Making Marketing Greater Than the Sum of its Campaigns
Everyone knows the old saying, “The whole is greater than the sum of its parts.” It makes so much sense when put to use, so why is it rarely ever applied to marketing? Time and time again, the simple logic of an old adage has dramatically improved campaign performance.
Take, for example, some recent research we conducted on Visual IQ’s customer base. Although not completely scientific, it did reveal that carefully orchestrated TV, email and search advertising generate about 43 percent more overall conversions than these channels executed in silos. That could equate to thousands, if not millions, in increased revenue for just minimal additional effort.
Gone are the days of running disparate campaigns and executing new programs without consulting other departments. To stay competitive in today’s noisy marketplace with infinite touchpoints, marketing efforts need to be collaborative, tightly integrated and treated as a learning experience that, with each iteration, drives greater results.
Step back before moving forward
Before rushing into any new strategy, begin by understanding where you are now. This baseline will not only help you demonstrate success down the road, but is the critical information you need to map out a plan.
Consider which channels you currently have in your marketing mix, and how you measure the performance of each. Make a list of all your advertising channels (e.g., search, display, email, TV, radio and print) and determine what type of data you can get from each channel. In many cases, marketers are so bogged down in day-to-day operations that they may still be using metrics that evaluate media efficiency rather than marketing effectiveness. A simple example would be a cost per acquisition (CPA) metric versus a combination of revenue earned against CPA.
Break down barriers
With a better understanding of each channel’s metrics for success, and increasingly advanced, yet affordable, marketing intelligence solutions, a silo approach is no longer necessary. Exchanging customer data across channels and marketing departments is now available and essential to all marketers, their campaigns and, most importantly, their bottom lines.