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Published on April 30, 2020 16 min
Other Talks in the Series: Marketing Strategy
Marketing strategy roadmap: introduction to building a marketing plan
- Mr. Jean-François Denault
- Marketing Consultant, Canada
Welcome to our Marketing Strategy for Life Sciences Course. Today we will be talking about marketing metrics.
As always, I will be presenting the course. I'm an independent consultant, an author of multiple books in life sciences, a graduate in a MBA in Communications and Consulting Management, and I specialize in the life science sector. So most of my clients are medical device companies, nutraceuticals, biotech companies, pharma and healthcare. I work from small startups to large pharmas. So there is a lot of ground to cover, but we will be looking at some of these metrics from more of a start-up perspective.
What are metrics? Metrics are quantitative measures that you use to compare and track performance. They are ratios or objections that you set before you engage into your marketing strategy to see if you're successfully engaging with your customers, or your stakeholders, or whomever you are targeting with your strategy. In marketing, it means looking at sales growth, revenue, looking at advertising efficiency. You could also be looking at engagement or customer redirection. Why you do this? Well, it's simply to ensure that you are correctly allocating your resources to the different strategies that you are doing. If one of the strategies is inefficient or is not delivering on what it's supposed to be doing, then you have to have the tools to either readjust, stop, or restart a new marketing strategy. So you need to be able to measure what is being successful and what is not.
So today we'll be looking at three types of ratios. We'll be looking at pre-revenue ratios, which are ratios that you use when you are in a pre-revenue situation, such as a startup, and you can use it to do planning and resource allocation, some ratios to measure sales effectiveness, and some ratios to look at digital marketing metrics. Those will be focused more on online initiatives that you might be engaging with.