Have you ever been told, “Predicting the results from advertising is impossible”? Or, “You can’t know how much income any ad campaign will produce until the conclusion”? Well, predicting marketing and advertising outcomes in terms of actual income produced has been difficult or even impossible, but no longer.
Today’s advanced digital technologies make marketing and advertising outcomes not only predictable but also highly reliable. Imagine if before investing in a marketing or advertising campaign, you could predict all the key matrix needed to reasonably determine what your ROI would be. If predicting your return on investment (ROI) before taking the investment risk was possible, would you?
Traditional Marketing Campaigns
Marketing and advertising campaigns have traditionally relied on information provided by the media company or companies you’ll be utilizing to spread your company’s marketing message. And, while generally reliable, the data provided by the media company is often broad in terms of personal data. Analysts generally divide personal data by multiple factors, including, but not necessarily limited to, demographic information. Such information includes age, gender, education, geo-specific locations, personal preferences, affinity data, social media preferences, and habits, etc.
While this information can be helpful so that you’re not launching off into inaccurate or inappropriate territory, it doesn’t do much more than, hopefully, point you in the right direction. But for some media, the audience is so broad and so diverse that your message will likely become lost in the jungle. This also means that your ideal client will potentially not even see the ad.
Utilizing Digital Advertising Platforms
There have been attempts at controlling the targeting of marketing data. And most digital advertising platforms like Google AdWords and Facebook Ad Manager can help narrow the targeting to very specific personal criteria. But even these technologies leave a lot to be desired. The bottom line, the outcome results, especially in terms of income produced, and the marketing campaign’s ROI, remain uncertain. Have you ever heard the phrase, “Google Adwords can be an advertising hole you pour money down”? You get back loads of data, even precise information, but at the end of the day, your bank account is lower than when you started. Why?
Combining Today’s Innovative Technologies to Predict Marketing Outcomes
Today’s digital technology must be combined with more, much more. Specifically, marketing and advertising campaigns must utilize the combination of three additional and key factors.
First, the “Objective Factor”. All marketing and advertising campaigns should establish reliable and predictive benchmarks for all three compartments of the “Sales Funnel”. Impressions, Engagement, Conversions. Using performance benchmarks will help determine the up and downside of activity in advance.
Second, the “Subjective Factor”. Any campaign should be evaluated from the perspective of subjective information, including, 1) How desirable is the product or service? 2) What is the market demand? 3) What’s the competition? 4) Does the company have any extenuating circumstances that would impact a campaign? And last, 5) How well is the company prepared to manage sales prospects/leads and then close the deal?
Then finally, the “Analytic Factor”. You should evaluate the ad campaign utilizing all of the data gathered to determine the answer to the most important question, does the campaign predicted activity support the cost to carry it out? In other words, what is the predicted ROI and how does it compare to a success quotient of “plus or minus” results.
Partner With a Marketing Firm Who Makes It Possible
At Convergent1, predicting the ROI of all our work begins with the thorough development of a Marketing Action Plan, or MAP. We apply our MAP proprietary methodology to any project we carry out. Whether a client is looking to build a new website, produce a TV commercial or video, initiate a marketing or advertising campaign, we first develop the MAP. During this process, we complete an exhaustive evaluation of the ROI of the project so the client and our team know if this project makes sense.