We’re all too familiar with the old Wanamaker adage: ‘Half the money I spend on advertising is wasted; the trouble is I don’t know which half’. It no longer has to be that way.
The proliferation of customer touchpoints throughout the path to purchase has created more opportunities for consumers to evaluate your brand and has drastically raised their expectations. In contrast, these touchpoints offer as many opportunities to measure and optimize the performance of your marketing efforts.
Here are 3 ways to achieve a lot more with your marketing dollars.
1. Move From Customer Loyalty To Customer Intimacy
No, consumers are not completely burnt out by your marketing gimmicks. They just expect you to care about them.
Caring means going well beyond your standard loyalty program and deliver an outstanding experience at each and every customer touchpoint. Amazon, Apple, Netlfix and the likes are successful because they leverage data to deliver an experience that’s user-centric. Don’t try to sell me sheepskin lined boots if I live in Southern California (true story). But your email about a new documentary on chef’s tables (I love restaurants) got my attention.
That’s what digital agency Wunderman calls ‘Wantedness’ or ‘the degree to which a brand proves their commitment to earning a customer’s business across every touchpoint and throughout the entire path to purchase.’
Client satisfaction studies conducted at store level or web-intercept surveys (those annoying pop-ups) only tell part of the story. You need to unify these programs by combining store visit with online purchase, advertising exposure, search history and other behavioral info, at user level.
2. Measure The Impact Of Your Campaign Across All Touchpoints And Optimize In Real Time
For too long, silo-based point-in-time analytics have led marketers to sub-optimal decisions and resulted in wasted spend. Who cares that people download your app if they don’t use it and end up deleting it after a few weeks. Or that your customers buy online instead of visiting your stores. Home Depot’s sales are up because clients buy its products online and pick them up in-store, where store associates upsell companion items.
Most CFOs now see marketing as an investment, rather than an expense (finally). Whatever silo you operate in, be bold and urge your senior management to implement a holistic measurement and optimization program.
That is, a program that measures your marketing efforts across all channels and enables you to optimize your campaign in near real-time. A proven approach is to combine data, technology and advanced research methods, to predict what your consumers are likely to buy, target these specific prospects based on their need-states and reach them with the most impactful creative across the most effective media channels.
3. Create, Test, Correct, Repeat
Comscore research shows that creative execution is 4 times as impactful as media placement at driving results. The good news is that testing ads has become fast, easy and cost-effective. Most importantly, you can now test your ads in-market before your campaign goes live. First, a small-scale campaign is deployed towards your specific segments. Based on these learnings, you can then evaluate how segments, creatives and media perform and optimize accordingly.
The same goes once your campaign is live. Leverage these high-frequency, granular insights to tweak your creative while in market, increase investment with publishers that drive results and pull the plug on the ones that don’t.
The Blake Project Can Help: Accelerate Brand Growth Through Powerful Emotional Connections
Branding Strategy Insider is a service of The Blake Project: A strategic brand consultancy specializing in Brand Research, Brand Strategy, Brand Licensing and Brand Education