With digital advertising projected to make up 51% of all US ad spending by the year 2021*, the need to incorporate digital into your marketing mix has never been more evident. Whether you're a novice digital marketer or you're currently running multi-channel campaigns, there are plenty of ways to supercharge your digital strategy.
START WITH THE BASICS
All great campaigns start with a clearly defined objective and target audience. Digital success requires clear, measurable objectives. Most campaigns typically fall within one of the following categories:
Let's say you're an Acquisition Marketing Manager for new beauty subscription box service who's seen modest success with a promotional direct mail offer enticing new customers with half off their first three months. Over half of these new customers cancel their subscriptions once the promotional period ends, making it difficult for you to truly measure your ROI. You need to acquire customers who will stay on after their promotional trial finishes. You think you might want to try a digital campaign, but aren't sure where to start.
Develop Your Customers
You likely have data on current customers from your CRM (customer relationship management) system. You might even have a prospect file of customers you would like to target. By combining your first party data with third party data, like mover and life stage data, you will have a more holistic customer profile to target along with greater targeting capabilities from the additional customer attributes. The additional customer attributes will also enable further customer segmentation, ultimately improving the effectiveness of your campaign.
Refine and Model
You can further refine your audience profile and improve your marketing ROI by using predictive analytics to identify which consumers will be the most profitable. Your specific campaign type or objective will likely determine the type of model you could most benefit from. For example a cloning model would be ideal for an acquisition campaign as it will help you to identify more consumers who will behave just like your best-performing customers. A response model can also be leveraged for an acquisition campaign to identify which consumers will be most likely to respond to your offers.
An RFM model can identify both cross sell and upsell opportunities by looking at key attributes of your customers, including how often they shop, how much they spend, and how recently they interacted with your brand. A Lifetime Value model can also be used to gauge which customers are worth investing marketing resources into as it predicts the net profit of the entire future relationship with a particular customer.
Onboard: Get Ready to Launch
Before launching your digital campaign, a few additional steps can be taken to further ensure a successful outcome. Consider linking offline data, such as first party CRM data or third party mover, life stage and demographic data, with online behavioral data and digital identifiers. Online behavioral data can include web browsing or location data while digital identifiers can include cookies, mobile IDS, and IP adresses.
Matching different audience data sets (like first party CRM data or third party data) with online behavioral data and digital identifiers allows for additional use cases and campaign types to be deployed or executed against. Some examples include digital display targeting, walled garden targeting, addressable TV targeting, and dynamic creative among others.
Activate and Deploy
Once you've matched your offline data to your online data and leveraged predictive analytics, your newly created digital audience is now ready to be activated for digital campaigns. Targeted ads can now be delivered to both current and prospective customers across a variety of online channels, including addressable TV, social, mobile, dynamic creative, walled garden targeting, display advertising, and more.