Influence of Key Performance Indicators in Marketing on the Financial Situation of Wine Producers Using ICT

Abstract

Marketing is one of the key elements of the success of all companies, including the wine sector. Given the importance of wine producers for agriculture, it is important to define and monitor key performance indicators in marketing (KPIs) for a successful stay in the market and a competitive position at home and abroad. Today, the increase in competitive advantage includes mainly marketing, innovation and information and communication technologies. New digital tools and innovations have changed the way we approached data and decisions. A modernly adapted and effective strategic marketing strategy represents for wine companies an understanding mainly of their possibilities as well as the possibilities to influence the customer. This article evaluates the key performance indicators in marketing (KPI) and its relationship and impact on the financial situation of wine producers in Slovakia. The research sample includes 80 respondents. We obtained the primary data through a questionnaire, which was filled in by the leaders of wine companies. We verified the accuracy by means of descriptive statistics and multiple linear regression and Kruskall-Wallis test. We have verified the reliability of the data with the Cronbach alpha test. We have formulated scientific assumptions for in-depth analysis: hypothesis 1 – assumes that key performance indicators have a significant influence on financial situation of selected companies, hypothesis 2 – the use of ICT in marketing is statistically related to the key performance indicators. The results showed a statistically significant impact of KPIs on the financial situation of companies. We have identified significance in customer satisfaction and loyalty, brand awareness and return of investment. However, we were unable to statistically confirm the impact of other indicators (sales growth, market share, gaining new customers). We also identified significant differences in the use of ICT in marketing with key performance indicators in hiring new customers and return on investment. This research contributes positively to the importance of brand building in the eyes of customers as well as customer service, building loyalty and satisfaction, which returns to the loyal approach of customers to the repurchase of wine products and provides advice for professionals. Return on investment helps in more accurate business decisions that can be used when purchasing new equipment (technology), hiring employees, or properly assessing the profitability of marketing strategies.