The research is in and the indications are clear: in order to effectively generate ROI and influence consumers across online and offline channels, marketers must have the ability to optimize their marketing efforts in-campaign. However, accounting for the numerous changes that can rapidly impact the effectiveness of marketing efforts is no easy task.
Now, marketers need the culture and processes in place that make it possible to quickly and accurately optimize their campaign efforts without being held up by lines of business across their organization. A key to attaining this agility is to be aware of the changing marketing landscape and having the necessary tools, teams and processes that drive effective in-campaign optimizations.
Today, the modern consumer landscape consists of numerous touchpoints across a mix of online and offline channels. Additionally, consumers expect the brands they engage with to provide targeted, fluid experiences that connect them with products and services. At the heart of these rich experiences is creative messaging that aligns with consumer interests at the person-level.
The multiple variables in this complex landscape can quickly impact the success of a marketing campaign. In order to establish an agile culture, marketers need to ensure that they remain aware of these changes when optimizing. What’s more, it’s crucial that marketers maintain an ability to quickly pivot to align with changing consumer expectations, preferences and engagement trends.
With this in mind, there are three crucial steps to take in order to effectively course-correct their marketing campaigns and maintain agile marketing:
Across online and offline channels, it’s becoming increasingly difficult to provide the unified customer experiences that consumers demand. Moreover, the variety of marketing messages across digital, print, and broadcast touchpoints requires team coordination—a necessity that is only compounded by the need for rapid in-campaign optimizations.
That’s why effective in-campaign optimizations start by having the appropriate people and tools in place. The key to it all is having an analytics platform that can combine measurements across online and offline channels into a unified marketing measurement that can provide the insights marketers need for fluid, person-level engagements.
From there, marketing teams must clearly identify the people in charge of analyzing data and reaching optimization conclusions. By clearly articulating which members of the team have the responsibility/authority to generate, interpret and leverage marketing data, the optimization process becomes more efficient and able to move at the speeds needed to capitalize on consumer changes while campaigns are live.
Across organizations, marketing decisions are not limited to just the marketing team. With this in mind, it’s crucial that marketers take into consideration the various departments and stakeholders that can affect optimization efforts. At the highest level, the CMO is in charge of allocating the appropriate spend needed for effective ROI generation. However, departments like finance, sales and compliance all have a say in the marketing budget.
Additionally, it’s important to keep in mind that the primary goal of any marketing department is to generate revenue for an organization. Within each organization, there are an abundance of stakeholders that can be affected by marketing campaign performance. Knowing this, marketing teams need to identify these key stakeholders and work to ensure that when it’s time to optimize, marketers can do so without pushback.
Given that an average of 6.9 percent of an organization’s revenue is dedicated to marketing, many companies tend to “lock in” marketing budget for set channels—making it difficult to keep optimization efforts aligned with today’s rapidly changing consumer landscape.
Think about it this way: let’s say a team noticed that the previous quarter’s spend was best placed in a media mix of digital and broadcast channels. If the budget is inflexible, the marketing team is stuck allocating spend to those channels—regardless of performance. If the current quarter indicates spend is best placed on digital and print, agility means having the ability to shift spend. In the end, the same amount of marketing dollars are spent, yet depending on the budget flexibility, the ROI generated varies widely.
Knowing this, it’s crucial that marketing teams establish a budget that remains flexible enough to adjust for rapid campaign optimizations, even if those optimizations warrant significant changes. With the additional steps in place, marketers will have the tools, processes and flexibility to change direction in time to maximize ROI.
Today, in-campaign optimizations are no longer a luxury, but a necessity. In order to consistently generate ROI on marketing efforts, campaigns need to be able to quickly, effectively pivot to the adjust to the complex changes of a modern marketing landscape. That’s why a data analytics platform capable of in-campaign measurements is truly essential, along with clearly defining personnel tasked with optimization, identifying stakeholders and maintaining a flexible marketing budget. This agility enables marketing campaigns to consistently align to trends and changes, producing more consistent and impactful campaign results.
Learn more about the steps needed for in-campaign optimization in our recent whitepaper, “The 3-Step Guide for Course Correcting Your Marketing Campaigns.”
© 2019 Marketing Evolution, Inc.