Marketers should focus on designing and executing a strategy that encourages value-based outcomes.
That’s the thinking from MediaCrossing, a Stamford Connecticut-based digital advertising agency. I recently asked MediaCrossing CEO Michael Kalman for his perspective on how the process works best.
Paul Talbot: When a marketer decides to focus on a value-based outcome, how can the extent to which this outcome resonates with the customer be gauged in advance?
Michael Kalman: Our advice is to always take a test-and-learn approach in determining value-based outcomes. Your plan will determine KPIs for measurement with a tactical strategic plan, and after 7-10 days, measure efficacy and optimize towards the goals that make the most sense for your customer's goals at that point in the funnel.
Measuring the efficacy of factors like creative, first party and third party data, geo-targeting and platform will help inform your decision before investing additional budget, time and resources.
Talbot: What are a few best practices for the kind of testing that can help a marketer determine the upsides of this value-based outcome?
Kalman: Industry benchmarks will not be as impactful as thoughtful, practical research as it relates to your customers' lifestyle and your campaign goals. Always conduct research in advance based on your existing customer data and projected customer demographics and psychographics.
For example, we were responsible for running a campaign for a pre-pandemic arena show in Florida. From initial research and test-and-learn, we found that the majority of the audiences were English-as-a-second language consumers.
Further, these consumers were significantly more likely to only use one device (mobile) compared with multi-device users in other regions throughout the United States. That key feature of targeting enabled our campaigns to be not only more cost-effective but more efficient in reaching the right people with the highest propensity for conversion.
Talbot: What suggestions do you have for the marketer who understands the importance of speed and moving quickly toward innovation, but wants to minimize the downsides of reckless speed?
Kalman: We recommend clients embrace an agile framework and being smart about data.
Put together the tactics with the highest propensity for success, while employing an agile process to constantly plan, iterate and adapt. It's important for marketing organizations to understand how agile marketing structure can help meet speed with accuracy.
Talbot: How has this era of disruption impacted the marketer’s ability to test? Is it any easier or more difficult?
Kalman: This era has not been particularly more difficult, but the landscape has become more competitive and expensive as the digital ecosystem has grown. In 2020, over 6 million U.S. households were anticipated to cut the cord with pay TV, bringing the total number of cord-cutter households to 31.2 million (eMarketer).
We're seeing the most prominent cable TV advertising window, The Super Bowl, passed over this year by major brands as a direct response to the Covid pandemic.
Marketers have further embraced the notion that digital media enables less buy-in upfront, greater flexibility and increased ability to adapt in the face of changing social, political and technological preferences.
While there is an increase in competition and expense, digital media has created an opportunity for brands to compete on an even playing field. Sophisticated audience targeting and testing techniques will allow middle market competitors the advantage previously afforded to the largest companies in the world.
Talbot: Any other insights you’d like to share?
Kalman: Smart data targeting, marketing strategy, testing and reporting will be the key differentiators in marketing teams' success as we move forward into 2021.
Reaching the right people, at the right stage in the funnel, with the right message will ensure you're reaching the highest lifetime value consumers while using your media dollars effectively. Agile marketing provides the speed and accuracy needed for today's complex world.
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