The
objective of marketing is to generate leads, to convert into sales. If the
return is too small, we call it brand awareness. Should every single marketing
operation be measured in sales? Why should brand ever spend any money on
awareness? Why not do a great job at selling?
WHAT YOU
CAN'T MEASURE DOES NOT EXIST
In
traditional media, it used to be difficult to measure anything. Paper
advertising, billboards, TV ads, were huge shots in the dark. The only thing
brands could do, was stop advertising and see if sales would drop. Very few
brands ever dared and preferred continuously spend their budget than question
the status quo. Fortunately, brands now have many ways to measure engagement
and returns.
A QRCode, with a dedicated campaign tracking code, costs nothing
to generate and print. It is a marketing crime not to tag all your campaigns,
and measure resulting traffic, unless you are scared of the results. But you
really should know.
CORRELATION
VERSUS CAUSALITY
Direct
attribution is often difficult, especially in multi-touchpoint multi-channel
strategies. The simple rule of attribution to the last touchpoint has a great
advantage; it is simple. But this simple rule does not gratify intermediary
touchpoints that participate in the customer journey. It can be a side effect
of some touch point not having a conversation option. If you market in a way
that does not offer a "buy now!" option at every touchpoint, you
can't measure conversion, because you won't generate any conversion. It could
also be a symptom of useless touchpoints. Most brands will be afraid to stop something
that might produce engagement. The real unconscious fear is to stop and not to
see the sales drop, leading to the realisation that some touchpoints are
useless. But that is will be good news. It will free up budget and resources to
spend on better performing channels.
BRAND
AWARENESS SHOULD BE FREE
If your
marketing campaigns are optimal, and you have data to prove that they generate
enough sales to pay for themselves, the brand awareness becomes free. It comes
as a side effect of efficient marketing; the same way a shop creates brand
awareness but is primarily there to sell products.
Then brands
can decide to spend money on social responsibility campaigns, sponsor events,
and improve its image in a genuinely altruistic way.
Source: Stephane Monsallier
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