Measuring Tangible Elements of Marketing for Success
Finding research on how to measure strategic marketing success is easy. In fact, of all the subjects I have researched since writing my blog, this one contains the most google searchable information. One of the reasons for this is that it is quantifiable information and can be recorded in specific bullet-pointed detail. Another reason, and probably a more important one is that organizations have been looking for a black and white guide that will make them successful.
In his blog Marketing Effectiveness, How to Measure your Marketing Success, the founder of Intecnic Marketing Solutions, Andrew Kuckerievy lays out a specific plan that measures key performance indicators (KPI’s). Kuckerievy writes that it is important to measure aspects such as Return on Investment, Cost per Win, Cost per Lead, Conversion Rates, etc to get accurate measurements across the spectrum.
One of the most interesting points that he makes is keeping an eye on the sales funnel. This is a bit unique because attention must not only be paid to the point of sale or bottom of the funnel but also the elements at the top of the funnel. In other words, marketing plans should include branding or non-call-to-action advertising and research that shows what moves consumers from the top to the bottom of the funnel. It is not the same. For example, Subaru positions itself as the car of choice for reliability. Their commercials focus on this aspect of the brand by showing a family growing up with the car as a dependable member of the family. I remember one wherein the opening scene a couple get married and drive their Outback to their honeymoon, by the end of the commercial their son is driving the same car to college.
When I needed a car five years ago, I bought a Subaru. I first saw the commercials when I was at the top of the funnel, which means that I wasn’t in the market for a vehicle at the time but was influenced by the commercial. By the time I got to the bottom of the funnel, I already knew what I wanted because the groundwork had already been laid for me. The effectiveness of this type of advertising can be measured with surveys, testing, etc. However, it can only truly be tested once it gets down the bottom of the funnel and converts to sales.
Being in media sales for many years, I have seen many forms of testing that companies use to measure their marketing success. I’ve also witnessed varying thoughts on how to utilize the results. One auto dealer group is very good at utilizing Google Analytics to measure their conversion rates, website visits, lift in their visits when utilizing traditional media and return on investment. However, they are not good at taking their information and applying it to plans. The information is telling them what to do but their inability to put it into action moving forward keeps them from advancing in the market. This is common in local markets because a general manager, a CFO or someone else that is not a marketing specialist is making the decisions.
The most frustrating client I believe that I ever worked with would put a plan into place for three months and then look at the results. Invariably even when he saw strong positive results he would completely change his advertising direction just to see if he could get a very small bump in the positive results he was already getting. This would end up frustrating him when his sales dropped and he would simply stop advertising until he was ready to start the cycle again. The example I always think of is someone listening to a song that he loves on the radio, but he scans the dial anyway to see if a song he may love a little more is playing. By the time this person gets back to the original song, it has finished. Maddening.
Fortunately, in the corporate world, marketing plans put into place are usually researched, implemented, measured, tweaked, and updated as market forces and creative opportunities change.
As we move forward, social media is a huge part of these plans. Social media allows companies to get reactions from their customers in real-time while reinforcing brand elements that strengthen organizational goals. Instagram, Twitter, Facebook, Snapchat are not only utilized by Gen Zer’s, Millennials, Gen Xer’s, Boomers, and even Traditionals, engagement can be measured and used to affect marketing plans immediately and strategically. Large and even medium-sized companies have a team or teams of people that only perform social media tasks and measurements. Tasks include planning for social media posts that launch new products, promotions, updates, and other major news functions. Then engagement on the post is measured quantitatively.
This has been a breakthrough because there is no more waiting to see if a campaign is successful. Marketing teams can also plan traditional media buys more effectively because they can be done to support social media marketing. I firmly believe that traditionally supports social media and not vice-versa. This is a cultural change and is easily evident. I cannot remember the last time I heard any buzz over a TV or radio commercial, or a magazine ad. However, I cannot go onto news, entertainment, or sports website or social media page without hearing about a Twitter or Instagram post daily.
If there is a lesson to be learned about utilizing measuring tools for marketing, it is to follow through completely and take advantage of the information. Too many times I have seen organizations put plans into place, measure and then not use they what they have learned when moving forward. This includes advertising placement, social media, events, and anything that has been used successfully and then ignored. Success is as much of a lesson as a failure and not using it to at least be a guide for plans is a failure. The tools are available. It would be a shame not to use them.
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