Competing for new customers is tough these days. To stand out in your market, you need to create a unique advantage in virtually every facet of your marketing mix – in your products, your distribution, your pricing structure and, not the least, in your promotion. Simply doing the same as your competitors just won’t cut it.
Oftentimes, clients ask us about the value of marketing or, more specifically, the value of unexpected communications. In my former life as a copywriter, I’d make the case that every brand needs to create a unique look and voice that stands above the crowd. But as a creative director, I understand now that when clients talk about value, they’re mostly concerned about the bottom line. What’s THAT value? How much will our mind-blowing idea for a website or online banner increase their sales?
For starters, I’d say it’s impossible to try to ascribe revenue to one particular piece of marketing communications. For instance, launching a revolutionary e-commerce site would likely impact a client’s sales revenue, but attributing all success to that site would be shortsighted. What about the email campaign that likely supported the launch of the site? Or any pay-per-click campaign that drove traffic to the site? Or inside salespeople referring customers to the site? Or every piece of communications the company ever produced that created an impression in the market? The real value of marketing communications must be accounted for holistically, not just in one project or even in one campaign.
That disclaimer aside, there are a number of ways that we can demonstrate how our creative communications create real, financial value for our clients. I’ll cover three of them briefly, just to share some real-world client experiences. So the next time you’re in budget talks, fighting for a fair share for marketing or the subject of an employee review needing to demonstrate what you accomplished last year, be sure to keep these in mind. The math around marketing communications is not nearly as fuzzy as it used to be. It has real value – in dollars and cents that you and your agency can maximize together.