This year, marketing leaders planning their 2015 budgets face a new set of challenges, as marketing budget allocations shift towards digital spend, away from traditional paid media. Many marketers are conscious of the need to realign traditional buckets of marketing expenditure (ads, SEO/SEM, CRM and emailing) to focus on digital strategies and the supporting marketing technology that generate stronger customer engagement and better alignment with brand values.
The critical challenge of this realignment has to do with the realization that the ‘old ways’ aren’t working any more but the new strategies haven’t demonstrated measurable and scalable value. In this complex environment, how can you increase your digital marketing ROI? An audience-driven approach with two main areas of focus may be the place to start:
- Segmenting your target audience based on each individual’s digital impact will show a high concentration of the impact generated in the hands of a few original contributors of content and influencers. Our research shows that only 3% of individuals usually generate 90% of the impact.
- Based on this audience segmentation, build specific approaches by audience type in order to optimize investments.
This approach is a step towards Jon Miller’s budgeting nirvana by offering a way to get closer to budgeting based on success…
Let us know how you are planning your 2015 budget – Are you thinking about an audience specific approach?