With tight budgets, seemingly endless lists of goals and not to mention the mountain of expectations, CMOs are looking to balance the art of creativity and data-driven marketing. And you, as marketers, can help.
With the rise of measurement marketing technologies, the increased use of digital marketing and the availability of data, it is (or should be) easier than ever to track results and help deliver on those expectations.
But just because you can measure so much doesn’t mean there isn’t pressure to gain an even better understanding of your brand’s marketing performance. Below are some practices for marketers to consider when it comes to alleviating everyday worries from their CMO and bringing accountability to their marketing efforts.
1. Need To Widen Your Range Of Target Customers? Create Campaigns And Measure Engagement
CMOs may feel like their teams are not advertising to the wide variety of people who are interested in buying from them. Luckily it is easy to use social to discover new audiences and understand just how interested they really are.
Marketers need to plan a few smaller campaigns targeted at each of the audience segments their CMO thinks are good fits for their brand. From there, marketers need to measure results within these campaigns and most importantly track and report on the correct metrics.
For example, it might seem logical and easy to pick reach as the metric to measure the campaign’s success. You see that your ad was exposed to nearly 75,0000 people and think you do have lots of opportunities to target your product to this audience. However, reach only tracks exposure. It does not reveal the extent to which the ad influenced consumers to interact with your brand.
Instead, you need to track the campaign’s engagement; these are the actions your tested targeted audience took (if any) in connecting with your brand.
Once you have those results, make sure to report to your CMO. Don’t get caught up in the metrics and determining if your campaign was “successful” or not. Even if the tested audience did not respond the way you wanted, you still learned a lot and had data to support what audiences you go after in the future.
2. Aren’t Sure What Content You Should Be Creating? Assign Value To Interactions
CMOs aren’t sure if the content their teams are spending time on is working. To prove success, marketers need to identify brand engagement activities and produce content that is trackable, such as:
- Ad interactions
- Content downloads
- First-time website visits
- Video views
- Visits to key website pages
While this types of engagement may not be directly linked to a sale, they do indicate interest, and potential buying power which is why assigning a value to these interactions is essential.
For example, maybe an e-book download has a higher conversion rate than a socially shared blog post, and therefore should be given a value that is double of what is assigned to a social share.
Once you have identified values for all engagement interactions, marketing teams can optimize their content strategy to include and promote higher-valued brand engagement activities.
3. Want To Build A Respected & Trusted Brand? Track Sentiment
Digital marketing has made it easier to find out what your audience’s opinion is of your brand and with that comes the responsibility of truly knowing what people are saying.
Digital marketing makes your brand available 24/7, you aren’t just a commercial appearing on television for a few seconds, and the opinion of that is only heard by the people in the room. Now comments, tweets, and shares are put out there for all to see, and marketers should use this to their advantage to build a respected brand.
It’s crucial to make sentiment tracking a part of your data-driven marketing plan. Marketers need to track it, compile a list and analyze results to see what the overall tone is.
This also makes it possible to use consumers content as a part of your brand’s content strategy. Gather the positive comments and praise you are receiving and turn it into a social post for your brand. It would be easy to create a campaign highlighting why your consumers love your brand using quotes and even pictures of the product loyal consumers have taken themselves.
Take it a step further and use this to grow your influencer program. Your fans can be identified as top influencers, and you can then partner with them to broaden your brand’s reach and reputation.
But Wait, There’s More…
Want to know what a few more things CMOs worry about? Download the full Guide below! And understand how you can help them by using marketing data.
Wrap It Up
By following the practices outlined in this guide, marketers and their teams can effectively use data to cut out some of the concerns and doubts CMOs have about their marketing efforts. By using data-driven marketing to answer these common questions, marketers can provide their CMOs with quantifiable evidence of their marketing outcomes and ensure they are meeting the high standards of accountability.