What is a Marketing Report?
A marketing report is a document that incorporates data to demonstrate the overall performance results of the global marketing strategy. Businesses and corporations are reliant on marketing for their sales rates. Without marketing and effective marketing strategies, it would be impossible to produce revenue. Some companies would go to the extent of including a special marketing department just for this. There are different approaches dedicated to marketing. To name some are: digital marketing report, email marketing report, marketing activity report and marketing campaign report. Also, a marketing report does not need to be a monthly report but it can be a weekly thing.
How to Write a Marketing Report
There are certain details that should be present in your marketing report. Follow the list below to write an effective marketing report.
1. Identify Customers and Issues
Identify your target customers first before you identify their needs and problems. There will be different target customers for every product or service. They can be from a certain gender, age, profession, and such. These are the people who are most likely to buy your products or services and they are the ones who you tailor your marketing to. Once you have identified them, you can now assess your customer's issues. Evaluate those issues to come up with solutions that can help improve your product.
2. Write Executive Summary
Provide one or two pages for your executive summary of the results of your marketing research. You need to hit all the crucial points in the summary. The summary is the section where most people would scan or read through to get an overview of your research results. Even in a marketing analysis report or marketing annual report, it should still provide basic information on what your business does, where it is situated, what type of employees you have, and any details about your organization. The report should indicate precisely what you are trying to determine. A marketing report is usually quantitative research so include the statistics done to get the result.
3. Forsee Trends
You should also look at how efficient these campaigns will be in the future, rather than simply evaluating the efficiency of previous marketing strategies. Expound some factors that might come and affect your market whether bad or good. Prepare a plan for these factors to sustain your business' sales.
4. Determine Marketing Return on Investment
Since the main goal of a business is to gain revenue, your marketing report should also determine the return of investment. State in your report that the money the business is spending on marketing is increasing or decreasing. Simply add up your spending on certain marketing campaigns and compare it to how much your sales have increased since those campaigns started. Think of the value you get from the money spent on advertising.
5. Make Changes on Your Business
Your market research's aim is to find out what works and where to enhance your market strategy. Come up with recommendations you believe will solve the issues your business is facing. If you can make the right adjustments, you can market more effectively without increasing your marketing budget.