Marketing Optimization
Promotion/Channel Source Coding.
Include exclusive channel response/promotion source codes during holistic campaign planning. Identify cost efficiencies and adjust channel mix, spending, offers/creative approach accordingly for optimizing ongoing campaign revenue and ROI.
Quantify success for every campaign.
It sounds obvious, but the right media placement is often abandoned prematurely – or it’s kept running too long – because the response goal was not quantified prior to launch. For every dollar spent, you should determine how many responses it will take to generate the level of sales needed to reach your projected ROI. This is a relative measurement that is unique to every business.
- Attach every campaign dollar spent to a projected ROI
- Evaluate each media buy for its response generating effectiveness within the shortest time frame possible
- Make adjustments quickly based on initial results
Test, test & test.
You should test creative, offer and communications channels to identify the most cost-efficient combination of program variables to achieve your desired results. Once you have identified a “control”, you should continue testing to improve program efficiencies and ROI, i.e. “Beat the control”.
This axiom applies to both traditional (offline) and digital (online) channel communications.
Manage your broadcast media buy like a mutual fund.
When purchasing across several media outlets – daily, weekly or monthly scrutiny of their performance is a must and should be done by your agency. Once you obtain the results, evaluate what’s working and what’s not and make adjustments accordingly.
- Evaluate each purchase daily, weekly or monthly
- Buy based on cost efficiency using CPM (cost per thousand), the one true relative measurement that should be used across various media
- Make adjustments according to the results