The foundation of a successful media strategy is data. Specifically, it is the ability to look at quantitative information related to the actions within a media campaign and the customer journey. In most cases, brands want to see how advertising led to a sale or a business-centric goal – their R.O.I. Makes sense, right? The company gets reassurance that their marketing dollars are well-spent, driving a return towards their goals. You can’t argue with that mentality. But you can argue with how you get there and if it’s the only thing worth measuring.
Measure More Than Sales
At Morgan & Co. we’ll argue it can’t be the only valuable thing. While sales, bookings, etc. should be the MAIN barometer, it’s far from the ONLY. We say this because there are so many facets of an advertising process and how a customer reaches the point of purchase (and hopefully purchase over and over again). Its often a complicated dance that includes multiple touchpoints across various channels – part of which takes place in the minds (and hearts) of your audiences.
Our approach is not complex, just thorough. In three main buckets, we’ll look at the metrics that collectively make up the analytics program of many campaigns:
- Customer – Content engagement, searching and sharing, social media actions, video views
- Media – Keywords, CTR, ATOS, interactions on site, ad impressions/reach, view rate
- Sales & Financial – Sales growth (units, region, velocity/ACV), return on ad spend, customer acquisition
Measure Against Strategy
While the above buckets could be a sufficient way to run an analytics program, in our perspective, taking it one more step brings it closer to perfect. And that step begins and ends with strategy. Successful media planning and buying is driven by a solid strategy built upon knowledge of and insight into the consumer journey – that trek that we all take (sometimes quickly, sometimes more drawn out) prior to and leading up to a purchase.
Google “customer journey” and you’ll get 1,130,000,000 results. Each result leads to a unique way of how people may become inspired > realize a need > research > narrow options > reach a decision > buy > experience the product > and even share and advocate on its behalf. No matter what your customer journey looks like, undeniable stages exist with each having very specific and intimate touchpoints via media.
Measure The Stages
Those stages play out in the minds of consumers and it’s the media touchpoints that gently encourage them to proceed on the path towards a brand’s offerings. The amazing thing is that at each stage, and in alignment with each touchpoint, analytics allow us to measure how that progress is evolving. Is the brand receive the traction it should at the inspiration stage? Has the consumer narrowed to a decision which favors the brand’s product?
If you’re asking the hard questions, you can build an analytics program that tells where a brand stands and how its media strategy is performing at each stage of the customer journey. Anything less is superficial and misses the mark of measuring the right metrics throughout the journey.
Data is the only way you can plan and manage a successful media campaign. If you want to see what data can do for your brand’s initiatives, contact Morgan & Co., a media agency specializing in audience analysis, media strategy and analytics.