Profit from what you have learned: Knowing your numbers means to understand the potential for success of your marketing program
(Article 4 in 4 part series)
Over the past three installments of this profitable marine marketing series of articles, I provided an overview of marketing communications and the formula that has, for me, been a proven tool to success. Yes, we all define success differently, but to me success is achieving (proven with data, facts that I as a trusted advisor have determined) or perhaps even exceeding my client’s correctly defined goals and expectations. All of this should be based on realistic goals and objectives for expected results from the demographics you are targeting.
A client once told me that they would not accept results (new business effort B2B) of less then 15% from a projected program. I told them that that was a very unrealistic expectation; in turn, they hired someone else – someone that supported their unrealistic goals and objectives. Afterwards, they hired me to “forensically” review the “failed” program. Forensic Marketing Analysis is an excellent tool to understand what went right and what went wrong with a recently deployed program. It is not a tool to place blame, but a tool to benefit future programs.
The first part of the marketing autopsy was an understanding of the traditional response or growth rate expected within the targeted verticals/demographics. That traditional response rate was 3%, with a conversion rate of 12%. The client’s response rate was 4.3% with a 15% conversion rate over the life or sales cycle of the buying period.
Did the program succeed? Sure, but the definition of success was misunderstood. In the end, after my presentation, the client was pleased with the results, unhappy with the agency hired (they agreed to a 15% response rate and based part of their compensation on achieving that rate). The client felt the agency lied and did not understand the vertical and the business.
Why did I tell this story to you? Simply to state that even if your follow the “4 know’s” and the “4 what’s,” you cannot expect to achieve unrealistic results—results that are based on lack of vertical or demographic knowledge, trends, media, use of media, and the historical expectations of the targeted vertical or demographic.
To gain accurate results and understand the success or failure of the program, you MUST measure your efforts. Measure each and every tool used, compare each tool against industry or demographic statistics and analyze your results, revise, repeat, measure, and (as with your washing machine) repeat the cycle!
How can you profit from this series of articles? Do not think out of the box. Your needs, goals, and objectives may not be a box; most likely, they are a circle, an octagon, or some other shape that defines your market (yes, your market and not anyone else’s but yours), the verticals/demographic you target, and the results you expect.
Think of each marketing need in a new light, a light that looks to customer inclusion, dialogue, and engagement; that focuses on their views, needs, and desires and utilizes the media that your marketplace finds acceptable.
What you will discover if you follow the instructions outlined over this series of articles is that you will need to move from static, non-integrated media to a marketing program that is based on the sound fundamentals of advertising, marketing, and communication, heavily focused on media convergence, integration, reporting, and measurements.
Integrated marketing communications (IMC) was first introduced in the mid-1980’s, to help meet the demand by advertisers to counter what they viewed as a decline in brand-based media. At first the introduction was slow to gain traction. Even today, nearly 35 years after the introduction, IMC still is gaining traction, but gaining traction that has results—positive, proven results—as its roadway.
As a once famous commercial stated, “Try it; you will like it.”
Need to know more and understand the other “what’s” of demographics? Feel free to reach out and talk to me about it along with this full series on The Guide to Profitable Marine Marketing.
More Marine Marketing Best Practices to Read:
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