Our Perspective: Increased Market Share Comes from Knowing Why
Even if everything goes according to plan when you execute your marketing plan there are lots of reasons why making a formal assessment of how well you performed is a good idea.
Even if things work well, you might not understand why, so talking to consumers directly can help you develop a clearer picture of what worked and what didn’t so that you can build on that in the future.
For example, we once evaluated the launch of a new liquor product intended specifically for women. It was the most successful new product launch ever in this particular category. What the research showed, though, was that the majority of the product was not bought by women, nor was it bought for women. Rather, it was successful because it met an unfulfilled need in the market for the vast majority of men who were buying it. Further, the research suggested that it could be priced higher, and the higher price that was eventually adopted resulted in an extra $20 million in revenue in the first year of its introduction.
What Sets Us Apart: Research to Dissect the Contributing Factors of Revenue Growth
More often, though, things don’t go according to plan and it is necessary to dissect what happened so that you can learn and improve later on. Was it the media or the message that was the problem?
Most evaluation programs don’t even tackle this kind of question. But, ours do. By looking closely at the marketing plan, we devise strategies for separating out the effects of different media from the effects of the message or messages themselves. Then, we can give clear recommendations on how to improve in the future.