How can you best plan media execution?
Effective media execution demands complete views of marketing’s impact on sales. Traditional approaches to marketing mix modeling only capture short-term impacts. True marketing ROI also involves its long-term and indirect impacts.
The long-term impact involves three drivers that need to be measured with analytics:
- Improved brand equity strengthening base-line sales. Impact through brand equity framework identifies impacts of marketing on equity. Recommended approach.
- Repeat purchases from shoppers. Long-term lag of media framework measures sales against media lag. Secondary option.
- Willingness to pay by creating premium perception to increase prices. Variance in price elasticity framework captures the change in price-elasticity. Additional analysis.
The indirect impact of paid media accounts for its influence on earned media that drive sales.
Bayesian Networks capture media interactions, revealing how earned media is driven by paid media vehicles.
Cross-media analysis of the direct and indirect impacts reveals the total contribution of media activities, informing effective media execution.
How can you create messaging that resonates with customer needs?
In addition to marketing attribution models, the second dimension of marketing campaign ROI is the ‘message of the campaign’. Effective messaging that resonates with consumer needs is critical.
An effective approach is to perform ‘drivers analysis’, on customer-level survey data, to identify the drivers of customer satisfaction or overall equity. This approach identifies what product benefits consumers look for from a brand, quantifies the impact of each benefit on equity, and identifies the top benefits that matter most to consumers when they pick a brand.
This approach provides guidance to build effective communication and positioning strategies. It helps align product offerings with consumer needs and explore opportunities for new product introductions and filling the innovation pipeline.
This helps brands:
- Influence customer perception through effective communication and positioning strategies and alignment of product portfolio with customer needs
- Attract consumers from other brands and drive premiumization
Who should you target with your marketing?
Effective personalized marketing means addressing many business questions around touchpoint attribution, such as what channels to adopt, at what point in time, and which prospect to target to maximize ROI. That means translating these questions into analytics objectives addressed through specific analytics approaches:
From the brand-level view:
- Allocating marketing budgets across touchpoints to maximize ROI means running analytics to attribute KPI success to various touchpoints.
- Understanding the right number and sequencing of touchpoints means using analytics to see how your propensity for success varies when increasing the number of instances on touch points.
From the customer view:
- Deciding whether to target a specific customer means using analytics to see if the customer is the right target.
- Identifying the next best customer action means analyzing the optimal path to success.
Getting there means selecting the best analytical methods to find the answers that drive marketing ROI.
Forrester Wave Leader 2017 – Customer Analytics Service Providers
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