Internet Marketing – University Marketing Blog

As previously discussed on the blog, metrics can be used to measure just about anything, or at least attempt to. Bendle’s work identifies four main metrics that are used to measure the idea of awareness and the method of collecting all of them is through the quantitative means of surveys.

Awareness

Is the most common term and an umbrella term for the whole area or marketing metrics. This is regarding whether the customer has ever heard of the brand or if they know it exists. It is crucial as you will provide different offerings to someone who has never heard of your brand compared to a 10-year loyal customer.

Top of Mind

This metric attempts to measure how relevant the brand is to the target market, an example would be surveying the first thought of grocery shops and if the response is Woolworths, they are the brand that is ‘top of mind’ for that customer. When data is collected from a whole target market a clear picture can be painted about competitors and where you may stand amongst the competition. This metric is however criticised as the measurement is often influenced by the most recent brand interaction and perhaps not their preferred choice.

Ad Awareness

This seeks to measure performance of marketing efforts around a specific ad. It is most commonly measured as a percentage of the targeted population to help improve future marketing efforts by identifying what aspects may have worked best.

Knowledge

Bendle states this as not being a formal metric but it still remains an important aspect that measures a deeper level of awareness. This metric seeks to measure the customers knowledge beyond just the name or any surface informations. It can be a useful metric to see if a company vision statement or CSR efforts are being communicated around a market.

References:

Bendle, NT, PW Farris, PE Pfeifer & DJ Reibstein (2016) Marketing Metrics: The Manager’s Guide to Measuring Marketing Performance, 3rd edition. Pearson: New Jersey

The internet brought about tremendous opportunities for all business and marketers that could utilise it, there is no doubt.

With this expansive access to seemingly unlimited knowledge, the customer also gained a lot of power. Now, more than ever, a customer can compare prices from more businesses, anywhere in the world if they wish.

Any business with a functioning website has the potential to be found and compared with the largest businesses from their market. If they have a competitive price or differentiating factor such as ‘free shipping’ they have the potential to thrive in the online marketplace.

To continue from the psychological pricing of the last post, reducing a price from $30,000 to $29,990 now serves the additional purpose of appearing in search engines. A filter can reduce a customer’s search to their relevant products and a common method is a price range, this $10 change can allow the car to fall into the search filter of ‘$25,000-$29,999’ and remain in consideration.

This is also applicable for all other promotional methods as ‘summer clearance sales’ can be completely missed unless advertised well on social media platforms. The internet has also given coupons a new life and a great means of spreading the word of companies through campaigns such as Uber’s ‘refer a friend and you will both get $10 off your next trip’.

The internet has given the customer the power of knowledge. While this can be seen a bad thing for organisations, it is also an opportunity to give the customer the knowledge that you exist. Even if your physical existence is on the other side of the planet.

References:

Hooley, G, Piercy, N, Nicoulaud, B & Rudd, J 2017, Marketing Strategy & Competitive Positioning, 6th Ed., Pearson, Harlow, UK.

Tag: Internet Marketing

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