Start Measuring and Stop Wasting Your Advertising Budget
In the 1970s, a famous ad executive said “I know that I’m wasting 50% of my budget. I just don’t know which half.” Back then, marketing options were limited to TV, radio, newspapers & magazines. Consider the vast number of tools available now, spanning social media, mobile phones and digital channels like YouTube.
Traditionally, marketing campaigns have been built on three pillars:
Strategy. Sell the benefits of your USP (unique selling proposition)
Tactics. Spread the word via advertising, promotion, social media etc.
Execution. A coordinated effort that brings the campaign to life
Recently, a fourth pillar has been erected, and it’s a game-changer for some. Introducing…..‘Measurement’.
Measurement. Gauge the campaign’s engagement. Beyond generating impressions, reach and rating points, companies now can measure target customer response. Beyond being efficient, was your campaign effective?
There is an amazing array of measurement tools available now, more commonly referred to as ‘Big Data’. Reaching out to consumers has become a dialogue – it is no longer a one-way communication. Marketers can now dissect the data and specifically understand how their campaign influenced the perception of their brand.
In 2013, ad campaigns probably waste more than 50% of their budget. But by using measurement tools, advertisers can adjust their plans to find the perfect marketing mix. Focus on being ‘liked’ or better yet, loved.
If you need help building an effective marketing plan around these four pillars, contact Beau Phillips. Beau is the President of Rainmaker Media and has years of experience creating successful marketing plans through the use of effective positioning. Contact Beau at Beau.firstname.lastname@example.org.