With the advent of big data, media mix measurement and optimization has become a required staple in the marketer’s toolbox. Effectively media mix measurement and optimization is comprised of seven elements:
Most senior marketers will claim that an analytic based data-driven approach is table stakes. And they’re right. Marketers have access to more information than ever before to inform and improve the customer experience. And while being able to measure and analyze data is a keystone to effective strategy, there is a point at which being too reliant on data can hurt.
It’s true digital has taken over a lot of our lives. Whether it’s the all-knowing computers we carry in our pockets, backup cams on our cars, or the way many of us have been doing our jobs for the last year+, digital is clearly integrated in our lives. But when it comes to marketing, digital hasn’t run off the other ways of connecting with customers.
As companies are finalizing budgets for next year and marketers are fine-tuning their plans, it’s a popular time to look back at what worked and what didn’t. It’s also a critical opportunity to revisit your organizational strategy, realign your KPIs, and design a testing system that gives you actionable insights.
Don’t come to me with vanity metrics. I won’t listen to you. Whether you’re on my team and giving me a program update or a vendor trying to sell me something, I won’t be impressed by inflated metrics or data that doesn’t tell a story. And most CEO’s won’t settle for it, either.
Recently, we spoke about the importance of Increasing Customer Lifetime Value. By optimizing offers for each targeted customer segment, you can improve the conversion rates for your best customers and increase their engagement and purchases.
The best marketing plans are a combination of data, customer insight, lessons from the past and educated guesses about the future. But what if, instead of planning, we could enjoy the benefits of a preseason like NFL teams? So I raised the hypothetical with our CEO Mike Caccavale, who like most of the crew in our Boston office, is a big Patriots fan. Here are some of his ideas.
We talk about proactive and reactive behavior in many areas of life – driving, parenting, relationships (guys, buy the flowers before she asks). And as marketers, we see – and dish out – a lot of both. And to some degree, that will always be the case. But there are some areas for improvement in how we handle the balance.
I freaking love the Olympics. I will watch the USA compete in just about anything. Gymnastics and swimming are personal favorites but I’ve seen everything from dressage, water polo, pistol shooting, sprinting, shot put, fencing… I could continue but I think you’re getting it.
This is part one of an ongoing series about understanding your customer base.
There are many ways that we as marketers try to maximize our marketing efforts and spend. With every dollar scrutinized and every budget reviewed, how we spend our money has never been more important.