Consolidating Your Media Efforts: The Omni-Channel Approach
At no surprise to anyone in the marketing industry, campaigns must run through multiple channels to have a chance of making an impression on their audience. From buses and billboards, to social media platforms and reputable websites, and everything in between, there are countless ways a person can come across and interact with advertising efforts. So how exactly can advertisers simultaneously monitor the delivery and performance across all of these channels in a meaningful way? More importantly - how do marketers account for the fact that these channels work together and create synergy? They shift focus from running campaigns using a multi-channel strategy to running campaigns using an omni-channel strategy.
So what’s an omni-channel strategy? An omni-channel media strategy is more than just a word swap, it’s a change in perspective of how to buy traditional and digital media. By consolidating all media buying efforts under one roof to help better understand the consumer’s journey, an omni-channel media strategy unlocks the true value of the entire media campaign through discovering insights that would be otherwise be hidden. Here are some methods to transform your perspective and reporting to a more comprehensive approach:
A Look into the Past – Re-discover the Consumer’s Journey
Before you move forward you must first look back – historical campaign data. Ask these questions – what media mixes have run before, what was our goal and what were the results? Using those answers to fuel your upcoming campaign will likely save you money by helping you avoid media inventory that won’t resonate with your audience. That saved marketing budget can be used for inventory that has already proven its value, or to test something new.
Conversion Attribution - How to Analyze Performance When Multiple Channels Interact
How do you currently look at conversion data? As each channel reports on the conversions it drove, do you account for the fact that your customers were likely exposed to your ads from more than one channel. With an omni-channel approach, you can count conversions using the last-touch attribution model – giving ‘credit’ to the last channel that served an ad to the user before they converted, while also looking at which channels assisted along the way. The result is the ‘big picture’ of your campaign performance that doesn’t over-inflate conversions, with the knowledge of which channels deserve a pat on the back for their assist.
Think Outside the Box - Incorporate Your True Bottom Line
Any media buy report can provide the standard metrics – CPV, CPC, CTR, the list goes on and on. More sophisticated reports will incorporate your media data across multiple platforms. The most intuitive models, however, include any and all relevant data points, for example, including offline data such as in-store foot traffic and total revenue. That’s up to the advertiser to share, but when it becomes included in media buying reports, deeper trends and insights start to unveil themselves while media buying algorithms purchase inventory in a much smarter fashion.
Combining your company’s first party data along with the data from your marketing efforts is great, but is your company affected by factors out of your control? Are your company’s sales affected by weather, product seasonality, trends in average rent prices, or trending topics in the news? That’s why you should be incorporating relevant external data you can quickly react to when our audience’s environment is a strength for us against competitors, and when our media presence should pull back – thus running the most efficient campaign possible.
As total spend in media advertising is projected to increase 6.6% year over year according to eMarketer, it is now more important than ever to spend media budgets as efficiently as possible to break through the noise and be heard. That is why it is vital to transform our approach to media buying and reporting toward the omni-channel strategy. This strategy creates data-backed campaign plans, runs all fragments of campaigns collaboratively and focuses on achieving your business’s true overall marketing goals.