Strategic Media Planning 3.0 - Investing Still Pays Off
The Strategic Media Planning 3.0 Panel (what is 3.0 anyway?) at ad:tech focused on the value of testing and treating marketing as an investment.
One of the key themes of this session was looking at marketing as an investment where returns come over time and not necessarily all from an immediate bump in sales. There is inherent value in learning how to optimize strategies over time, and investing in the learning is important for an organization to continue to build and grow over time. Like any investment a balance must be struck between short term and long term gains. I think that marketers, agencies and vendors can all learn from this balanced approach to marketing.
Testing and learning, especially in the age of digital, is important in helping brands to build an edge by leveraging new technologies. The panel suggested that organizations have to “move from an idea of learn and do to do and learn” and change the framework of the organization. Conversational marketing really facilitates this and digital makes the test and learn process more fluid and rapid.
On the topic of testing, the panel suggested that some portion of the test will have economic returns however some will truly be a test. No longer plan and execute – we have a much faster iteration cycle. It is no longer a test, it is an investment (yes, actually an investment in learning). Structure your tests so that there isn’t as big a risk and so that you can always learn something, even if the overall campaign doesn’t work out.
Clients have more pressure than ever for delivering results and want to focus their dollars to drive results. At the same time the internet has ushered in a proliferation of new techniques and tools for marketers to try.
This brings the question: “How can marketers make choices and priority calls in testing and learning, particularly in a down economy?”
There is information overload, and clients have seemingly unlimited options on what they can test. The agencies really need to drive the clients towards prioritization of what is tested. Don’t test everything because you can.
Bart Sichel from McKinsey said that companies that enter a downturn without cutting spending typically come out ahead of those who make deep cuts.
Scott Howe, VP and General Manager, APS, Microsoft suggested testing stories and thinking holistically about marketing spending. Marketing testing often focuses only on the final touch-point in their spending however marketers should look to test an entire holistic campaign vs. individual elements.
And if you are a provider hoping to get some of those test and learn dollars allocated to your hot new ideas? The panel offered the following advice:
o Do research
o Bring analytics
o Try to understand what the marketing objectives are
o Mock-up some visuals
So, I’m not sure how any of this is 3.0. But I think the panel offered really sound advice on how to frame marketing spending and testing as well as overcoming some of the barriers to building a successful testing campaign.
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