Seeking the services of a Marketing Agency? An informed decision about how to choose the right agency in the next 12 months will fundamentally increase your chances of growing your revenue.
Contingent of course upon the criteria you choose and how well you understand recent developments in advertising and marketing.
There is a very famous saying that you have probably heard by John Wanamaker: “Half of my advertising is wasted; I just don’t know what half?” John Wanamaker was a United States merchant and considered by some to be a “pioneer in marketing.” If John were around today, he would be very pleased to know that question finally be answered.
The part of your advertising budget that is being wasted is the part you can not measure. Any media plan presented to your business by a marketing agency that can not be measured should be considered high risk in its kindest form.
An effective marketing agency understands with social media and digital you can measure all the way to conversion. It means if you spend $10 on advertising, you can measure what return you received. Provided you established the set up correctly with conversion tracking.
To illustrate this point further one of the world's largest advertisers Procter and Gamble. Also known as P&G is quickly shifting to a “Digital first approach.” They spend roughly $8.6 billion on advertising across 300 brands.
In a keynote address by Marc S Pritchard by Global Brand Officer, P&G at the Association of National Advertisers. Marc made the following statement about their changing business model.
“The potential to create business value is significant - with infinite supply, precision targeting, automated buying, selling, and distribution, user-generated communication, low-cost production, amplification of earned media - all leading to a much higher return on investment. It is both more effective and efficient than any medium advertisers P&G worked with in the past.”
In 2014, P&G cut traditional advertising by 14%. Remember the part where I stated if you can not measure it, it is a risk. The modern marketing agency is all social and all digital with more than half the media worldwide being consumed this way.
In addition to this, the user is engaged, and you can reach who you want to and measure the effectiveness.
For a marketing agency, this is fundamentally changing the landscape. Because the new model is about data, speed, creativity, engagement, and measurement.
So if you are working with a traditional marketing agency using traditional media that you can not measure, how do you know what is working?
As a modern marketing agency, we have now
✓ Sold out concerts
✓ Increased home loan applications
✓ Driven significant retail purchases and measured everything we have done.
With each campaign, we get stronger. The data enables us to and in 2019 if you can not prove your advertising effectiveness with data, you can not prove it.
We are entering a period that John Wanamaker would be proud to see, a period of true attribution and measurement. A period where you will know if your advertising is working, and which part. We are not completely there yet, but we are well on the way.
The marketing agency of today delivers attribution, performance and measurement.