Maximizing Marketing ROI
We all talk about ROI and the need to make advertising more accountable, more measurable. Today, working with business owners of small- to mid-sized companies, I’ve witnessed, time and again, the voice of anguish: ‘We’re doing some radio on WXXX 99.9, and nothing is happening.’ Or, the ever popular, ‘We ran a couple months in a business magazine, but haven’t received any calls.’ Cliché as it seems, there are many reasons why putting all your advertising eggs in one basket will not achieve maximum results.
Our media landscape is ever changing. There are a zillion cable and network television options dedicated to every sports enthusiast, sitcom lover and news junkie; broadband Internet has opened up a whole slew of online, rich media choices; countless radio stations with varying formats are fighting for every listener; and we’re targeting the most fickle consumer audience, I argue, that we’ve ever encountered.
Two elements to remember, even if you have a small budget: 1.) Diversify your media plan, and 2.) Content is king. Understand this is an investment to grow your business, and increase brand awareness.
Mix Media
Demonstrated countless times, experienced application of insight, strategy and resources delivers results. One medium doesn’t fit all.
- Reach and frequency estimates are important media
buzzwords and the base for all media plans. Reach refers to how many
people will hear or see your message, while frequency explains the
number of times that message will be heard by that audience. As you can
see this is why a radio-only campaign on one station, for a two-week
blitz, for example, isn’t recommended. Or why, generally, a one-time
four-color print ad is not a good investment.
- Are you trying to reach clients whose
businesses are highly specific -- whether business-to-consumer (B2C),
business-to-business (B2
– or a group of people whom are relatively
obscure? Think about your customers’ demographics and how to best
communicate with them.
- Choose efficient mediums. Quite simply,
efficiency can be measured by asking: What’s the most cost effective
way to reach 1,000 people in my target audience, multiple times with a
consistent message that initiates a call to action? Combining
qualitative factors such as income, education, occupation, lifestyle
and consumption patterns with other data will yield a more targeted
buy. Broadcast planners will combine these factors with Arbitron or
Nielsen data (research services that have divided into TV broadcast
areas for purposes of measuring audience size) to optimize a buy.
Experts can evaluate various measurements -- GRPs (gross rating
points), CPP (cost per point), and CPM (cost per thousand).
- Do research. Traditional media (newspaper, magazine, radio, TV) can be complimented with outdoor, cable, on-line, direct mail, e-marketing or event sponsorships. Work with professionals that look beyond the ordinary to design innovative solutions.
We’ve all heard the phase, ‘cash is king.’ Well, in marketing land, content is king! Points to consider:
- Content is what drives the consumer, the creative
management of this content will continue to be of increasing importance
to establishing a brand and ultimately building your business.
- Focus on a single selling proposition and, for
heaven’s sake, keep it simple. Define what you are selling – one
product, one brand, one set of benefits.
- Make sure all components of a campaign follow a consistent direction.
Advertising works, but to what degree depends largely on your marketing and media partnerships and your message. You want demonstrable results and positive return on investment. Above all, the objective remains: deliver your message to the right people, at the right time, through the right media. With imaginative planning and savvy use of media tools and professional execution, even the biggest advertising skeptics can become true believers.
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