The marketing world seems to be getting more challenging and competitive by the day. And the complexity of the business and media landscape has made budgets at every level feel pressurized and stretched thin. Because of this, every marketer knows they must make every marketing dollar count – whether the budget is in the thousands or the millions, the main goal is to deliver disproportionate return on your investment. Here are some key approaches and tips we employ to do just that.
1. Don’t just target. Pinpoint.
Every marketer wants to reach – and persuade – the largest group of consumers they can. But casting a wide net can be the wrong approach. First, it generates a superficial and homogenized view of your consumer (“Age 18+,” anyone?). Second, it’s hard to do an effective job of reaching such broad swaths of consumers. Instead, we recommend identifying more richly defined target groups inside that comprehensive segment.
One way to do this is to identify traits that span beyond demographics such as age and gender. Hone in on a target audience with a specific frame of mind or interest. This demographic is easier to reach, more interesting to create content for, and far more likely to convert. Even better is if you can really “own” this target vs. who your competition is targeting. For example, for a food brand that mainly targets men, instead of simply targeting the broad “bros” that our competitors focused on, we identified our consumer as craft-beer enthusiasts. This elevated the media plan above generic, resulting in a more precise match between content and context and a number of extremely effective brand integrations we might otherwise never have found.
2. Set the right goal posts.
Almost all marketers and media companies measure their media performance in some way. However, it is key to not just use basic or customary measures. Understand how success looks for you and use the most relevant and specific metrics to track it. Key performance indicators (KPIs) should not be a laundry list, but instead clearly linked to brand objectives. At LC, we use the Consumer Decision Journey (CDJ) model to set KPIs at each phase that correlate to that phase’s main objectives. This ensures that all media performance is measured against its ability to convert the target into loyal, profitable customers.
3. Maximize your owned channels.
Far too often, media companies only consider the brand’s paid audiences. But most should consider their owned channels first. What are some ways to do this? Leverage your website by making sure it’s easy to navigate and clearly defines who you are, what you do, has quality content and is optimized for search. Consider and plan how to use your social platforms to maximize your efforts. Look for ways to leverage your loyal customers to share the message to their friends and family. Consider an email marketing program against your customer relationship management (CRM) system or other database list. In conjunction with paid media, owned channels can turbocharge your efforts.
4. Invest in paid search.
Think paid search is only for e-commerce brands? Think again. Paid search is an opportune way to ensure current campaigns are working to their fullest and are properly optimized. Paid search reaches people at the precise time of interest and need when they are actively searching for your brand, service or category. This means you can be there with the right message at the right time. And if you aren’t, your competitors are sure to be instead.
5. Don’t get too thin. Or too thick.
In today’s fragmented and complex media ecosystem, it can be tantalizing to want to try many different tactics and media types. When planning your media strategy, make sure you are expanding out into new vehicles and platforms judiciously. Concentrate on channels that allow you to be targeted while reaching prospects at an impactful frequency. Don’t rely on just one channel to achieve your objectives — the media landscape is not consumed like this. As far as adding new media and tactics, try testing and experimenting to see what’s working before rolling out and committing bigger dollars. Finally, make sure your message is consistent across all your channels and that all channels align with how your target is engaging with various media on a daily basis.
At the end of the day, media is not just about “spots and dots.” Without the right strategy in place, much of your budget can be under-leveraged to misunderstandings about your target, what channels are best for your audience or how to measure your efforts. This is why it’s important to work with a team that takes the time to understand your brand, your consumer, the media context, and the interaction of those three. Only in this way can you make sure you’re getting the best bang for your marketing buck.
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