John Wanamarker says half the money he spends on marketing is wasted. Since his death in 1922, new technology has helped advertisers better understand what people are buying and how to reach customers. If your marketing doesn't seem to be on point, analyzing data about your ad history and performance can help.
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Using media modeling or marketing mix to evaluate the effectiveness of previous marketing campaigns offers many benefits for creating better campaigns in the future. Use this marketing assessment
- Real marketing effort
- Historical sales data
- economic situation
- weather problems
- Competitive Behavior and Results
By looking at the impact of all these factors on sales, this rating can tell the company the best future based on the last played scenario.
From this data set, predictions can be made. Businesses working on creating new marketing campaigns that include a new logo or rebranding might want to review the latest advertising results. What were the competitors producing back then? What financial burdens does the family face and what advantages does the increase bring?
While this information can be very useful, it is limited by the inability to capture real-time events. Reviewing historical sales data does not provide a way to reach current buyers. While today's business owners may have sales data from just as the country entered a recession, they may not be able to understand the impact of the pandemic's "YOLO" mentality.
Where can I find data?
When setting up the mixed media model analysis, you need to do some follow-up
- Platforms where products are sold
- How much does each platform cost?
- Results of each campaign
For example, social media platforms may serve one demographic better than another. Underperforming Facebook campaigns may have more to do with not having targets for the age group you're trying to reach than the quality of your images or videos.
Buzz ads on free platforms can be very lucrative. Place the same ads on expensive platforms and you will start making money. High quality mixed media modeling campaigns track when you launched your campaign, what your competitors were doing and if it was flu season in the cities where your product was successful. When most of your sales are brick and mortar, the best campaigns can be destroyed by a major weather event. Reviewing mixed media modeling will help you track the decline.
Shaping the media mix in the B2B world
In many ways, mixed media modeling in the B2B world offers a simplified dataset with fewer variables. For example, if you are a manufacturer selling to wholesalers, you may not have a detailed list of sales. An apparel maker that makes 1,000 bags does not need to activate a buyer's "I want it" button; You need to spot trends and focus on big sales.
Even those that don't sell directly to consumers should focus on building pipelines to sell in bulk. With large wholesale sales taking longer to complete, fund and ship, the importance of extending your listing should not be overlooked. Although the sale doesn't end until June, work from January through May must be considered to fully understand the results of the campaign.
B2B companies need to carefully analyze the data after the sale. Selling a bag that a customer doesn't like isn't generally difficult. However, those selling large products to retailers should know that product results are generally positive. Is it marketing or customer service?
It's marketing and customer service. Marketing needs to know what isn't working and why. All the selling skills in the world won't mend a broken relationship. Retail sentiment, which can be drained by a weak product line, has good reason to look elsewhere, and competitors are always ready to step in. B2B marketing teams must constantly monitor products that are not satisfying customers at the retail level.
B2B Specialist: Use mixed media modeling to demonstrate consistent delivery
Pipe construction is a great advantage for many traders. If you're a wholesaler supplying retailers, it means your marketing team needs to be closely linked to logistics to ensure supplies can be ordered and shipped.
The historical data that does not work in this problem can be clearly identified. No one expected toilet paper to run out in 2020, but panic buying in times of uncertainty is definitely a risk. Good understanding of what went wrong when placing orders related to marketing; Maintaining effective relationships with suppliers often means tracking that history and making minor corrections to avoid similar product or timing issues.
Marketing affects the brain on an emotional level. The consumer pays attention to the image or the message and develops feelings for the product. No one needed baby cabbage or Elmo the Tick, but there were plenty of people willing to fight when supplies ran low. One of the challenges of evaluating the marketing results of mixed media modeling is that it is based on historical data. Whether you sell direct to the public or market your products as a wholesaler, knowing what works and why can help you develop leads and opportunities for your next marketing campaign.