It is estimated that around 25% or more businesses these days are continuously tracking their own marketing tactics and their success as well as that of their competitors. This gives them the advantage to timely execute any defensive or offensive marketing tactics to cater to changes in the brand environment and market. The key to a successful business marketing strategy lies in the continuous and regular upgrades of databases, covering all aspects of the market and also the major players involved. There may be a plethora of online tools being implanted by organizations in order to boost their sales. However if there are no tracking mechanisms installed, the company would have little or no control over its target markets’ behaviors and the brand advertising effects. In order to track ones success online, one firstly needs to identify and to measure the key performance measures that will have direct implications on the brand with communication efforts. These maybe linked with other relevant media data in order to establish a basis upon which strategies can be worked upon and the competitor’s growth analyzed with respect to your own.
There has been continuous improvement in the market research technology over the past decade to help companies understand what works best for their brand and its retention and what creates a negative effect. The most crucial of these technologies is that of traffic monitoring tools that enable monitoring of purchase and sales information for a particular website. The benefit lies in its ability to offer info graphics pertaining to competitors as well; helping companies analyze the marketing effects and success of not only their own techniques but also of those being implemented by the competitor. For late movers, traffic benchmarking tools may help save sufficient research and development costs and will also help analyze the trends followed by the key competitor’s customers. All this information is vital in ascertaining the success of a business online.
Online success and marketing communication goes beyond the isolated approach of focusing on one’s own operational activities and extends to the domain of the task environment and other influential factors that will shape the demand curve.