Imagine that ur doin a marketing plan for Sonic Drive-in, ur team decided to promote the sales by doing 2 things ..
1- adding healthy food menu (salads, low carb items and so… ,)
2- adding reward program (promotion with points that adds up for free burger for example) …
- even though Sonic already have existing APP it yet it only have offers in happy hrs and get meal when you sign up but the Reward program is what you will introduce that will take the app to the next level …
these are your product and distribution strategy …
Now I want you to write in bullet points headlines followed by 1 – 3 sentances how do you plan to measure ur product and distribution marketing strategy if its success or failure ?
How do you plan to measure its success or failure?
I think here you can talk about these things below (choose from them – Add numbers (statistics or how much is there revenue now after they lunch there app and how much d you think there will be revenue growth if you introduced the reward program and the healthy menue to the app in lets say 1 year from lunching) – this is important
Below also some websites that will help, you may use them or use any other websites that you choose.
1- Measuring the success of our product strategy and Distribution Strategy :
a) forecast business success of a product
- look at the revenue brought by this item.
- Monthly recurring revenue
- Average revenue per user
- Customer Acquisition Cost
- Customer Lifetime Value (CLTV or LTV)
b) analyze and grow user engagement
- Daily Active User
- Monthly Active User
- Session duration – traffic at the app
c) keep users interested
- Retention rate
d) measure product/feature popularity
- Number of sessions per user
- Number of user actions per session
e) evaluate user satisfaction
- Net Promoter Score
- Customer Satisfaction Score
f) Return on Investment
- Return on Investment measures the sales revenue (How much they are making now from app and how much growth do we expect to be reach in 1 year)
g) Test Marketing of the healthy menu
- Marketing Originated Customer %
- Social Media
- Inventory Turnover Ratio for the new healthy menu
https://www.altexsoft.com/blog/business/15-key-product-management-metrics-and-kpis/
https://www.buzztime.com/business/blog/measure-success-restaurants-marketing/
https://limetray.com/blog/marketing-metrics-for-restaurants/