The explosive growth of technology and mobile continues to accelerate. Yet within this changing landscape there are fundamentals that guide best in class brands.
The Marketing 2020 initiative was launched by Adobe, the Association of National Advertisers, and Millward Brown Vermeer to identify best in class strategies and structures.
In fact, their goal was to methodically study what separates superior marketing organizations from the rest.
According to the Harvard Business Review, the research included “in-depth qualitative interviews with more than 350 CEOs, CMOs, and agency heads, and over a dozen CMO roundtables in cities worldwide.” In addition, quantitative surveys of more than 10,000 marketers were conducted in 92 countries.
From this research, several insights were identified that are significant to radio.
Financially Outperform Your Peers with Data. Top performing brands not only use analytics to improve targeting and delivery of marketing messages, but also incorporate the ability to combine data about what consumers are doing with an understanding of “why they’re doing it.”
Among leading organizations that effectively leverage analytics, the role and impact of marketing touches every corporate function, which also helps to ensure consistency in budget and execution.
The Trifecta of Winning Brands. The Marketing 2020 study revealed the consistent delivery of three essential elements by leading brands.
Functional Benefits: The job the customer is expecting – morning caffeine from Starbucks.
Emotional Benefits: Fulfill the customer’s emotional needs – drinking Starbucks coffee has become a status symbol.
Societal Benefits: Helping create a better world – Fair trade coffee and baristas earning a living wage.
For most stations, the Functional Benefits include entertaining companionship along with music and local content. The Emotional Benefits are the enjoyment that listening brings to a commute and work. The Societal Benefits would be the frequent charitable opportunities such as supporting St. Jude’s or Children’s Miracle Network.
This is a different approach than blasting everyone in your email database the same message. That’s where analytics comes in. Data segmentation can also be used to generate stronger ROI for advertisers and help secure sponsorships and annual buys.
The goal is to create a Total Experience with your brand by providing personalized messaging and relevant touch points that generate deeper engagement and consumption.
Not only is this level of sophistication possible for your stations, but consumers are expecting it. After all, your brands are not just being compared to the station across the street, but against global brands and the immersive experiences they are providing your listeners.
In addition, when your latest marketing campaign has come and gone, you have an ongoing asset with your audience database that you can continue to leverage and monetize as you drive ratings and revenue.
Think, Do, Feel: Marketing Centers of Excellence with Distinct, but Integrated Functions
Think: Leveraging data analytics to refine the target and messaging strategies as well as optimize the ROI.
Do: Developing content and creative along with seamlessly executing the multi-platform marketing plan.
Feel: Focus on maximizing the impact of each target consumer’s experience with the brand: on-air, online and at station events.
Although the pace of change continues to accelerate, data analytics and mobile provide amazing opportunities to offer engaging touch points with those who matter most to your ratings and revenue.
To read the entire Harvard Business Review article and for more information about leveraging these Marketing 2020 insights for your station, contact email@example.com.