Campaign Analytics: Fresh perspective for Marketers
October 13, 2020
As per recent Neilson report, around $600 billion every year are spent on advertisements solely, and not so astonishingly annually hundreds of billions of dollars flow into marketing activities. Ever wondered who helps CMOs decide where to put the money and how much? It’s the Campaign Management teams! A robust Campaign Management framework with embedded analytics allows marketers to plan, target, execute and measure their marketing campaigns effectively. It supports both traditional and emerging channels, allowing marketers to design single and cross-channel dialogues driven by customer needs and behavior. From triggered campaigns and remarketing to lifecycle campaigns, customers receive the right message at the right time via the right channel.
There is no quick path to success in the new era of customer engagement. Progress is likely to come incrementally—by listening to customers, making adjustments to engagement strategies, and learning through trial and error. Due to recent advancements in storage & computational capabilities, Analytics today delivers innovative approaches for optimizing campaigns such as disbursing samples, discount coupons, emails marketing, web pages, loyalty cards, and social media across customers/users that helps in increasing brand growth and enables sales teams to collaborate effectively.
Strategic Business Challenges addressed by Analytics-driven Campaign Management
Marketers today look up for a comprehensive campaign management solution for planning, targeting, measurement and executing marketing campaigns. They look for insightful strategies around optimal mix of promotional budgets and to manage subnational variability in responsiveness. They intend to understand impact of varied combinations of multi-channel targeting and look forward to incorporating this into upstream strategic planning and decision making process. They look for an integrated solution which helps to reach the right customers with right channel at the right time, improve marketing efficiency and effectiveness, track progress periodically and need timely triggers for corrective actions. As an eventual outcome, marketers yearn for increasing retention and driving higher rates of new customer acquisitions and hence achieve a better return on investment and a healthier bottom line.
Closed-loop Campaign Management today caters to various elements of campaign life-cycle management thereby helping an organization formulate its strategic as well as tactical marketing plan. It helps marketers optimize multiple channels to appropriately allocate investments across each channel using regression-based models during campaign design phase. Not just this, it ensures holistic tracking of a campaign during the execution phase and calculates return on promotional investments for the overall campaign to measure effectiveness. All-in-all it improve organization’s marketing strategy and campaign objectives, refine customer profiling and hence results in better targeting.
Unified Campaign Management Framework
A unified campaign management solution delivers ROI measurement of campaigns and marketing strategies, real-time dashboards to track performance of campaigns continuously, gives estimation of promotion response per target, does optimal allocation of budget among a portfolio of products, simulates answers to ‘What-If’ budget scenarios. It gives the requisite flexibility & robustness to the marketing managers and demonstrates ability to handle real world issues/constraints (e.g. threshold spend levels, spend limits, launch investments, LOE etc.). Leveraging a data-driven approach, requisite model parameters are estimated from data, wherever possible and reference database is built over time to create a learning archive that can be leveraged for new launches or new channels.
In this increasingly competitive marketplace, product lifecycles are getting shorter and organizations need to streamline their marketing activities to effectively acquire, service, retain & nurture customers. With the upsurge of Predictive Analytics, intelligent campaign management systems are sprouting up capable of storing & retrieving transactional data from customer in real-time and running behavioral analysis algorithms to facilitate “one-to-one” targeted promotional campaigns. No matter what role marketers play in the future to reach out to connected consumers, analytics is, and will remain the fulcrum of personalized messaging, tailored offers & shall be the key driving force behind initiating interactive dialogues that build trust & loyalty with customers.