Even well-established businesses have to revamp their marketing strategies to keep up with technological advancements. Don’t get left behind.
Developing a sound and effective marketing strategy in the digital age requires a lot more than it used to. “Marketing is no longer a simple creative process that is left alone by decision-makers. This means teams need to consider how best to show the clear monetary value their campaigns bring to the company,” says marketing and sales specialist Brenda Stoltz.
“Implementing the latest analytics tools is a great way to start this process and bring actionable data to your team that will prove your case to invest more in marketing.” If you’re not developing and implementing mobile marketing campaigns, expanding your scope of analysis and applying statistical methods, you could be a step behind your competitors.
“With the revelation that mobile search has now overtaken desktop search we get a bit more colour and context for the recent mobile-friendly algorithm update. I’ve been arguing for well over a year that mobile is now the ‘primary screen’ for marketers,” says Greg Sterling, vice president of Strategy and Insights for the Local Search Association.
The methods you’ve been using to manage your marketing return on investment (MROI) may have brought your business this far, but new strategies should be implemented if you’d like to see your company go further. Here are a few options for you to consider:
1. Embrace the rise of mobile marketing
More than half of the world’s Google searches are now being conducted via mobile. So, what does this mean for you? Now that the number of mobile searches is surpassing desktop search in popularity, your teams should start locating and building customer relationships with mobile users through relevant, context-driven marketing content.
“Companies not implementing the latest mobile solutions within their marketing campaigns are quickly being left behind as we move ahead,” Stoltz says.
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2. Analyse your competitors and learn from them
Stoltz also suggests observing your core competitors’ marketing campaign strategies, and capitalising on them to help you reach your sales and marketing goals. “While your team should focus its time and resources on building a unique appeal in your industry, you can still achieve insights into the value of your organisation by analysing competitors,” she says.
Marketing professor Werner Reinartz agrees, suggesting the expansion of your scope of analysis. “So far, the marketer has been making attributions solely on an analysis of the customer’s purchase journey – how the company has touched the customer from the start of the purchase cycle to its conclusion,” he says.
Reinartz suggests a different approach, considering that a customer’s choices are also firmly based on experiences outside that journey. This is also determined by both time and who the customer is actually interacting with. “Your marketing team must work with your resources in all areas of the company to ensure the right message is being relayed at the right time in the buyer’s journey,” says Stoltz. If you don’t do this, your marketing ROI won’t seem to work, as disjointed campaigns might be developed by your various teams.
3. Identify touchpoints that work
How do you determine when the ‘right time’ is? Well, the more experienced you are in recognising and testing clear-cut repetitions from data, your confidence around what touchpoints to invest in will grow.
Here’s how four business and marketing professors teamed up to identify the three main ways in which your MROI impact can be measured:
The variations of this method make it complex in a number of ways as calculations usually use different short- or long-term time frames. Funnel conversion, broad marketing lift assessment, or other types of cost methodologies are applied.
Either broad or specific, single or multiple marketing tactics can be measured this way.
This is based on either the combined marketing team’s spending or a specific strategy, or marginal return on the last cent spent.
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As a manager or chief marketing officer, you need to know what is and isn’t working in your campaign efforts. Your company may be well-established, but it’s those who embrace new mediums of marketing, broader scopes of analysis, and get their timing right that retain worthwhile returns on marketing initiatives.