“Half the money I spend on advertising is wasted. The trouble is I don't know which half.”- John Wanamaker
In fact, the estimate is now thought to be a lot higher than 50%. But why, in the era of technology and big data are there still so many question marks around marketing effectiveness?
2022’s just around the corner, and we know that planning for the new year can be stressful. Especially so when it comes to justifying what you’ve spent that year on marketing. In fact, so many as 40% of businesses say their top marketing challenge is providing evidence of ROI.
Yet, ROI is such a fundamental in marketing. Being able to prove your marketing actions are working is so important, as it’s the gateway to having the right people on your side - enabling you to receive a higher level of budget allocation, and ensuring future campaigns run seamlessly.
But ROI is tricky to measure, as results aren’t always immediate in marketing, and it’s often difficult to distinguish between what success is marketing’s and what comes from sales.
We’re here to help resolve this problem. In our upcoming e-book, we’ll guide you through the process of guaranteeing the ROI of your marketing investments. So, you can prove every dollar you spend on marketing is contributing to your company’s overall growth.
In our e-book, we’ll show you how to:
Develop a live brand strategy that gets results
Establish creative concepts that support this strategy
And monitor your brand’s performance, in real-time, to guarantee ROI on your marketing investments
Interested? Here’s a quick snippet of what you can expect to learn.
In the live brand strategy section, we’ll explore how to:
Identify the challenge
Understand the context surrounding your brand
Position your brand to win
When diagnosing the challenge your brand faces, you will begin by establishing commercial objectives, in line with your company’s mission and your team’s core aims.
In the focus section, we’ll look at category dynamics, competitive landscape and people's relationship towards your brand, to help you create a strategy that’s aligned with the context that surrounds your brand.
When positioning your brand to win, we’ll investigate how to ‘find the sweet spot’, the winning position for your brand that’s guaranteed to return value on your marketing spend.
All of these aspects will help you to understand what it is you want to achieve, so you can develop a live strategy that’s geared for success.
Concepting and ideation
The second and equally important step in guaranteeing ROI revolves around concepting and ideation - ensuring your marketing ideas and assets support the above strategy. Once your strategy is finalized, you can kick off the creative development process, brainstorming different ideas to determine how best to proceed.
In order to guarantee marketing return on these creative investments, you must:
Look at your creative assets and check if they will achieve your commercial goals
Then ensure your ideas are the best they can be through optimizing
Optimizing your creative assets will allow you to not only save money in the long run but will also distinguish the good ideas from the bad, so you can optimize your budget and only spend on the ideas that are the most likely to be successful.
ProQuo’s CreativeLab is a creative solution that is completely revolutionizing the approach to optimization and will allow you to optimize your assets in the most efficient way possible. It helps you to understand the impact your concepts will have before you make a critical investment in them – showing you in hours, not days, whether these assets will hit your objectives.
Monitoring your performance
The last important step in this process is to monitor your brand’s performance in real-time, as this gives you an immediate understanding of whether your strategy and creative assets are delivering on your desired outcomes. This is when benchmarks come into place. Using the goals you set during the strategy phase, you can determine whether you have been successful or not.
With ongoing brand measurement, you’ll know:
what’s working and what isn’t
what needs tweaking in-flight
and how to optimize campaigns and concepts to deliver even more ROI.
We also explore methods of brand monitoring in the e-book so you can make the best decision for your brand.
If you want to cover any of these steps in more depth, you can access our guide here.