Date post: | 26-Jul-2015 |
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Data & Analytics |
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With companies going out of business at an ever-increasing rate (and clients shifting roles so often), it’s no surprise that marketers are looking for short-term gains - whether that’s sales, follows or likes.
%
We got 10,000 YouTube views!
When metrics like brand trust and momentum are slow to move, case studies inevitably reference more transient proofs
We gained 1,000 Twitter followers!
We captured 200 email addresses!
Is focusing on short-term digital
metrics such a bad thing?
After all, isn’t the long-term just a series of short-terms?
Haven’t new digital channels made it and easier to reach
people and measure success?
...if they line up with meaningful long-
term objectives
When experimenting with marketing, short-terms goals are incredibly effective...
The way we see it
We want to help you- Understand how short and long-term goals align
- Experiment with confidence- Create actionable insights, not just more data
- Tie up ‘loose ends’ across all your channels and platforms
Our aim is not to - Sell you another dashboard
- Focus solely on comms- Justify last year’s spend with
backward-looking ROI calculations
Our aims
We’ve created a process that helps you design and measure marketing
activity that can achieve both...
Not one at the expense of the other.
Long-term brand building Quick wins
1. What are our objectives?
2. How should we measure success? (The needles)
3. What activities, assets and channels affect these measures?
(The drivers)
When designing marketing experiments, start with 3 key questions
Commercial objective
Barrier
Marketing objective
Acquire new customers Monetise current customers
Penetrate a new market Grow market share
Increase purchase frequency / justify a
price premiumDrive short term
volume sales
Lack of familiarity“I’ve never heard of it’
Lack of momentum“It’s not a brand
people talk about”
Lack of brand or category trust/
perceived quality“It’s not worth the
money”
Lack of motivation“I’m not looking to
buy right now”
Awareness Fame Image Direct Response
Too many marketers navigate by their current ‘loyal’ consumers
Focusing only on your current consumer base is unlikely to drive true growth potential.
Brands grow by increasing penetration - reaching as many category buyers as possible.
Penetration-led strategies are highly likely to result in growth.
Of all objectives, Fame is paradoxically the least common, yet the most effective at driving penetration
Source: Binet and Field, IPA Effectiveness Databank analysis
Why are other objectives often less effective than Fame?
AwarenessCreates
inevitable wastage
There will always be a huge chasm between mass awareness and mass consideration -
especially for high value / high complexity purchases - unless your product has a market-
transforming USP
It’s much harder to change an ingrained
behaviour or a negative opinion
than it is to form an initial one
ImageRequires overcoming
existing attitudes and behaviours
Relies on existing desire for a brand/
category and perception of a
‘getting a bargain’
Direct Response
Requires existing brand equity or category-
defying value
Regardless of marketing objective, purpose-driven activity is most effective at driving growth
Source: Millward Brown
Exercise 1:Objective setting
- What key barriers to growth most urgently need addressing?
- What’s your corresponding marketing objective?
We can divide success metrics into slow and fast moving.
THE NEEDLES
Slow moving metrics (like trust and love)
take months and years to shift.
Fast moving metrics (like shares and likes) take days and weeks to
demonstrate the impact of your activity.
Example measures
- Fast moving (changes in days
and weeks)- Slow moving
(changes in months and years)
Fast: OTS, impressions
Slow: Unprompted awareness
Fast: Buzz, shares, likesSlow: NPS,
Brand tracking
Fast: Digital sentimentSlow: Brand tracking
Fast: Sites visits, footfall
Slow: Volume sales
Commercial objective
Barrier
Marketing objective
Acquire new customers Monetise current customers
Penetrate a new market Grow market share
Increase purchase frequency / justify a
price premiumDrive short term
volume sales
Lack of familiarity“I’ve never heard of it’
Lack of momentum“It’s not a brand
people talk about”
Lack of brand or category trust/
perceived quality“It’s not worth the
money”
Lack of motivation“I’m not looking to
buy right now”
Awareness Fame Image Direct Response
Exercise 2: Identify available data
- Fast & slow: identify all the sources of data (fast & slow) you have currently vs. could/should have- Own data: identify all the ‘baseline’ scores you can - to see how activity has performed in the past- Competitor data: identify all the ‘benchmark’ scores you can - to see where you under/over-perform vs. the competition
Assets Activities Channels
THE DRIVERS
e.g.
Sponsorship assets
Personalities
Packaging, product and service design
e.g.
Events
Advertising
New product launches
Partnerships
e.g.
Social media
Retail distribution
Exercise 3: Map objectives and metrics to
growth drivers- Impact: Are existing drivers capable of shifting both fast and slow moving metrics?- Measurement: Are you set up to measure both fast and slow moving metrics?
There’s no point in designing experiments you can’t measure!
Key measures
- Fast moving (changes in days
and weeks)
Fast: OTS, impressions
Fast: Buzz, shares, likes
Fast: Digital sentiment
Fast: Sites visits, footfall
Drivers of fast moving measures‘What can I do this week to make an impact?’
Key assets
Key activities
Key channels
Marketing objective Awareness Fame Image Promotion
Key measures- Slow moving
(changes in months and years)
Slow: Unprompted awareness
Slow: NPS, Brand tracking
Slow: Brand tracking Slow: Volume sales
Drivers of slow moving measures ‘What should I do long-term to ensure success?’:
Key assets
Key activities
Key channels
Marketing objective Awareness Fame Image Promotion
SUMMARY: THE CHECKLIST
1. Objectives: What are our commercial and marketing objectives?2. Needles: What needles (fast and slow) should we aim to shift as a result?3. Drivers: What drivers typically move those needles?4. Measurement: Are we set up to measure shifts in these needles?5. Goals: Do we have a baseline (own data) or benchmark (competitor data) - and a goal?
‘Word of mouth’ is still more offline than online
A final word on metrics: not everything is digital!
As Keller Fay point out:“The visibility of brand buzz in
social media has caused too much attention to be paid to online word-of-mouth when real-life chatter accounts for 90% of all conversations around brands.”
Marketing activity can be effective in and of itself
e.g.. you can create an effective TV ad
BUT
Marketing is much more effective if it is well-configured
i.e. ensuring no ‘loose ends’ - and instead creating a coherent and
‘sticky’ experience of a brand across multiple touchpoints.
Advocate
Bond
ParticipateJoin
Experience-led
marketing
Product-led
marketing
Consider
Evaluate
Buy
Marketing activity can be configured effectively using a consumer experience (CX) planning framework
STOP START
Paying to out-shout the competition
1. Becoming a media owner
Prioritising product-led advertising
2. Growing a network of passionate supporters
Buying in consumer insight from 3rd parties
(research and media)
3. Integrating owned and earned data
sources
Benefits of creating a coherent, well-configured CX
1. Becoming a media owner• Develop long-term owned platforms that are social by design• Drive repeat interactions, multiple transactions• Make switching a nightmare• Cut spend on paid media • Communicate directly through own channels
2. Growing a network of passionate supporters• Prioritise experience and relationship over transaction• Develop comms that drive to owned platforms• Drive product sales from within the network
3. Integrating owned and earned data sources• Develop a 360 view of customers and fans• Create actionable insights • Optimise and innovate the customer experience• Drive retention
Benefits of creating a coherent, well-configured CX
Example: HondaUse your brand purpose as a lens for creating bespoke CX objectives
Brand purpose
lens
Generic CX principle
Brand-specific objective
Advocate
Bond
Participate
Join
To benefit society through the pursuit of impossible
dreamsCelebrate
Hero the people who’ve made the impossible possible
LearnShare your insights and
journey of discovery
BuildUse Honda’s resources
to build your dream
DeclareDeclare your intention to
pursue an impossible dream
Example: Honda CX Objectives
BUILDUse Honda’s resources
to build your dream
COMMSInspire people to believe in
their own impossible dreams
SIGN-INSign into
Honda’s network
LEARNShare your insights and
journey of discovery
CELEBRATEHero the people who’ve made the
impossible possible
DECLAREDeclare your
intention to pursue an impossible dream
Work through the checklist...
1. Objectives: What are our commercial and marketing objectives?2. Needles: What needles (fast and slow) should we aim to shift as a result?3. Drivers: What drivers typically move those needles?4. Measurement: Are we set up to measure shifts in these needles?5. Goals: Do we have a baseline (own data) or benchmark (competitor data) - and a goal?
...and create your own bespoke CX framework
If you need help to:
Drop us a line!
For more information please contact:Matt BoffeyFounder & Managing Director@[email protected]