Top tutor Chris Cain continues his series looking at relevant data and analyses that you need for strategic marketing decisions.
As I mentioned in part 1 of this article (PQ magazine, June ā24), the ACCA publish a syllabus and study guide each year that gives all the potential examination Tasks.
In syllabus area E it is Technology and data analytics. The detailed study guide 2 (Big data and data analytics) part (c) states that you should identify and analyse relevant data for strategic decisions on new product developments, marketing, and pricing.
Identifying and analysing relevant data for strategic decisions in marketing involves considering a wide range of factors to ensure effective planning and execution.
Here are key data points and analyses that are crucial for strategic marketing decisions:
Market and customer segmentation
Demographic data: Understand the age, gender, income and other demographic characteristics of the target audience.
Psychographic data: Explore lifestyle choices, values, interests and attitudes of the target market.
Geographic data: Understand regional variations in customer preferences and tailor marketing strategies accordingly.
Behavioural/customer engagement metrics: Assess metrics like click-through rates, open rates and social media engagement to understand customer interactions.
Competitor analysis
Competitor marketing strategies: Analyse competitorsā advertising channels, messaging, and promotional activities.
Market share and positioning: Evaluate competitorsā market share and positioning to identify areas for differentiation.
Digital marketing analytics
Website analytics: Review website traffic, user behaviour and conversion rates to optimize online presence.
Social media analytics: Monitor social media performance, including likes, shares and comments, to gauge brand sentiment.
Product performance data
Sales data: Evaluate sales performance by product, region and customer segment.
Customer feedback and reviews: Analyse product reviews and customer feedback to identify strengths and weaknesses.
Brand perception and awareness
Brand awareness metrics: Assess brand awareness through surveys, social media mentions and online visibility.
Brand perception surveys: Conduct surveys to understand how the target audience perceives the brand.
Marketing campaign performance
Return on investment (ROI): Calculate the ROI of marketing campaigns to determine their effectiveness.
Attribution modelling: Use attribution models to understand the impact of different touchpoints on customer conversions.
Customer surveys and feedback
Customer satisfaction surveys: Assess customer satisfaction scores and feedback to identify areas for improvement.
Net Promoter Score (NPS): Measure customer loyalty and likelihood to recommend the brand.
Market trends and influencers
Industry trends: Stay informed about industry trends and emerging technologies.
Influencer marketing data: Evaluate the performance and impact of influencer marketing campaigns.
NOTE: Last month the author looked at assessing the severity and probability of risk events.
- Chris Cain is an approved trainer with PwC Academy
