By Eric Schaal
When you apply the Pareto Principle to marketing, the situation might seem bleak. Why does 80 percent of your campaign’s reach come from just 20 percent of your efforts? With the data on your hits and misses now staring you (and your department heads) in the face, you might find it difficult to get funding for that next big idea.
At DMA &THEN, the focus will be entirely on using data to solve these perennial problems. On the analytics track at the three-day event, you will learn about ways to test and refine your approach so you can break the 80/20 rule for good. It’s time to stop accepting so much wasted ad spend, and some of the industry’s top brand marketers can show you how.
Breaking Down Assumptions
Within every wasted ad dollar, you’ll notice a few assumptions. For example, when you see analytics results from search engines, most people assume that means only Google. In general, that assumption is correct. However, what percentage is not coming from Google? If the number is higher than 5 percent but you are not seeing any profit from Google’s partner search engines, you should consider removing them.
Michael Harrison, managing director of Winterberry Group, will lead “Breaking the 80/20 Rule: Identifying and Eliminating Wasted Spend” on the third day of the event. At Winterberry, Harrison has seen the waste in clients’ budgets and shown them ways to become more efficient by looking deep into the analytics reports. Knowing where to look is the first step.
Other areas of waste are harder for marketers to identify. In these cases, you may need to try a new optimization strategy. Winterberry and other speakers at the session will bring the latest test-and-refine approaches to the table for you to consider. If you are looking for a new way to look at the numbers, you will find answers here.
With all the data at marketers’ disposal these days, it’s clear that silver bullets – or home runs, if you prefer a different cliché – are no longer the point. You built your marketing strategy based on available data, but the work only began there. You need to test your reach with every tool at your disposal. You may be able to leave the 80/20 rule behind sooner than you think.
This article is brought to you by &THEN, DMA’s annual event. Click here to join the leaders of the marketing community and explore how data transforms marketing in New Orleans, October 8-10. Save over $300 when you register online.