The process of marketing optimization has recently undergone major changes. In the past, most marketing campaigns were designed around a historic metrics and past buyer trends, without an in-depth analysis into current or future market conditions. These campaigns often had fixed, predefined activities and budgets – and no ability to measure or modify campaigns until far after they had run their course.
Marketers did not have the technology to make person-level insights at this time, so it was exceedingly difficult to identify specific individuals that interacted with the brand across channels and touchpoints. This created data silos between campaigns and channels, further obfuscating a brand’s understanding of their own customers.
While marketing optimization is shifting over time, many brands still suffer from the residual effects of traditional marketing measurement. Fewer than a third of organizations meet Forrester’s maturity competency standards, which is their specific criteria for optimized marketing measurements. When surveying these organizations, Forrester found that common difficulties include data integration, data management, and cross-silo management. To resolve these challenges, organizations must make a concerted effort to revolutionize their approach to marketing optimization.
How Marketing Optimization Changed
Today’s post-digital world has transformed marketing as we know it. Consumers are more discerning than ever, and searching for targeted messages in the right place at the right time. To be successful, brands need to reach prospects in a personalized way on both online and offline channels.
Brands must also take advantage of granular data to directly reach consumers with expertly targeted messages. While personal devices and online activity enable marketers to extrapolate a wealth of customer data, making this data actionable requires breaking down data silos that may remain from traditional marketing approaches.
This means that brands must focus on achieving modern marketing measurement to optimize their marketing campaigns. To accomplish this, marketers need a complete view of customer insights and the ability to properly wield those insights.
To optimize their marketing efforts, brands must know how to create agile, personalized campaigns that improve a brand’s image and bottom line.
Use A Unified Measurement Approach
Consumers are leveraging an increasing amount of diverse channels and touchpoints. To fully understand their needs, its necessary to optimize and defragment your organization’s media mix. With a unified measurement approach, organizations can look at disparate touchpoints and deduce how significantly each touchpoint influenced a conversion while measuring each touchpoint’s effectiveness. This approach allows your organization to break down data silos and develop a better understanding of the customer’s journey via data.
Getting a comprehensive view of customer data isn’t easy – a recent Forrester study discovered that 71 percent of marketers feel hampered by disconnected measurement approaches. This can be attributed to marketers handling more sources of customer data than ever before, combined with a lack of unified marketing measurement tactics. This has led many marketers to become interested in measuring omnichannel results from a person-centric lens.
Person-level data is extremely valuable for campaigns. 80 percent of marketers believe that person-level data improves or significantly improves their ability to execute on a variety of key initiatives. These include growing revenue, improving ROI, increasing brand influence, and better leveraging data and analytics. This is because person-level insights inspire relevant engagements by reaching consumers with the right messaging, in the right place, at the right time.
Overall, a personalized campaign improves customer experience. This is important because 55 percent of customers reported being willing to pay more money for a product or service if a better customer experience is guaranteed. This can strongly improve marketing ROI - when brands focus on improving their customer experience, 84 percent report increased revenue!
Agile, In-Campaign Measurement
To optimize campaigns in real time, brands must engage in nimble, in-campaign measurement. By keeping data up-to-date, marketers can ensure that they’re allocating their budget in an optimal way.
Automation can greatly assist in processing data with agility. Without automation, marketers often struggle with analyzing the massive amounts of data that are retrieved from diverse marketing efforts, which can take immense time to sift through and make actionable. Processing this data manually greatly hinders a marketing team’s ability to make changes to campaign direction as it runs based on engagements etc, which can hurt ROI.
If an brand wants to make changes to their campaign inflight, it’s important to have a flexible marketing budget. Otherwise, marketers may struggle to receive a budget for optimization efforts in a timely manner. For this reason, our experts at Marketing Evolution recommend keeping 30 percent of a campaign’s budget fluid.
The right combination of tactics to achieve an optimized marketing campaign are always in flux. Between the advent of digital marketing and the growth of automation and machine learning, marketers must constantly stay up-to-date with the growing scope of marketing efforts. Not only that, but marketers must keep track of the changing definitions of once-standard marketing processes.
To learn how to successfully optimize your marketing efforts across the entire marketing mix, take a look at our Marketing Dictionary. This online resource has a variety of the most important processes in marketing to ensure that your marketing team has a firm grasp on this novel world of marketing.