We are all being asked to do more with less. Even for high growth DTC or Ecommerce focused organizations you still need a framework to help maximize your ROI.
Focus on your organization’s Marketing Superpower
Our marketing superpower at ScaledOn is testing. We have a team in 5 countries and multiple time zones so that we can get more tests done than our competition. If we can cycle 26 tests in a year and our competition is only doing monthly tests (12) that turns into higher conversion rate and a lower cost of acquisition. Find your Marketing superpower. Maybe your team is amazing at creative or writes killer copy or you have a witty social media team. Double down on your Superpower for the back half of 2020.
Use a marketing Framework to help you prioritize
We use this modified Eisenhower Framework for Marketing that helps us decide what we need to Do more of vs Downgrade or Delete. The biggest ROI we get is to have clear and repeatable processes for deciding those non-urgent but important items. We then codify them into playbooks so we can repeat them quickly and cut down on the back and forth emails/slack discussions.
Everything has Changed!
We have seen years of change in a very short time. As marketers, we need to review our assumptions and marketing budget allocations more regularly than we used to. Maybe you were on a calendar budget cycle time to move it up to twice a year or better yet a quarterly review.
How should I do that Quarterly?
Focus on asking two questions:
In many organizations, this question gets asked infrequently and often the default behavior wins, “we have always advertised on public radio and our CEO really likes it”.
For example, in the US the average person went from 4.5 hours of TV to 5.9 hours of TV consumption a day during Covid!
So take a look across the mediums that are appropriate for your brand and see where your customers are spending their time:
Then check what you can currently buy that media for:
As an example, we have several clients who hit a wall with their paid media paying out on Facebook. As among our customers, CPM’s are up 68% YoY and even with the Facebook brand boycotts there have been continued wide swings in daily Facebook CPM’s:
This means we often buy linear TV cheaper than you can buy Facebook. Which gets you something like this when you put it back into the framework:
We can’t control the pace of change or the virus but we can adapt our planning and systems to be more responsive. We just need to ask two questions, Where are customers spending their time now? And What can I afford to reach them? As we keep regularly cycling those two questions improved ROI will follow.
If you need help with your Math of Marketing drop us a note.