and to update the information about the company as well as other marketing tools. I like that your article explains how important marketing metrics are and how they measure how well the marketing is working.
I think that your second article was more informative on how to really use the internet as a marketing tool and how to grab the attention of the viewers. I would have never thought about how many times people click on it or just search for the particular website or information. It is so interesting. I feel like you found some really interesting as well as informative articles! Thank you for sharing!
Hey Tanya,
DeleteIt was good reading about the article talk about the importance of using social media to market. You are right that our textbook doesn't really talk much about using social media to market, I believe social media is one of the best ways to sell ones business and one can also track the traffic to have an ideal of how people are visiting the website.
Hello Tanya,
DeleteIn the articles I looked at online also mentioned social media metrics. I completely agree with you that this can be a very important way to track marketing especially if you are using the advertisement tools on social media. This is something that I use but have never thought about tracking it. Your second article you found seems like it has some really great information, I like the fact it has the graphs to show how it should look when you track it. It seems like all of the online articles we have found discuss more metrics for tracking marketing done online which is rally great information. Thank you for sharing your articles, I will have to look more in to them as well.
Hi Tanya,
DeleteI didn't know much about the metric system until I took this class, what I am discovering is most businesses use some type of metric system to track their business to gain knowledge on the performance of their business. Now that I understand the reason for this system I can see the importance of businesses as they use this system to help advertise or keep track of customers. There are many different tools to use, personally I like the metric system used in the textbook.
Hi Tanya
DeleteI also found that in the marketing plans or strategies they're many that talk about the ROI and also on the tracking. There are many things that deals with some type of measuring system and they're all related in some way or other. And no matter how you slice it we have to keep track of the things that we are doing on a daily basis such as homework. Good post.
The articles that I read were more focused on internet marketing, but they provide an interesting perspective on where to start and what to consider for our marketing metrics. The main distinction is to identify channel and content marketing metrics to improve our success on the web. This is, by converting hot leads into our best customers.
ReplyDeleteFirstly, I read an article by Paulmeyer on C. Blohm & Associates Inc., that is “an education marketing agency that partners with companies worldwide to deliver integrated education marketing campaigns that achieve results.” (cblohm.com). Paulmeyer advises to plan a marketing budget with S.M.A.R.T. goals. This is, they should be specific, measurable, attainable, realistic and timely. Then we should look for tools to reach our goals and track our success. He suggests some channel marketing, email and social media tools like: HubSpot (marketing, sales and service software), MailChimp (marketing platform for small business), HootSuite (social media management platform), and Sprout Social (social media management software) to have a controlled operation when targeting leads and converting them into customers. All these tools provide easy tutorials to support sales growth and marketing business platform.
The second article I read was by Bonnici on Entrepreneur.com. Bonnici’s article “The most important marketing metric that you are not measuring,” talks about digital marketing and makes a comparison between channel-centric approach (“assessing email, social, or all channel combined”) vs content-centric approach (“what content topics attract and convert the most and best customers for your brand”) of marketing metrics (Bonnici, 2017). In this article, Bonnici (2017) claims that “modern marketers have realized that truly remarkable content creates buzz, engagement, education, sales, and it what dictates the success of their marketing.” (entrepreneur.com). The goal is to know what our customers want and how to measure it. First, we need to identify content topics that are working to attract leads. From the content perspective, we should find out what are the topics that interest the most to our leads. Second, we concentrate in tracking three key metrics that will help us “analyze performance, refine strategy and scale marketing-generated revenue. They are visit-rate, lead-rate, and customer-rate.” (Bonnici, 2017). And, three, identify which content topics generate the most customer revenue for your business. He proposes a method to estimate results. He concludes by underlining that once we identify what content works best for our business, we can optimize these topics by channel, and increment their performance and our sales. (Bonnici, 2017).
Bonnici, R. (2017). “The most important marketing tool you’re not measuring.” Retrieved from https://www.entrepreneur.com/article/287680
Paulmeyer, D. (2018). “Plan your marketing budget: tools and trends for 2019.” Retrieved from https://www.cblohm.com/blog/marketing/education-marketing-budget-strategy-for-2019/
Maria,
DeleteI also found that the articles online were more focused on internet marketing. I learned about even more different metrics when it comes to just internet. There’s many things that need to be tracked to see what is benefitting your business and what isn’t. I like the goal of making sure you know what the customers wants and measuring it. You want to give them what they want with a certain amount for them to keep coming back for more. Thanks for sharing your articles. They seem really informative.
Maria,
DeleteI wrote down your first articles SMART goals because I think that is a way to create a plan that will benefit my business and really any business. I went looking for online marketing metric articles because that is my main source for my business. I use the sources because they are free and an easy way to communicate with families and have a informational site that is easy to maintain. I had a website and found it a pain to upkeep. I seem to be able to keep up with my FB site so much easier and the parents have shared the page with extended family members so I get comments and referrals from even grandparents and cousins of my enrolled children. I was looking for a way to track the sources and also reward the families for sharing my information with other families that enroll because I understand the cost savings to not have to spend to market. What do you think you would try to implement out of the articles if you were the one deciding on marketing for your child care business?
Jennifer
Jennifer,
DeleteI think I've learned that I should have my goals well defined before I can work on a marketing plan, track my leads and what are they interested in.I'll definitely take the tutorials offered and check out their marketing tips for small businesses. I feel that if I implement digital marketing tools to track my website performance and I can track how much traffic I'm getting and how much of that traffic becomes my customer, then I can come out with a better marketing strategy to increment my sales. Check the article by Bonnici I think you can get good tips for that. Good luck!
Maria,
DeleteThanks for the help. Printed four articles to read from everyone's blogs while I am sitting at the soccer fields tomorrow for four hours. I have enjoyed the wait time a lot more with good reading materials because it makes it go so much faster.
Jennifer
Maria,
DeleteReading about your article, and knowing the different business website to promote once's business is good. I think for the most part know where to promote your business is very important and knowing how to track traffic is also important.
Maria,
DeleteI really enjoyed reading your post. I really like the information you learned from your first article. A class I took a couple terms ago were all about S.M.A.R.T. goals which is a really great process to use in keeping track and making sure you have a successful business. I think it is very important to have set goals and steps to get there and then the metrics can show you how you have been doing or what still needs to be fixed. Before looking at the different articles this week I have never thought about tracking my digital marketing but have realized how important it is. Really great articles and thank you for sharing. I will definitely be looking through these more.
Hi Maria
DeleteIt seems as most of what we are reading deals with some type of tracking with different metrics. A great way of keeping with things is emails and the more emails that you get you can keep track of them by know who, when, and what was sent from these emails. And you also talked about the different types of social media that was also another way of tracking the different types of channels and customers that were utilizing the type metrics. Would you say that it was also a way of Marketing Return on Investment or am I off a bit?
Hello Maria,
DeleteI'm discovering there are many different tools to help identify and analyze the progress and performance of a business. Different metric systems are used to track the business to determine the best options to create a successful business. Nike uses metrics that measure Customer Life Value, Customer Profile Metrics and Marketing Activity Metrics. These metrics are used to measure place, product, price and promotions. They also have a form of digital tracking as well.
Part One -
ReplyDeleteThe first Article I chose was “5 Marketing Metrics That Don’t Mean What You Think They Do” by John Hall about using the correct marketing metrics to measure for the information you want to know and how to use that knowledge correctly to interpret the data. The example that the author gave at the very beginning was how would we measure if our family liked a new meal we tried by. “Would we measure it by the time it took to make it? (Hall, Jan.21, 2018). His answer was no and that we would want to measure it by if they ate, did they ask to have it again. That is how he helps bring the way to use the five metrics he thinks are important to a place where you are setting the goals realistic to what you would need to measure what is needed to gain the knowledge that will be helpful in our decision making. The article focuses on social media and I searched for this detail on purpose because I use social media to do a lot of my communication and marketing so wanted to know how to improve in the area I am currently using. The first metric he brought up was number of shares on social media and looking to see what, who, and where is sharing to find out more about your audience and what content they are enjoying. The next metric he suggested looking at was the number of followers and who is engaging with you posts and that you continue to offer the information that they find relevant to see what those interests are and how to expand on them. Brand awareness was next, and his suggestion was to look at this metric backwards. Decide what you want to be known for and then work backwards from there to decide how to relate that to others so when they think of your program that is what they think of. The fourth metric he suggests tracking is the time on the site but not only that but what they did while on the site. Just sitting on the site isn’t going to give you any ideas what they were doing. Did they just not close the site or were they watching a video you posted yesterday about development? This information will help you in deciding to change content of some area on you site. I might have a great parent corner but if no one visits it needs a facelift. Lastly, site traffic is the last metric he gives pointers on trying to measure who is visiting and what they are looking for. If I have other businesses visiting my site, then those visits could mean only that I am getting shopped and the traffic isn’t going to help the business grow so knowing if it is potential clients and gaining some insight on how to get them as a client would be helpful. As you can tell the article really made me think and I will be trying to figure out some additional ways to find the more in-depth information that it suggested. I think knowing the questions you need answered and then figuring out how to gain that knowledge through the venues of information you have is the key to the article because topical knowledge won’t help you make great decisions that will help you company succeed.
Part Two -
ReplyDeleteThe second article I read was “Attracting Comment: Digital Engagement Metrics on Facebook and Financial Performance” by Yoon, Li, Ji, North, Hong, and Liu on using social media and specifically Facebook to attract comments and build a favorable relationship with the consumer in active communication. One of the first things that stuck out to me in the article was “shallow engagement” is very easy for the consumer to do and so measuring this engagement doesn’t give you the amount of data to actively gain the knowledge you need to make a marketing decision on. They deemed this as like and share clicks. I had to think about this one for a little while because at first thought I would have considered a share not a shallow engagement. I then changed my mind after reading the article. They showed that when someone commented or commented while sharing that they were then communicating at a higher level and were relaying to others that they actively engaged on a higher level. This is the interaction we are looking for on social media because it shows that they felt compelled to respond and write back to share their own person feelings. They tied these active engagements to financial success because when people take the time to comment they are usually showing approval or have had a positive experience and that translates to others as a positive endorsement of the product or service. I was surprised about the amount of companies that maintain social media sites but I myself maintain two, so I don’t know why I held this view. I would say that a picture is worth a thousand words and when families take the time to look and comment shows others reading and researching that they are engaged and happy with the care that their children are receiving while also showing the potential client a window into daily care and the relationships between the children and the staff also. They gave many variables that they used to measure the success rates by using social media but I think the main thing that impressed me was that marketing for large companies was similar to even small companies when it comes to relaying our services, providing information, responding appropriately to comments and questions in a timely manner and keeping the site well maintained and up to date.
I learned a lot from both articles and the fact that I use the internet and social sites as my one form of marketing and communication as a key for my business. It is important to tie what we are learning to our business and practical things that will help us be successful in our careers.
Hall, J. (2018, January 21). 5 Marketing Metrics That Don't Mean What You Think They Do. Retrieved from https://www.forbes.com/sites/johnhall/2018/01/21/5-marketing-metrics-that-dont-mean-what-you-think-they-do/#225e51df36a0
Murray, K. (2012). The ultimate child care marketing guide: Tactics, tools, and strategies for success. St. Paul, MN: Redleaf Press.
Yoon, G., Li, C., Ji, Y., North, M., Hong, C., & Liu, J. (2018, January). Attracting Comments: Digital Engagement Metrics on Facebook and Financial Performance. Retrieved January 21, 2019, from https://www.tandfonline.com/doi/abs/10.1080/00913367.2017.1405753
The first source that I found and thought was interesting was about marketing and metrics in the childcare. I wanted to find an article that talked about different metrics as well as marketing styles that had to do with childcare centers since our class is based on early childhood.
ReplyDeleteThe article touches base on the must have metrics when running a child care center, which are the enrollment number and the number of upcoming appointments that the center director has with the parents. I think the source does a nice job of validating the information the author provides, for example; the author talks about the importance of comparing the metrics and states, “ You should compare the month before, so that is 30 days compared to other 30 day cycles. You’re looking at a revolving period. The next step is to compare it to the prior year (Tasner, 2018, par. 5).”
The author adds that another metric to look at and compare is the traffic and where it is coming from, but doesn’t really go into detail about it and doesn’t use realistic numbers. I think the information is true and important, but I wish there would be more realistic numbers or use sources that childcare centers would use for marketing.
“ What are the traffic sources for those numbers? How many people found you through Google organic search or yahoo organic search, or Bing? How much came from social media? Once you have those numbers, you can start looking at how many people who visited your website actually went and called you or submitted a form (para 6-7).”
The second article that I read was on a completely different spectrum than early childhood education. The author is a managing lawyer and business owner and talks about how to generate the maximum ROI possible for advertisement for online businesses.
The author provides some important strategies to use to maximize the marketing metrics for your business. He states that you should try to explore remarketing, which increases ad relevancy and lowers the cost per click budget. Foster customer online reviews, which help businesses better understand their customers, which presents additional marketing opportunities (Diamond, 2018, para 8-11).”
The author does a nice job providing a lot of valuable information as well as using support to validate it. Like the other source, he explains the 3 most important metrics for measuring 2018 ad ROI which is; measure CPM for lead-generation campaigns, measure the acquisition costs of the brand awareness campaigns, and lastly, measure the traffic and engagement costs (para 19-22).”
Diamond, J. (2018, March 30). 3 Crucial Metrics to Measure When You Advertise In 2018. Retrieved from https://www.entrepreneur.com/article/310721.
Tasner, M. (2018, March 3). Metrics to Track for Your Child Care Center. Retrieved from https://localchildcaremarketing.com/metrics-child-care-centers/.
Casey,
DeleteI am going to go and read your second article because of your post. I think learning what others are doing and how they have used it successfully is a key to cut down on time wasted spending reinventing what someone has already done. I have never thought about remarketing and want to hear more about it. My article calling clicking "shallow engagement" and so focused on how to get online users to comment or share and then comment to get them actively engaged. I am finding more and more strategies to use to help my business while not spending a lot of money which is always helpful.
Jennifer
Good Evening Casey,
DeleteI really like the information that you shared about the first article, I too found it very interesting as well. I also like the fact that it shares information about the different metrics and the marketing styles that involves childcare centers. You made a valid point about how the author should have made comparable information about the metrics of the traffic. Sharing additional information would be helpful because it could pinpoint as you stated, how many people visited a company’s website. This can be valuable information for companies to know so that they can use it as resources for their businesses. Moreover, there is definitely a difference between your first and second article that you shared. In my opinion, being able to share the different articles about metrics and planning along with the distinction between them all can be very beneficial to us all as we go throughout our educational careers. It amazes me how an article can have/play a major impact on one’s life.
Have A Wonderful Weekend Casey!
Signed,
Jerriann D. Johnson
I also tried finding articles that related to childhood centers but I had a hard time finding any. I think comparing enrollments and possible enrollments is something important to track. I think knowing where the traffic is coming from is important too. How would you track this? Also, would you offer special offers for people from this area? The second article you found is an article that I also analyzed. How do you think Diamond’s suggestion of Fostering customer online reviews relates to the textbooks explanations?
DeleteGreat post!
Kariann
Casey,
DeleteI enjoy dreading your article sources of marketing metrics and I liked ow you found one which discussed the importance of marketing in the early childhood setting . It seems to me that marketing keeps more and more competitive, especially in learning centers!
When I was researching different articles the first I found that I really enjoyed was “3 Crucial Metrics to Measure When You Advertise In 2018” written by Jeremy Diamond. This article was about online businesses and advertising through the web such as using social media. In the readings this week it did not really touch on advertising on social media but I find this to be a very important metric to track considering many people advertise their business this way, including myself. The measures discussed in the article were; measure CPM for lead-generation campaigns (CPM- cost per 1,000 impressions), measure the acquisition costs of your brand awareness campaigns and measure your traffic and engagement costs. These measurements can help in multiple ways to track how your advertisements are doing and if it is cost effective. “With the numbers that result, you can measure the impact of your spending on your ads, and also determine the areas you need to focus more on. Measuring your website traffic is an important step in this regard” (Diamond, J. (2018, March 30)).
ReplyDeleteThe second article I found was “How To Use Metrics To Create A Marketing Plan – Child Care Business” written by Kris Murray. In this article Murray stated “The metrics to look at are called key performance indicators. In child care these include revenue stream by income, marketing performance, operations, and, what we call in child care, your enrollment funnel” (Murray, K. (2015, November 02)). The metrics listed in this article connected very well with what he had learned I’m the readings this week. Although this article also discussed online outlets such as social media and Google for marketing and keeping track of how those areas are doing. Just like in our readings the article talks about the enrollment funnel and the different steps with this, which are; inquiries, tours, enrollment, and retention/withdrawal. In the childcare field I believe this is one of the most important metrics to pay attention to. In order to have a successful business you need to stay fully enrolled and bring in the main source of income.
References
Diamond, J. (2018, March 30). 3 Crucial Metrics to Measure When You Advertise In 2018. Retrieved from https://www.entrepreneur.com/article/310721
Murray, K. (2015, November 02). How To Use Metrics To Create A Marketing Plan - Child Care Business - Child Care Business Blog, Child Care Marketing Articles and News, Strategic Child Care Marketing. Retrieved from https://www.childcare-marketing.com/child-care-marketing-blog/how-to-use-metrics-to-create-a-winning-plan-child-care-marketing/
Jessica,
DeleteI listened to a training online by Kris Murray this week and until she put up the slide of our text I didn't put two and two together. I started laughing and then shared the information with our Professor. I am cleaning during nap time and these webinars are offered live or prerecorded on that site and I have found lots of useful trainings that I can use almost immediately from issues with parents to how to fundraise better from that same source. It has been a great resource. I registered for K. Murray's next training already and I will be going back to listen to a previous one because she seems to have some great practical ideas for success. I suggested her name to our local child care convention too so hoping to hear her speak in person. Now I am going to have to try and find her blog too. Thank you for the information!
Jennifer
Jennifer,
DeleteThat would be amazing. I will have to look up her trainings. Where do I find them? I would love to see seminars by her, she has a lot of gret information.
Hi Jessica,
DeleteI think that your second article provides a wider perspective about having a successful marketing plan for our business by using internet. Nowadays, most of the businesses are using digital marketing tools to expand their customers and sales. It’s true that digital marketing is another world, but the main marketing metrics are very similar to what we’ve learned in our book. There are still centers that don’t have a website, or Facebook page, they just advertise on the newspaper, magazines or family referrals. I believe that technology can provide great tools for us to track our traffic that visits our webpage and analyze how many of them become our clients. If we go further, we can find out what is the clue or message that attracted them to our site, and then we can come out with a marketing strategy that will increase our sales. For that, we’ll need to learn some marketing tools that offer free tutorials online and guide you through the process. You can also find marketing mentors who offer their services too.
Jessica,
Deletehttps://eceexperts.com is the location for the trainings. I take a lot of their trainings. I just search for topics I need help with or find interesting and listen to get the pieces that I can use. It is a way to use my time stuck in the car, cleaning and doing other things to multitask. You can listen on your phone too. I have even listened while running at night. That was about how to deal with a non-verbal child and help him adjust quickly. I really enjoyed listening to her. I still haven't found her blog but was a busy day of homework and preparing for tax appointment next week. The paperwork I don't enjoy is deep this time of the year.
Jennifer
Jessica,
DeleteI chose the same article by Jeremy Diamond and it was one of the most informative articles that I found and read because I felt that he didn’t cut corners on explaining things, he pretty much told you how it was and what works and what doesn’t work. I felt that it was great that he wrote an article like that because he is a business owner and he has the experience to share with us. I also agree that it is important to learn about how to use the web and social media to advertise businesses as well as how to market correctly with the appropriate metrics and without losing money.
Jessica,
DeleteI also read and reflected on the article, 3 Crucial Metrics to Measure When You Advertise In 2018. When initially doing this article I had a difficult time connecting this article to the textbook because you are right, the textbook doesn’t go into advertising on social media. I also agree that this is an important type of media to use; even my current center uses social media as an advertising outlet. I agree with your point of the most important metrics in early childhood centers; managing inquiries, tours, enrollment, and retention/withdrawal. These points are essentially what makes a center successful.
Great post!
Kariann O’Reilly
Jessica,
DeleteI also read and reflected on the article, 3 Crucial Metrics to Measure When You Advertise In 2018. When initially doing this article I had a difficult time connecting this article to the textbook because you are right, the textbook doesn’t go into advertising on social media. I also agree that this is an important type of media to use; even my current center uses social media as an advertising outlet. I agree with your point of the most important metrics in early childhood centers; managing inquiries, tours, enrollment, and retention/withdrawal. These points are essentially what makes a center successful.
Great post!
Kariann O’Reilly
Jessica,
DeleteI appreciate how you mentioned from our textbook regarding the marketing indicators that play major roles in the daycare settings as well. I agree how much of a role social media plays, it seems that centers or teachers keep one communicatio lines via Facebook pages or blogs.
The first article I read came from Forbe called, “The Three Core Metrics That Drive Profit.” The Evolution of Big data and analytic have slowly taken over the way companies do business. Digital market spaces offer both opportunities and challenges. Traffic flow and purchase habits can be examined from every angle, giving businesses insight into consumer spending habits and desires. That feedback can be a valuable tool in optimizing your marketing strategy or even your product or service. Many businesses invest in traditional ways of tracking and analyze, efforts vs results. In this article Lafrenz talked about how this metrics is not a “one-size-fit-all” and may not be right for your business. Lafrenz suggested that feedback is the best way to optimize digital marketing strategy. He broke this digital marketing into three categories of metric; The Cost of Your Website Traffic, Conversion Rate and Average Order Value.
ReplyDeleteThe cost of your website traffic is an integral part of your budget, and the first key to driving traffic to your website. Lafrenz refers to the “Cost of Your Website Traffic” using different online channels to increase quality of traffic to your website. Next, “Conversion Rate and Average Order Value” is the overall traffic rate divided by the amount of people who come to the site and buy a product, subscribe or fills out a lead form (Lafrenz., 2018). Customer acquisition is solely based on how the customer/client perceives your brand. This article was really easy to understand and apply to any online business.
The next article dealt with small businesses called, 3 Financial Metrics Every Small Business Should Track most of the information in this article was covered in our text such as, businesses tracking the cost of acquiring customers and keep lifetime customer value. However, “Cash burn Rate” was an unfamiliar term. The article stated that it is safe to always go into a new business with the mentality that you might need to eat a year’s worth of costs before profit comes in. I had to pause when I read that. Who goes into a business expecting to loss money! Most business fail in the first year. This seemed like bad advice. As I kept reading the article it talked about tracking the burn rate to track reduce it while increasing revenue. This article was very confusing.
Reference:
Lafrenz. G.(2018, October 01). The Three Core Metrics That Drive Profit. Retrieved from https://www.forbes.com/sites/theyec/2018/09/28/the-three-core-metrics-that-drive-profit/#4a746fe56fde
3 Financial Metrics Every Small Business Should Track. (2017, October 10). Retrieved from https://www.cyfe.com/blog/3-financial-metrics-every-business-should-track/
Hi Sheraine,
DeleteYou described your articles in such a way that made me want to read them. You are right; digital market spaces do offer opportunities as well as challenges. I am very interested in businesses and the “traffic flow” that surrounds them. I really like the way Lafrenz explained the three categories of metrics. When owning a business, as you already know, can be very expensive. Therefore, knowing how to budget one’s money is vitally important. The investment that someone puts into running their business successfully is also important. Back to the metrics, the cost of website traffic, conversion rates and average order value is something that I am learning about. I now know even more about the importance of various aspects of running a successful business. I really like how you shared that the cost of one’s website is an integral part of maintaining a proper budget. When I start my day care business, I am going to make sure that my business does not fail in the first year nor any other year. Having a positive attitude and having knowledge about the business that one is investing in is very important to have when starting a business.
Enjoy Your Weekend Sheraine!
Signed,
Jerriann D. Johnson
Sheraine,
ReplyDeleteI would have to agree with your second article in the fact that some years you might have a loss at the end of the year. I say this after being in business for over fifteen years. I have had at least five years where on paper I look like I shouldn't have stayed open. Profit of less than $10,000 is a loss when you are not paying yourself a weekly wage. I have decided to always look at the long-term version of the financials for a couple of reasons. One my business is located out of our home. Thus, the business helps us afford a better home and covers the costs of the home use of the business. Two, I am my own boss. I can choose to run at full capacity because I found great families and children I want to serve or I can run lower depending on my want and need. Example, when I decided to return to school I hired an assistant and thus I could rely on her to cover the care of the children when I need to study or go for fieldwork. I then realized I needed to expand and hire a second person to make what I had previously alone because of the added cost. I didn't calculate the real cost of hiring someone and the time it was going to take for the additional tax and paperwork. That first year we also had to put on a new roof so my profits dropped well below what I usually make in a year. The difference is that I don't mind because the roof was going to need to be done even if the house wasn't used for child care and I am willing to profit less if I can finish my degree in ECE and continue to grow.
We have also talked to someone recently about her closing center. She was a very successful home provider and had a wait list when she decided to expand into a center. It flopped and four years later she is closed and lost her shirt. Only had one year of success in the four but she paid herself the whole time but then would reinvest the money into the business because it was always short money. I am guessing she lost around $190,000 in those four years while living at the center 6am to 8pm to try and keep it afloat. She talked about coming in weekends to clean, grocery shop, and do paperwork so she was working seven days a week and losing money.
My husband has often pushed for me to open a center and I have said "no" loudly and clearly because of the amount of debt and liability that could potentially bring. I like my little family child care program and will end up with 12-16 here daily which is perfect for me to make enough money while still loving my job. Can't go wrong with employee cost and maintenance of your own home while getting the joy of helping raise complete families for their childhoods. Many of my families age out of my program or move out of my program because of housing move. Not many leave due to care but some due to not paying which are put out. My retention rate here is very high for children. Staff has been rough but I think I found a great staff member last month that I will have here for a long time coming. Great with the children and good worker.
jennifer
According to Terry Lane, Marketing Plan Metrics is the measurement that allow advertisers marketers, business owners and other people know how the marketing, ad campaign is going. Although, company’s can have different goals like increasing sales or improving brand recognition, marketers array on metrics to track the progress. However, to measure the marking effectiveness one has to look into the metrics that shows more detailed picture of marketing efforts. Also one will need a metrics that will help understand the customer’s journey and categorize what kind of content and which means are contributing to the bottom line. Some of the essential marketing metrics to look at is the revenue which give one an ideal of objective way to identify cost per lead, which shows if one should continue to invest in the success and also shows one were to reroute funds to make successful tactics. More over, one should establish the cost per lead for each channel and see which one is the most cost effective. But that doesn’t mean cut should be made because it cost more in one channel as per lead that may mean that customers from that channel are spending more and more often than customers from another less costly channel. Which goes with what Murray says “ A unique identifier allows you to track the number of leads as specific marking activity generates” (p.40). Another to look into is the unique website, looking into the trafficking of prospective trafficking results.
ReplyDeleteCitation
Lane, T. (2017, November 21). What Does Marketing Plan Metrics Mean? Retrieved from https://smallbusiness.chron.com/marketing-plan-metrics-mean. html
Knott, T. (n.d.). 5 essential marking metrics you should be measuring. Retrieved from http:// www. Articulatemarketing.com/blog/5-essential-marketing-metrics
Murray, K. (n.d.). The Ultimate Childcare Marketing Guide, St. Paul, MN: Redleaf Press.
PART #1
ReplyDeleteGreetings Everyone,
Metrics is defined as being numbers and data that one can use to track their business numbers, and in return gives them detailed information as to how their business is progressing. When using metrics, one can keep scores on their business. Moreover, when one does not keep tracking data on their business or does not keep the right tracking data is deemed to be the reason why some small businesses fail (Murray, 2012). The two articles that I researched on “Metrics of a Marketing Plan” are as follows: “A Simple Plan for Measuring the Marketing Effectiveness of Content,” and “7 Tips for Creating A Successful Marketing Plan (20 + Marketing Plan Templates).” First off, the first article that I mentioned discusses in detail about how content marketing really works. A question that the article asks that caught my attention was “What does it mean that your content marketing is working?” This means that someone is using their marketing skills to support their marketing and business goals in a way wherewith they can become a successful business man or woman. “Back to Basics” this is a series that is designed to track how one keep their content marketing program. This type of program deals with how one uses their communication skills to convey the information to their team and management. It is vitally important as a leader to have effective communication skills when leading others.
Inasmuch, when it comes to tracking basic KPIs one must know how to put their measurement program in place and decisively collect the much-needed data. Being an organized person and making a schedule and following that schedule precisely causes one to be able to effectively market their business on a monthly, weekly, and on a modified basis. Spreadsheets are used to effectively set and track your marketing goals by being able to prioritize them. Another thing that can help is to use key performance indicators, this is what (KIPs) stands for. Making plans and gathering performance information and designating responsible and dedicated individuals to actively collect data and report the necessary data to the proper individuals all are effective marketing tools to run a successful business. Nevertheless, when it comes to measurement, it can be as simple or as hard of a task that one makes it. Doing the required work to get the job done is the right steps to take before even presenting one’s work to their supervisor. If one has any doubt about what they should be measuring, they should keep two questions in mind when doing so. 1.) Do the key goals that you have set support the metrics? 2. What type of action can one take when it comes to metrics? In other words, what substantial information do you have that can take your program to the next level? Measuring one’s results is a critical component when it comes to conducting various marketing activities. Learning what one customer likes and dislikes can be very useful information to help a company improve on a continuous basis. In the long run, everybody involved in the process will be satisfied. The article informs us that “Measurement is one of the five core elements for running successful, scalable content marketing operations.”
In the second article that I chose to research, it has so many similarities to the first article, and the information that is shared in both go hand in hand. There are a lot of consistencies between both articles. I also think that they both validates what each author shared in their articles.
PART #2
ReplyDeleteArticle number two goes on to share how businesses will most like fail without marketing it effectively. It also goes on to inform us that a plethora amount of small businesses does not set time aside to create comprehensive marketing plans, which is so vital to their business staying afloat. Oftentimes, these small businesses try to use different marketing techniques and have little or somewhat success. One big mistake that they make is to use a successful score that turns out to be profitable for them, and then have trouble effectively doing the necessary work that it takes to continue that success. The Internet has a lot of marketing tools that helps businesses to overcome some of the obstacles that they face today. Using marketing plans allows one to process the important steps by taking time out to think before they act upon a specific plan and to stay focused on the goals that they set.
Wherefore, this brings us to learning how we can create a marketing plan that can be used for our businesses. In summary, one should write a simple executive summary, then set reasonable metric-driven marketing goals. Outlining one’s user personas and researching all their competitors can help one when it comes to setting accurate and key baselines along with metrics. Strategies that are used to create plans of actions, along with setting tracking and reporting guidelines will help one’s business. Templates can be used for this process, but the more presentable or professional it looks, it can attract customers and consumers to your business. There are various ways in which to create templates which are through SEO, social media marketing, influencer marketing, or even by using event marketing. When creating marketing plans, there are 7 essential components to it. The executive summary is an important tool for marketing, but one must keep in mind, that the shorter the summary is, the more appealing that it will be to others. Keeping the summary at a minimum of 3-4 paragraphs the most, but preferably 2-3 will be enough. In order to maker sure that I steer away from making repetitive statements regarding the two articles that I researched, I would like to end this summary by informing you all that having a “Metrics of Marketing Plan” is key to any business to thrive and succeed throughout the days, weeks, months and years ahead.
Sincerely,
Jerriann D. Johnson
.
References:
Murray, K. (2012). The ultimate child care marketing guide: Tactics, tools, and strategies for success. St. Paul, MN: Redleaf Press.
McPhillips, C. (2014, July 11). A Simple Plan for Measuring the Marketing Effectiveness of Content. Retrieved on January 26, 2019 from
https://contentmarketinginstitute.com/2014/07/simple-plan-measuring-marketing-effectiveness-of-content/
McGuire, S. (2019, January 25). How to Create a Successful Marketing Plan (20+ Marketing Plan Templates). Retrieved on January 26, 2019 from
https://venngage.com/blog/marketing-plan/
The first article that I found is, 3 Crucial Metrics to Measure When You Advertise in 2018. The article describes three important tools in advertising which include, Measure CPM for lead-generation campaigns, Measure the acquisition costs of your brand awareness campaigns, Measure your traffic and engagement costs (Diamond, 2018). This article discusses what tools to use however it focuses solely on measuring online methods. I initially had a hard time tying it to the textbook because I feel the majority of the tracking discussed in the book is by face-to-face interactions, tours, ads, phone calls, and codes. Although, I do think this source validates what the author states because they both discuss calculating and tracking ROI. The article explains, “By implementing conversion tracking, you can track the cost of each consumer touchpoint, including: new user signups, phone calls, customer inquiries and ecommerce sales,” (Diamond, 2018). This relates to the textbook because Murray explains when calculating ROI, “After the ad has run, you can tally all the inquiries you received about that ad and how many of those leads resulted in new enrollments for your program,” (Murray, 2012). These methods are similar because they essential calculate and determine the same outcome; new customers. '
ReplyDeleteThe second article I found is, 17 Digital Marketing Metrics You Should Be Tracking In 2018. The article explains 17 ideas to trail when evaluating metrics of marketing. Out of the 17 points to consider, I think number eleven reflects best to the textbook explanations. Number eleven is listed as the Lead to Close Ratio. The article explains, “You also need to measure the rate at which you’re closing your leads. How many of the leads are going all the way to reach the target goal? For instance, if the goal is to make a purchase, what percentage of your leads eventually makes a purchase?” (Coetzee, 2018). This is a valid explanation of determining how many of your leads are actual customers or enrollments. This links to the textbook by Murray’s explanation of Cost Per Lead. “Knowing your cost per lead is important because it helps you track how effectively your marketing is performing in terms of bringing new prospects to your program,” (Murray, 2012). These two points explain the importance of knowing how many of your leads turn into actual customers or enrollments.
References
Coetzee, J.-A. (2018, May 8). 17 Digital Marketing Metrics You Should Be Tracking In 2018. Retrieved January 26, 2018, from https://www.searchenginepeople.com/blog/17-digital-marketing-metrics-tracking-2018.html
Diamond, J. (2018, March 30). 3 Crucial Metrics to Measure When You Advertise In 2018. Retrieved January 26, 2019, from https://www.entrepreneur.com/article/310721
Murray, K. (2012). The Ultimate Child Care Marketing Guide: Tactics, Tools, and Strategies for Success. St. Pail, MN: Redleaf Press.
I do not know who you are, please edit your posting to include your name. Thanks:)
DeleteThis is Kariann O'Reilly. I'm not sure why it is showing my post as "unknown". I have tried fixing it but I can't figure it out.
DeleteThe first article I came across that I thought was interesting was “The 10 Marketing KPIs You Should Be Tracking by Carolyn Edgedomb from impacting.com. According to Edgebomb, “No one wants to support a marketing activity that’s losing their company money. By tracking the right marketing KPIs, your company will be able to make adjustments to various strategies and budgets.” Like we discussed in part one of our textbook, this article discusses quite a few of the important metrics of marketing. For example, cost revenue, cost per lead, customer value, inbound marketing and traffic to lead ratio, lead to customer ratio, landing page conversion rates, organic traffic,social media traffic, mobile traffic, leads, conversion rates are discussed as indicators neeeded.
ReplyDeleteThe second article I came across is from sales fusion.com called “Measuring Effectiveness: 5 Metrics You Need to Track”, by : Blog Marketing Automation. In this article it discussed 5 tracking metrics consists of marketing contribution to revenue, pipeline growth and acceleration, conversion rates, cost per lead, cost per opportunity, and brand awareness. According to salesfusion.com, “However it is that you define and frame effectiveness, using the metrics listed above will put you in a good position to get the complete picture you need to fully understand what’s working and what’s not.”
References
Edgebomb, C. (2017, Feb 16). The 10 Marketing KPIs You Should Be Tracking.
Retrieved Jan. 26, 2019, from https://www.impactbnc.com
Blog Marketing Automation. Measuring Effectiveness: 5 Metrics You Need to Track.
Retrieved Jan 26, 2019 from https://www.salesfusion.com
Samantha,
DeleteThose articles sounds extremely helpful. What exactly does KPI stand for? Being effective in the business is important so knowing what works and what hasn’t been working is key to being successful when it comes to marketing. IT’s an expense and you want the proper expenses going where it’s more effective.
Final Reflection:
ReplyDeleteAfter reading my classmates posts I didn’t have anything to disagree with them on. I felt that I agreed with on every level and it seemed like we all found articles that explained the importance of using the internet and how to use it correctly with the right measures in order to make money on the right advertisements and how to calculate the metric costs. I liked learning about different metrics and how to use them appropriately and I am looking forward to learning more about how to use social media and internet for advertising and marketing and also making money on it.
Final Reflection
ReplyDeleteThis week I learned a lot about metrics. My first article really made sense in that you need to decide what you want to measure and why prior to figuring out how you are going to get the data you want. I enjoyed reading the article and the way it explained how knowing what you need to make good decisions is more important than data that doesn't help you in your decision making process. It also talked about the amount of time you spend working on something doesn't make it more valuable than other information that doesn't take much time so coming to terms with that will help you in respecting all data sources. Hall really was explaining how planning and preparing would help you gather the best data for your metrics you are looking to evaluate. I think he is right. I could gather a lot of data easily but that information might be useless if it doesn't answer the questions I need for evaluation of my goal.
I also enjoyed reading the source that my classmate, Jessica, found on metrics by K. Murray. She is also the author of our text. Her article was specific to child care so it was a source meant for my business. I liked that she broke metrics into smaller zones because too many in a small business means more work and most likely more money which many child care businesses are short of time and money so keeping it simple and narrow helps. Enrollment Funnel was better explained in her article so brought a greater understanding of the concept for me along with the understanding that I am losing potential clients currently. More changes but once they are in place I think they will be easy.
Reading the additional sources created questions about how I can improve the use of the social media sources I am already using and start measuring those sources for greater understanding of the marketing I can do through them. I have changed the way I am posting daily to try and gain new knowledge and get the data I need from those posts to help answer how I improve my business by gaining feedback on what things the parents like and dislike to keep retention high, put into place some codes or sources so I can track and reward families that are referring my business to others, and track my enrollment funnel to ensure that I am not losing families because of lack of follow up and having a plan of action when it comes to taking care of the families from the lead families. It is nice to find information that will help almost immediately and be used quickly to show me the value of the time to make the changes.
Great week with lots of good information!
Jennifer
Resources
Hall, J. (2018, January 21). 5 Marketing Metrics That Don't Mean What You Think They Do. Retrieved from https://www.forbes.com/sites/johnhall/2018/01/21/5-marketing-metrics-that-dont-mean-what-you-think-they-do/#225e51df36a0
3 Financial Metrics Every Small Business Should Track. (2017, October 10). Retrieved from https://www.cyfe.com/blog/3-financial-metrics-every-business-should-track/
Murray, K. (2012). The ultimate child care marketing guide: Tactics, tools, and strategies for success. St. Paul, MN: Redleaf Press.
Yoon, G., Li, C., Ji, Y., North, M., Hong, C., & Liu, J. (2018, January). Attracting Comments: Digital Engagement Metrics on Facebook and Financial Performance. Retrieved January 21, 2019, from https://www.tandfonline.com/doi/abs/10.1080/00913367.2017.1405753
Reflection
ReplyDeleteAfter doing my research of articles about marketing online, I can say that I have learned a lot of new things. I have discovered a whole new world about digital marketing and I find it interesting to explore, as the marketing tools recommended look very promising. I’m not an expert on marketing but I checked out some of this marketing apps and they have easy tutorials for newly marketers or small businesses owners. I think that what I can take of my readings this week is the planning of a SMART marketing budget. I should define my goals and have clear what I want to achieve. My second learning is using tracking tools to measure how many people has been attracted to visit my website and how many of them have become my customers. I think that a good move would be to learn about how I can provide what my leads are looking for and make them my clients. My classmates have a variety of interesting information which I enjoyed reading too. Technology offers very cool and helpful marketing platforms that can help us improve our business if we apply them smartly. I think it’s important to always balance our expenses and revenue when making an investment on a marketing plan.
Reflection
ReplyDeleteSearching for articles that have to deal with marketing was quite interesting. I felt that the book gave us a broad look into the metrics of it all. Online articles I felt discussed mainly how internet marketing metrics are analyzed. I wasn’t aware of all the different metrics that go into being successful when it comes to marketing your business. Each one has an important role that informs you of what is working and what isn’t working. In the daycare world, we have a tight budget and the market budget needs to be utilized to bring in the most potential revunue
"MY FINAL REFLECTION ON METRICS OF A MARKETING PLAN"
ReplyDeleteGreetings Everyone,
As I reflect on this week’s blog which is week #2, I must say, I have learned a lot of valuable information that can most definitely help me in the future. As I have mentioned on numerous occasions, it is my goal to open my own Day Care and Learning Development Center amid me attending National Louis University to receive my Bachelor’s and Master’s Degrees. I said that to say this, some of the information that my classmates and I had the opportunity to share in the blogs this week was an eye-opener for me. “Metrics of a Marketing Plan” has so many different avenues and aspects to consider when owning and operating a business. Out of all the articles shared, I liked the information about the “traffic ones” the most. Namely, because it is something that always needs to be taken into consideration. Something else that caught my attention in reference to marketing and metrics that is noted in our class textbook is “lifetime customer value.” LCV this is value that customers brings to our business in a monetary fashion regarding gross revenue, and net revenue. Furthermore, this is something that transpires as time goes by. When it comes to
core metrics and small business owners, keeping track of total customer value is something that needs to be done on a consistent basis (Murray, 2012, p. 14). All in all, consistency seems to be the key that holds everything together.
Sincerely,
Jerriann D. Johnson
References:
Murray, Kris (2012). The ultimate child care marketing guide: Tactics, tools, and strategies for success. St. Paul, MN: Redleaf Press.
Final Reflecton-
ReplyDeleteI really enjoyed the readings this week. With running my own home daycare business, I would say I have not tracked metrics but really need to start. I learned a lot of great information this week on the different metrics to track and how to do so. The online articles I found were very beneficial because it discussed tracking social media marketing and other online outlets. I use social media such as Facebook for a lot my marketing by running adds and even posting in different groups. Everyone shared some amazing articles as well that provided some great information. I am going to look more in to metrics to see what other things I could be tracking in my business. Great posts this week everyone.
Week 2 Final Reflection
ReplyDeleteThis week has been interesting sharing information on the metrics of marketing on our class blog. I must say I honestly haven’t had too much experience dealing and working with marketing in my work place, it I can definitely see myself paying more attention of tracking marketing metrics!
In the article "3 Crucial Metrics to Measure When You Advertise In 2018" by Jermey Diamond, he writes about how the trends of marketing in 2018 have been more towards video ads and social media ads. He mentions how there are so many online based stores that are striving to stay relevant and how they are able to do that with their marketing strategies. His focus is to measure CPM for leading- generation campaigns, measure the acquisition costs of your brands awareness campaigns, and measure your traffic and engagement costs. (Diamonds, 2018) Although this article talks more about online marketing compared to more personal face to face marketing.
ReplyDeleteFor my second article, "Council Post: The Three Core Metrics That Drive Profit" by Grayson Lafrenz, talks about how marketing tools can help give you information to drive your profit. Lafrenz writes that the three main metrics are the cost of your website traffic, conversation rate, and average order rate also known as order conversation rate. (Lafrenz, 2018)
Diamond, J. (2018, March 30). 3 Crucial Metrics to Measure When You Advertise In 2018. Retrieved from https://www.entrepreneur.com/article/310721.
Lafrenz. G.(2018, October 01). The Three Core Metrics That Drive Profit. Retrieved from https://www.forbes.com/sites/theyec/2018/09/28/the-three-core-metrics-that-drive-profit/#4a746fe56fde
Hello Victoria,
DeleteI enjoyed reading your post. I don't know much about metrics because its something new to me, but I do know about marketing and know when it's working and when it's not. I am very interested in learning more about the Three Core Metrics that drive profit because as a business person, I am looking to grow my business and grow my profits. Its interesting to see that most of these metrics deal with online marketing, so that means that I will have to turn to the internet and promote my business there.
Good post.
I came across an article online that describes the “5 essential marketing metrics you should be measuring.” According to the article I found in Articulate.com, (2019), the metrics you use need to “tell a story” and “show a detailed picture” of the marketing being done. It explains that looking at the revenues of a specific channel can help you identify ways to choose the right channel for your marketing purposes. It explains that the cost per lead is another metric to consider but it also mentions that sometimes it is not wise to shut out a marketing section based on the cost because it can definitely cost more in the long run later. It also covers the leads ratios, conversation ratios and lastly the metrics of customers acquired.
ReplyDeleteIn the second article I found from azcentral.com, marketing plan metrics are defined as “the data points you will use to assess the success or failure of your marketing plan.” In other words, without using metrics you will not know for sure how well is your marketing plan going, or how bad. It describes two metrics, hard metrics which are the date you can quantify, such as returned reply cards, online clicks, or even coupons codes used. The second metrics are soft metrics, which are a bit harder to get but not impossible. Soft metrics are reviews about your company or product, customer satisfaction and social media comments about your business.
References.
5 essential marketing metrics you should be measuring. (2019). Retrieved from https://www.articulatemarketing.com/blog/5-essential-marketing-metrics
What Does Marketing Plan Metrics Mean? (2019). Retrieved from https://yourbusiness.azcentral.com/marketing-plan-metrics-mean-11170.html
https://www.forbes.com/sites/jaysondemers/2016/10/14/50-metrics-to-measure-your-content-marketing-campaign/#3db1be80659a
ReplyDeleteThis is the first source that I used to find out about different metrics to measure your content marketing campaign. This is more directed toward a website or traffic through technology. It had a lot of great information for monitoring and tracking the traffic on a website. This could be very useful for a daycare centers website. You can see the different demographics of who uses the website, how many people are using the website, how many people are opening up emails, etc. This can be very beneficial because a daycare center could find out what it is a good strategy for Communicating with the parents at the center. It also could be a great strategy to track if people are looking at the website to possibly enroll their child.
https://www.childcare-marketing.com/child-care-marketing-blog/how-to-use-metrics-to-create-a-winning-plan-child-care-marketing/
This is the second source that I used to specifically focus on marketing for childcare. The primary focus to be profitable in a childcare setting is enrollment period without enrollment, what is a daycare center or childcare facility? There would be no children to teach which would mean that there is no money coming in. This is a point that is discussed in the article.
“Enrollment Funnel. When looking at child care, I often times talk about the enrollment funnel. It has four key steps – inquiries, tours, enrollment, and retention/withdrawal. It’s important to take a look at each piece of your enrollment funnel to see how you are performing (Murray, 2013).”
I would say that both of these covered going on a website and monitoring different demographics or type of traffic on the website. But the main difference between the two was that the Second Source I found was more aimed toward child care centers.
References:
DeMers, J. (2016, October 14). 50 Metrics To Measure Your Content Marketing Campaign. Retrieved July 14, 2019, from https://www.forbes.com/sites/jaysondemers/2016/10/14/50-metrics-to-measure-your-content-marketing-campaign/#4f9c8869659a
The article on Nike is the source I chose: The Marketing Evaluation on Nike uses metrics to manage and evaluate their brand. The metric system they use include financial buying behavior, memory, customer profile and marketing activities (Sharp 2013). The metric system is used to assess the performance of brands as managers measure the success of the business. The metric system allows the management team to help improve the performance of its products, improve customers’ needs and help make the business accountable to investment holders. Sharp states “To judge effects of marketing campaigns and assessments of health brands managers need measurements” (Sharp 2013). There are three marketing metrics used to estimate and analyze marketing performance; they include Customer Life Value, Customer Profile Metrics and Marketing Activity Metrics. Each category uses different strategies; these categories are women, young athletes and runners (ages18-40). Product, Place, Price and Promotions are the categories that are also strategized. This article validates the textbook readings. Lifetime Customer Value is the main reason why Nike is so successful; Murray (2012) believes “Lifetime Customer Value is one of the core metrics that small business owners should track over time”. Nike has become an expert at practicing and developing these skills. They are the number one leader for selling their brand to customers.
ReplyDeleteThe second article is Measuring Marketing Effectiveness: What to start tracking. The article talked about key metrics that can be used to track information about the data that is measured. Key data from charts can be interpreted to measure the effectiveness of a business. The charts can help improve strategies to help market potential customers. This metric system will help measure the performance of the business by analyzing the data. This system allows the business to identify trends. The articles main content discusses different tools to track and measure the effectiveness of a business. This article does not validate the textbook readings in detail, but it does use the tracking system recommended by Murray (2012).
The two articles are different in terms of how they identify and use the metric system. The first article follows the example from the textbook (The Ultimate Child Care Marketing Guide). This article clearly identifies specific categories of the metric system; Lifetime Customer Value is Nike’s number one goal. Through their campaigns and strategies, they can manage and market their products with great success through the marketing metric system. The second article used a different metric system by charting data. This is done by many companies; it did not include many of the tools used in the metric system from the text.
Reference:
The Marketing Evaluation of Nike
Retrieved from
https://mpk732t12016clusterb.wordpress.com/2016/05/22/the-marketing-evaluation-on-nike/
Murray, K. (2012). The ultimate childcare marketing guide: Tactics, tools, and strategies for success. Redleaf Press. St. Paul, MN.
Sharp, B (2013) Marketing Metrics, Marketing: theory, Evidence, Practice.
Oxford University Press, Melbourne, Australia.
3 Reasons Why Apple's AirPods Pro are an Entrepreneur's Best Friend. In this article I found out that these apple airpods are so small that you would not believe how powerful that they are.People are using them all over the world an they are put in your ear toe sound out the noise an hear music, video's are movies or anything that you would like to hear. An the best thing about these small devices is that you on't have to use both of them you can use only one and still get a great effect from the device. They are also good for games. I know many people that has these Apple AirPods and they love them.And they are also water resistant.
ReplyDeleteCoffee is something that many of us love to drink. In this article it talks about how "Caffeine is the fuel of the busy entrepreneur." It was talking about how busy our day is and the different things that we are doing in the day that require for us to have something that takes us through the day and that caffeine is something that makes our day more manageable.And we mainly start of our day with a fresh cup of coffee. And it talks about how when a cup of our coffee gets cold then we are ready to dump it out and get a fresh cup. It talks about in this new day and time that we can just buy this new cup which will always keep our coffee as hot and as fresh as when we just poured it in. And the name of the cup is Ember Ceramic Mug. It will let you set your determined drinking temperature an it will have a timer for an hour and once that hour is up it will have a timer on it that will tell you that you will need to reset it to remain at your desired temperature. And it also has a charging coaster that remains charged for 24 hours. And it can be bought at AMAZON, BLOOMINGDALES, AND BEST BUY. The price at Amazon is $128.99, at Bloomingdale $79.95 and at Best Buy it's $99.99 and you can choose from Gen 1 or Gen 2. And it's also leak proof and has a capacity of a 12 ounce size.
Both of these article are talking about Customer Value Marketing Return on Investment and Customer Lifetime Value. I found that the Apple AirPods Pro also was dealing with the Customer Retention Rate. I found that the Customer Value is when the use of the products are very appealing to customers and they will continue to buy the products because of their satisfaction of the products. I myself don't like the Apple AirPod's because I don't have a Apple Phone and it works with the Apple Phone which is many people have. But I do love coffee and I would buy the mug because I would like for it to stay hot all day long.
References:
Retrieved from: Telltale Signs That You're Entrepreneur .com
www.Entrepreneur Deals. January 25,2020. 3 Reason's Why Apple's AirPods Pro are and Entrepreneur's Best Friend.
www.Entrepreneur Deals. January 25,2020.Coffee. These Warning Smart Mugs Can Keep You Productive Longer.
Hi Lorraine'
DeleteI like the article you chose; and it seems like the these companies used the metric system to analyze the preferences and habits of customers. I would be interested in possibly purchasing these products after reading this information. Nice article.
Final Reflection:
ReplyDeleteThis was a bit of a experience for me because I was doing the blog wrong. And was wandering where was everyone's discussion for wk. 2. Then I had to read what it was that I was supposed to do and click on it. But after learning the real lesson of my assignment I really enjoyed looking it up and finding strategies that deal with metrics and now I feel better. But I know that I must pay attention more and ask questions when something doesn't seem right. Have a great week everyone.
Final Reflection:
ReplyDeleteUnderstanding the purpose of metrics and how they benefit businesses has been insightful. Using these tools can help a business measure and set goals for their business. The performance or potential performance can be tracked by using metrics. The companies described in the blogs use different tools of metrics to analyze the customers wants and needs. Using the metric system can create new and future customers when presented correctly.