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Marketers have picked up some bad habits over the last 30 years. We used to live according to indicators such as perception, intention, and recall. They were difficult to measure, but they taught me a lot. The Internet makes it easy to determine clicks, shares, and website engagement. Unfortunately, these metrics only scratch the surface of the audience your campaigns reach. what about everyone else?
Fighting instant gratification
I think marketing has fostered the desire for instant gratification to the detriment of many. The pressure for immediate results from brands investing millions in online marketing may be adding to this slow decline. Thanks to the internet, all of the most tracked and measured marketing success metrics are now associated with online activity. This makes sense. Marketing campaigns can be easily viewed through this narrow lens, and executives are reassured by solid data from online activity. But these metrics are only part of the story.
Before online metrics, campaign effectiveness could only be measured by revenue and market research. These metrics are still being tracked, but I think marketers need to refine what was being tracked in market research: awareness, intent, and recall.
Remember the connection closely in your consciousness. When asked about a particular product category like an airline, people will answer the top three that come to mind. The goal of any advertising campaign that increases recall is to ensure that the brand is on people’s lists.
Intent is a marketing metric that measures the likelihood that people will buy your product or love your brand. This is more than just getting the product into the consumer’s mind. Advertising campaigns want physical results in the form of increased revenue.
Measuring these metrics is more expensive and time-consuming and should be considered long-term. This can cause problems. Because consumers are bombarded with ads wherever they go, they are accustomed to instant gratification. Similarly, I’ve found that today’s businesses that spend millions on marketing expect immediate results.
Marketers are in a tough spot and may rely on passive metrics like clicks and page views that are easy to understand. But this approach can cause problems later. I think the key is to find the balance in your website metrics so that you don’t run into financial trouble within 6 months. Your campaign should deliver money now, soon, and later.
money now, money now, money later
A useful way to determine the effectiveness of your campaign is when the revenue is generated. Many marketers now focus on the “money is now” model. If your car breaks down, you need money to fix it quickly. Similarly, marketers often measure success by how much revenue they generate in the short term. It’s time to extend your timeline.
For example, “Money soon” is the money you plan to save for next year’s vacation. Marketers can see how effective an advertising campaign is a few quarters or a year after it ends. A marketing campaign that has a meaningful impact, measured by metrics like awareness and recall, must continue to be effective.
“Money later” is money you’re saving for a home down payment or retirement. You can see the money at work in subsequent advertising campaigns, like when McDonald’s introduced the “I’m Loving It” jingle (can you believe it’s been almost 20 years?) . Even now, when his son says he wants a hamburger, McDonald’s comes to mind. The company has built a solid foundation through past successful marketing campaigns. The current campaign helps strengthen the company in a world of ever-growing choices.
long term commitment
Look at the short-term indicators. This data is very important as it allows marketers to be flexible and agile and ensures that companies are fully utilizing their marketing spend. But it shouldn’t be your only focus. Ensure your marketing campaigns have staying power by balancing short-, medium-, and long-term metrics.
I think it’s the best tool for measuring value. Are you getting your money’s worth from this campaign? Is it getting the best results for your business? Measuring soft metrics such as awareness, recall, and intent can answer these questions. Yes, it can be more difficult to measure. You need to conduct polls and actively engage with consumers. But don’t be afraid to look at that data. Don’t be afraid to argue long term just because it might give you a difficult or uncomfortable answer.
Believe it or not, not everyone is on the Internet. Many people receive product recommendations from family members or through casual conversations at work. Much work needs to be done to measure these interactions with today’s metrics. Marketing is neither a sprint nor a marathon. Adopt metrics that measure short-term and long-term impact so you can make sure you’re making the biggest impact.
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