The advent of the social web and new technologies is expanding the capabilities of advertising. But without universal metrics around engagement, how do you make sure you’re getting the most from your marketing investments? U.S. department store magnate John Wanamaker coined the phrase that has loomed in the back of marketers’ minds for a century: “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” The Philadelphia merchant’s words still resonate today, but only in spirit.
Wasted spending may now account for 70 percent or more of a company’s ad spending. The growth of Internet-enabled devices has multiplied the challenges marketers face when advertising in our increasingly fragmented and expanding media world. Reaching your audience has never been easier, yet tracking success relative to your audience has never been more complicated. New entrants continually appear to vie for coveted markets like online moms. Increasing ad budgets is one way to attack these challenges, but trying to outspend competitors has become an arms race that no one will win, and shareholders won’t tolerate. The alternative to spending more is spending more efficiently.
I plan on speaking about this topic in great detail at the upcoming SXSW event. In my session you will learn how leading brands are using “social lift” to measure campaign performance and determine minimal effective budget. But I need your help to vote for my session! So if this sounds good to you I would appreciate it if you would click here and vote for my session!