When Ads Build Value
When we talk value in media agencies, traditionally we talk about 'media value' – squeezing media costs in a deal or over-delivering audiences to a campaign – as opposed to building 'brand value'.
That needs to change. Marketing today is in crisis: the battle for consumers' attention; the death of loyalty, the rise of retailer power, and intense margin pressure all mean that marketers need the focus of all their partners on delivering measurable returns. In the media business, that means helping clients to deliver a sales plan as much as a media plan.
THE IMPORTANCE OF BENCHMARKING COMMUNICATIONS PRACTICE
We should be obsessed with doing things well in addition to doing the right thing; and focusing on return on objectives, not just on a narrow definition of return on investment. At Starcom we believe that one of the best ways to do this is to conduct marketing mix modelling for an individual brand. However, timeline and financial pressure can militate against customised analytics – communications planners often need immediate guidance. In which case, the next-best solution is to have a set of case studies – to learn about normative averages and reasons for differences, and to provide a match when we don't have a tailored model.