The marketing world seems to be getting more challenging and competitive by the day. Marketers know they must make every dollar count – whether the budget is in the thousands or the millions. The goal is to deliver disproportionate return on your investment. Here are some key approaches and tips to do just that.
- Don’t just target. Pinpoint.
Every marketer wants to reach – and persuade – the largest percentage of their target audience they can. But casting a wide net can be the wrong approach. First, it generates a superficial and homogenized view of your buyers (“Purchasing Agents,” anyone?). Second, it’s hard to do an effective job of reaching such broad swaths of decision makers. Instead, we recommend identifying more richly defined target groups inside that comprehensive segment.
Hone in on your most likely and most profitable buyers by segmenting and targeting with specific filters. Consider SIC code or zip code targeting. These tactics work in both digital and traditional media channels. You can concentrate your media dollars against your most promising buyers, based on type or location of business. Online you have the chance to augment your marketing efforts with true hyper-targeting – serving up messages to prospects who visit competitors’ websites, search for trending industry topics, show an interest in specific type of product, etc. This will elevate your media plan and enable you to reach outcomes like generating more and better leads, raising brand awareness and driving content engagement.
- Set the right goal posts.
When measuring media performance, do not just use basic or customary measures. Understand how success looks for you and use the most relevant and specific metrics to track it. Key performance indicators (KPIs) should not be a laundry list, but instead clearly linked to brand or business objectives. At Mobium, we use a buyer purchase process model to set KPIs at each phase that correlate to that phase’s main objectives. This ensures that all media performance is measured against its ability to ultimately convert the target into loyal, profitable customers.
- Maximize your owned channels.
Far too often, media plans only consider the brand’s paid media options. But most should consider their owned channels first. What are some ways to do this? Leverage your website by making sure it’s easy to navigate, clearly defines your brand, offers quality content and is optimized for search. Consider and plan how to use your social platforms to maximize your efforts. Look for ways to leverage your loyal customers to share the message with their colleagues and peer networks. Consider an email marketing program against your customer relationship management (CRM) system or customer/prospect database. In conjunction with paid media, owned channels can turbocharge your efforts.
- Invest in paid search.
Paid search is a great way to ensure current campaigns are fully optimized. Paid search reaches buyers at the precise time of interest and need when they are actively searching for your brand, product, service or category. This means you can be there with the right message at the right time. And if you aren’t, your competitors are sure to be instead.
- Don’t get too thin. Or too thick.
In today’s fragmented and complex b2b media ecosystem, it can be tantalizing to try many different tactics and media types. When planning your media strategy, make sure you are expanding out into new vehicles and platforms judiciously. Concentrate on channels that allow you to be targeted while reaching prospects at an impactful frequency. Don’t rely on just one channel to achieve your objectives — the media landscape is not consumed like this. When adding new media and tactics, try testing and experimenting to see what’s working before rolling out and committing bigger dollars. Finally, make sure your message is consistent across all your channels and that all channels align with how your target engages with various media on a daily basis.
Take the time to understand how your brand objectives, buyer interests and media options intersect and you’re on your way to getting the best bang for your marketing buck.