Measurement Program

My task for this blog is to apply as many of the 7 steps of a measurement program, or as many possible, to the business strategy any company. For this exercise I will choose the company of Kraft Foods.

Step 1: Define the goals and objectives: Why are you launching this plan? Or what is the “R” in the ROI you are seeking to measure? 

The ultimate goal would be to increase sales of a variety of food products. Additionally, Kraft would like to increase the sales of less familiar product brands and foods that are healthier and vitamin fortified.

Step 2: Define your environment, audiences, and your role in influencing them.

The audience for this application would be grocery shoppers, parents, and families with school-aged children. Kraft’s role in influencing them is to promote the benefit of quality eating habits and how Kraft Foods can get you on the path to eating right.

Step 3: Define your investment: What will it cost? Or what is the “I” in ROI?

I do not know what the total cost would be to implement this particular strategy. The goal would be to apply 5 – 7 % of the allotted marketing budget.

Step 4: Determine your benchmarks.

The benchmarks would be an increase in sales for all brands affiliated with Kraft Foods, here in the US and across the globe. Kraft could compare its sales to sales from previous quarters and the sales of generated buy other companies with competitive products.

Step 5: define your key performance indicators: What are the metrics you will report with?

Some of the key performance indicators (KPI) would be:

a.)   Percentage increase in global sales

b.)  Percentage increase in foods sales to parents and families of school-aged children

c.)   Percentage increase of market share over the completion

Step 6: Select the right measurement tool and vendors and collect data.

The tool Kraft would need to use would be something that measured awareness. There are a variety of free or inexpensive Web analytic tools that can measure relative searches and “clicks” of products and links associated with Kraft Foods. Clicktrax and Webtrends would be suitable vendors for this application. Kraft could choose to spend a little bit more money, but gain a more accurate analysis and opt for a survey approach. Online, mail =in, or over-the-phone surveys would be applicable. SurveyMonkey and Zoomerang would be suitable choices for online surveying. The marketing department of Kraft Foods can conduct their own mail-in and over-the-phone surveys.

Step 7: Turn data into action: Draw actionable conclusions and make recommendations.

At this time, there is to actual data to analyze so no conclusions can be made.

Reference: Measure What Matters, by Katie Delahaye Paine