Kevin Hillstom’s MineThatData blog is an often fascinating look into the world of real marketing analytics. For a communications person, the data and its use sometimes flies over my head but I try to keep up. The biggest lesson that it continues to teach me is that data and proving ROI is beyond important in today’s marketing world. It is absolutely essential.
While deriving meaningful qualitative data from social media is still a nascent art, it is clear that, in some arenas, quantitative data and its analysis is an exact science. What’s even more interesting is working out how to track customer reaction and adoption to multiple marketing channels.
Definitely worth checking Kevin out.
Today’s post asks you to look at your marketing channels and to challenge your to prove each channel’s ROI while looking to complement and meaningfully integrate it with all your other channels.
Try substituting “channel” for “campaign” or “programme” and see where you net out.
- Does the channel scale?
- Does the channel do a good job of acquiring new customers?
- Does the channel aid in profitable customer retention?
- Does the channel aid in customer service? In other words, does the channel solve customer problems? If the answer is yes (i.e. call center), ask yourself why you pay those folks $11 / hour while you take home $175,000 a year while not speaking directly with your customers?
- Does the channel feed other channels? If television advertising drives customers to your website, and your website drives customers to your stores, and customers generate profitable sales in your stores, then you established a successful micro-channel path. Hint — the secret to successful multichannel marketing is to thoroughly understand and exploit profitable micro-channel paths. Quick … name your five most profitable micro-channel combinations?
- Does the channel generate profit?
- Does your channel educate customers?
- What is the exit strategy for each channel?
- What is your R&D strategy for emerging channels? How much time and money do you invest in an emerging channel, and when do you pull the plug?
- Does the channel lend itself to in-house expertise or vendor-expertise?
A great thought experiment for a dreary Monday morning here in Toronto.