Fighting Instant Gratification
I believe marketing has fed the desire for instant gratification to the detriment of many. Pressure for instant results from brands investing millions in online marketing has likely intensified this gradual descent. The internet has caused all of the most tracked and valued marketing success metrics to be associated with online activity, which makes sense. It’s easy to view marketing campaigns through this narrow lens, and the hard data that’s captured from online activity is comforting to executives. But those metrics only tell part of the story.
Before online metrics, a campaign’s effectiveness could only be measured through revenue and market research. While these metrics are still tracked, I believe marketers should start honing in more on what that market research was tracking—awareness, intent and recall.
Recall ties closely into awareness. When asked about a particular product category, like airline carriers, a person would say the top three that come to mind. An ad campaign’s goal to increase recall would be to make sure its brand is on a person’s list.
Intent is a marketing metric that measures how likely a person is to purchase a product or patronize a brand. This gets past simply getting your product into a consumer’s head—your ad campaign is looking for physical results in the form of increased revenue.
Measuring these metrics is more expensive and time-consuming and should be looked at over the long-term. This can cause a problem because consumers are constantly bombarded with ads wherever they go, and they’ve become accustomed to instant gratification. Likewise, I’ve found today’s companies who spend millions on marketing expect immediate results.
Marketers are in a tough spot, so they may fall back on passive metrics that are easy to capture, like clicks or page views. But this approach can cause issues down the line. I believe the key is to find the balance of website metrics that won’t put you in a financial bind in six months. Your campaign should deliver money now, soon and later.
Money Now, Money Soon, Money Later
A helpful way to determine campaign effectiveness is when it will deliver revenue. Many marketers are currently focused on a “money now” model. If your car breaks down, you need money to fix it immediately. In the same way, marketers often measure success by how much money it brings in in the short-term. It’s time to expand your timeline.
“Money soon” is the money you’d be saving for a vacation next year, for instance. Marketers can see this as how effective an ad campaign is several quarters or even a year after it ends. A marketing campaign that has a meaningful impact, measured through metrics like awareness or recall, should keep delivering.
The “money later” is the money you’re saving for a down payment on a house or retirement. Money later can be seen at work in ad campaigns, like when McDonald’s introduced the “I’m Loving It” jingle (can you believe it’s been almost 20 years?). Even now, if my son mentions that he’s in the mood for a burger, I’ll probably think of McDonald’s. The company has built a solid foundation through successful past marketing campaigns, and current campaigns help solidify it in a world where options are ever-increasing.
Getting to the Long-Term
Look at short-term metrics. That data is crucial because it allows marketers to be flexible and agile and assures companies that their marketing dollars are well spent. But it shouldn’t be your only focus. Balance short, medium, and long-term metrics well so you know your marketing campaigns have sticking power.
I believe it’s the best measure of value. Are you getting your money’s worth out of this campaign? Is it providing the best results for your business? You can answer those questions if you measure soft metrics like awareness, recall or intent. Yes, they can be more challenging to measure. You have to do polls and actively engage consumers. Don’t be afraid to see that data, though. Just because it’s difficult or may give you uncomfortable answers, don’t be afraid to argue for the long-term, too.
Believe it or not, not everyone is on the internet. Many people get product recommendations from family or through a chance conversation at work. Measuring those interactions with today’s metrics takes a lot of work. Marketing is neither a sprint nor a marathon. It’s a little of both, and by embracing metrics that measure both short- and long-term impact, you can be sure you’re making the greatest impact.
