Mr. Sterne addresses revenue growth and tactics to improve conversion. The statement that has stuck with me for the past couple of days was: “If it is not measured today, it [marketing techniques] is not allowed on the table.” He goes on to describe a case studies where businesses had moved forward with only measureable marketing tactics, keeping the budget the same, and removed ALL THINGS NOT MEASURED. This created a 25% lift in profitability using the same budget, smarter.
As we become more familiar with the current economic situation, it should be noted that dedicated planning will continue to run businesses into the ground, when there is no flexibility. Bad situations occur from being committed to execution, when meeting deadlines for implementation is the only goal. Attending open panel discussions further supports this theory. Time and time again, excellent ideas are met with fatigued defensiveness. Many organizations are not willing to adjust, or remove what is in place due to comfort in consistency. WE miss out when we wait for the industry to say certain methodologies are indeed OK to do.
Small steps can produce momentum in your organization. It is not always the big new and improved marketing campaign that will move mountains. Many online marketing executions don’t necessarily need the huge knockout punch to fix problems or uncover success. Demolishing campaigns where budget is not showing specific ROI (or headed in that direction) and reinvesting that money into the campaigns with measurable promise is recommended. There are three important, yet familiar, questions to consider when contemplating the destruction of current marketing campaigns:
- Is it accurately measurable? Whether it is Twitter tweets or click thru-numbers, related – not assumed to be related – to conversion goals… Are we accurately measuring the results from our customers?
- Can we compare improvements? Whether it is daily, weekly or annually, is there a baseline that we can compare marketing campaign performance to? If we can’t, see question 1.
- Does your campaign support our key performance indicators? When we take inventory on the success or failure of a marketing initiative, are the results supporting our main objectives?
Asking these questions, and cutting the fat by demolishing the campaigns that are not measurable, is an important element to consider each day. We get bogged down with the day-to-day tasks that we rarely step back and consider the spaces outside the walls we work in. Taking inventory and asking ourselves key questions, will stop flushing marketing dollars down the toilet and help lead us to effective marketing initiatives that support our goals.