Track and analyze your sales figures and inventory for the new product before and after implementing a specific advertising campaign or promotional program for it. Evaluate if you note an increase, decrease, or no change in revenue and required inventory for the new product. Continue or adjust the advertising and promotion accordingly.
Measuring the impact of an advertising campaign and promotional program is primarily achieved by analyzing revenue, sales and inventory. To evaluate individual ads and promotions, focus groups and satisfaction surveys may provide both insight and opportunities for improvement. Tracking where and how customers learn of your new product will also allow measurement of success of your campaigns.
Utilize focus groups to evaluate your advertising and promotions. Contract with a neutral third party to coordinate focus groups to gather feedback from consumers about a new product, its ad campaigns and promotions. If you prefer to coordinate this in-house, find users of similar products, offer payment for a focus group session, and ask insightful questions to the group that allow for feedback and discussion. Use this feedback to further evaluate and refine the advertising and promotion programs for your new product.
Track where customers have heard about your new product. Wherever possible, ask consumers purchasing your new product how they found out about the product and about their awareness of your advertising and promotion programs. Use different toll-free numbers in your ads to track which ad callers are responding to, and use specific codes on coupons and for Internet purchases to directly track back the codes to exact ads and promotions.
Conduct satisfaction surveys on those who buy your products and services. If you have captured your customers’ phone, mailing addresses, or email addresses, mail or call with surveys that ask questions related to your new product and its ad campaign and promotion. If your customers purchase products from your website, post the survey on your site, asking questions at checkout. You may want to incentivize customers to respond, offering free samples, contests, discounts or coupons. Evaluate survey results to gauge the success of your marketing.
Count the quantity of coupons or promo codes used for a new product, if this is part of your promotional program. Contrast them against usage of other products' coupon and promo codes. If your promotion included in-store displays or demonstrations, evaluate the amount of products sold on the days of the demos and displays against days when you held no promotions. The results may give insight to the effectiveness of your promotions.
- California State University Chico: Chapter 16: Advertising, Sales Promotion, and Public Relations
- CBS Interactive Business Network Resource Library: Ways to Evaluate your Marketing Program
- Pennsylvania State University: How to Use Focus Groups to Solicit Ideas and Feedback
- Entrepreneur: How Can I Evaluate the Effectiveness of a Marketing Method?