A Welcomed Relief

What a week it has been. My family could not have picked a worse time to have new flooring installed downstairs. Or maybe it was my boss having me work 28 out of the 31 days in August that is doing me in. Regardless, this week's shortened blog post was welcomed and is certainly invited to stay a while. On to the top metrics from my point of view.

Units Sold

This metric seems appropriate to me as it dictates market demand. Not only does it dictate the demand for Allround's product in particular but for the market as a whole. That whole concept of supply and demand makes me think that knowing the demand side of things is awfully helpful in determining what to supply. This would be no different in Pharmasim.

Market Share

Market share is important to help you determine where you are in relation to the overall industry or a particular market segment, as well as where you stand among your competitors. It helps to dictate how well you're doing in particular areas, which segments might need work, and if there is a competitor who is clearly dominating that you might want to pay more attention to or direct your advertising comparison towards.

Brand Awareness

There have been many times in my personal life where I have found a fantastic product that I would have loved to use a long time ago had I known about it. It is important that people know about the brand. And it is even more important that the brand knows whether or not the people know about the brand. Because if the people don't know and the brand doesn't know that the people don't know, who's ever going to know? You know?

Perceived Effectiveness vs. Perceived Price (Tradeoffs)

I overlooked this throughout most of my time in the practice rounds but I have found it to be quite telling. A product can only be worth the value given to it by its users. In the case of a medicinal product, consumers want the damn thing to make them better. So the product is only worth how effective it is. It is important for a brand to be aware of how the price of their product is being perceived versus how effective it is. They should be aware of undervaluing or overvaluing their products and keeping one in line with the other.

Net Marketing Contribution (Contribution after marketing)

This number is perhaps the most telling in that it lays out for you how effective your marketing approach is. It factors into it what a brand did for marketing in a period and what results they have received. It doesn't get much more useful than that.