How Do You Maximize Your ROI with Digital Ads?
Brands that once shied away from advanced marketing measurement are now becoming invested in the process. They want to ensure they understand they’re measuring what matters, and maximizing their investments in digital advertising.
According to a Brafton.com article titled: “How to Measure Digital Marketing Effectiveness (2018 Edition)”, “just 39 percent of companies say their marketing strategies are effective.” While that is a low mark, a major aspect to advanced marketing measurement is the realization that a process for it needs to be established.
What’s the secret behind collecting insights that will benefit the growth and resonance of your brand?
To start – the old saying “Quality over Quantity” plays a major role in data collection.
With accessibility of information from various platforms, consumers – specifically young adults, are setting the tone for marketers to closely observe their behaviour. Consider: The “Young Adult” who is between the ages of 18 and 35. In a matter of only a couple of years, priorities for this demographic will change significantly – whether that’s saving money for their education, purchasing a car, getting married or buying a home. Plain and simple – among all of your competitors, your brand has a bigger one that is always in the mix: Life.
The baby boomer generation (those born between 1946 and 1964) are not changing their priorities as quickly. As a result, they will maintain their current habits for a longer period of time.
The behaviour of young adults changes exponentially and marketers are often left in the dust, playing catch up. This can force them to extract more data than is necessarily useful to their marketing efforts.
According to a recent webinar on AdWeek titled: Make the Case for Advanced Marketing Measurement by Marketing Evolution, insight driven businesses will grow 8-10x faster in the global economy. The webinar detailed key findings, including one made by Forrester: Research World Mobile and Smartphone Adoption Forecast, 2015 to 2020 (Global). By 2022, CMOs in the U.S. will spend over 122 billion dollars on Martech investments. There will also be 10.5% invested in data and analytics. More brands have realized the importance of “advanced measurement”, which has actually been a standard practice for many marketers already.
Here are three best practices that will help your brand measure what matters to grow your brand community:
STEP 1: Segment Your Data
General “Data collection” is counter-productive to your brand’s underlining goal: Fueling efficiency into your brand’s ROI. The data collection process has a significant impact on the evaluation and conversion stages. Data is never stagnant. Habits change, fuelling people to change, which means your brand’s overall consumer base will eventually change.
According to AngossSoftware, a provider of predictive analytics systems – to be effective with customer segmentation, you need to focus on the following factors:
- Identify your most profitable customers
- Focus your marketing on segments most likely to purchase
- Develop potential niche marketers
- Develop or improve products to meet customer needs
You can watch the process in more detail below:
STEP 2: Advance Your Marketing Measurement Through An Ecosystem Approach
How does data segmentation fit into your brand’s DNA? We like to call it – “Future-Proofing Your ROI.” This is ultimately channeled through our Ecosystem Approach, an approach that has powered our branding business for almost 30 years. Before we focus on Measurement and R.O.R. Services, let’s dig…deep into the power of content.
Content is everywhere. It’s in the news, movies, and TV shows that you watch, it’s in the books that you read and virtually anywhere you go. Your strategic approach to that content based on the core values of your demographic is key to accurately selecting media with impact. You want your brand’s message to spread like wildfire and hit all of the right channels to tie back into your strategy.
This all starts with our Brand Strategy Workshop – a comprehensive session that encourages you to discover the core values of your brand, setting the foundation of how the story of your brand is communicated to your brand community.
Once you have an understanding of your brand’s identity and demographic, targeting your content through effective Media channels becomes that much easier.
Further into the branding funnel, you want to deploy a Measurement & R.O.R. approach. Ongoing review, optimization and redeployment will ensure your brand is meeting and eventually exceeding your goals.
STEP 3: Connect Trust with Efficiency
The final step is realization in the connected process between trust and efficiency to approach advanced marketing measurement. So, the next time your organization wants to “collect data” for the sake of collecting data, ask yourselves:
• Have we considered the Ecosystem Approach?
• Who are our most profitable consumers?
• What specific insights do we want to learn about our demographic?
• Have we segmented our data to extract insights that value quality over quantity?
• Have we continuously deployed a Measurement & R.O.R. approach?
Trust the Process to Grow Trust for Your Brand
Ultimately, trust is the single most important element that binds your product/service to your brand community. You want your customers to listen and “buy-in” to the most relevant benefits, promises and supporting truths you present; and you want them to share those aspects of your brand (imagery, messaging and deliverable) to others. So, if you don’t put the levels of trust into the specific goals of your brand, your message will only be loud, without any reason to be proud. Sadly, that may prompt your brand community to direct its loyalty elsewhere.