A Strata YouTube Channel Original
Multichannel campaigns can be complicated to create, and once you create them, even more work needs to be put in to make them as effective as possible. In the last YouTube video of our Multichannel Marketing series, we’ll go how to optimize your multichannel campaign for the best success and highest ROI.
What’s an Optimum Multichannel Campaign?
An optimum multichannel campaign is a campaign or workflow that converts every possible campaign member. Keep in mind – that doesn’t mean every person in the campaign, as there will always be some members that are truly impossible to convert. Why? Things happen. People start new jobs, financial positions change, people move, etc. The list goes on. The point of optimization is to optimize for what can be controlled, and in this instance, that’s the customer journey or workflow.
Two Categories of Multichannel Campaign Optimization
- Theoretical: This category happens before starting your campaign. It’s the last but usually the most time-consuming portion of actually building your workflow. It’s done through effective use of assumptions and historical data from similar campaigns. The steps to do this? Assign estimate conversion rates to each of your workflow components and then use them to calculate expected conversions – taking the output of one component as the input of the next. Although it’s very time consuming, it’s worth it in the end. Theoretical optimization helps you optimize both your campaign and create stronger projections for your campaign’s performance.
- Empirical: This category happens while the campaign runs. Instead of using historical data from other campaigns, you’ll use historical data from this campaign. So, factors like audience and creative can be held constant. You’ll still go through the same process – assigning your empirical conversion rates to each of your components, and going through the calculations to more accurately predict overall campaign outcomes. Measure your component’s KPIs while simultaneously updating projections based on the changes to your workflow.
To hear from our Director of R&D, Harrison, on what else you’ll want to do, as well as what tools you can use to optimize your campaign, click on the video below. Or, if you’d like to discuss multichannel marketing optimization with one of our experts, contact us today.
A Strata YouTube Channel Original
In this ever-changing market, not even a marketing genius can accurately gauge performance of a multichannel campaign without organized, analyzed data across channels. That is why setting and tracking key performance indicators (KPIs) is very important. Follow along as we walk you through a few things to keep in mind when establishing and understanding KPI’s for your multichannel campaign.
What’s a KPI?
Like we said above, KPI stands for key performance indicator. It’s a quantifiable measure of performance over time for a specific goal. In this case – that goal is multichannel marketing success. KPIs lay out marketing goals in the form of specific milestones to calculate progress and insights, and these insights help marketers make better decisions. In order for KPIs to be successful and helpful, a marketer or team of marketers needs to handle and record analytics from several touch-points. Without KPIs there’s no way to accurately and effectively measure the efficiency of your multichannel performance.
KPIs at Their Core: Layer One
There are two levels of KPIs for multichannel campaigns. The first layer is the component layer, and it’s used to analyze the individual components of a campaign. This layer helps establish realistic goals for the campaign and provides low level insight to analyze and optimize as your campaign progresses. Conversion rates vary by standards like industry and medium, which are easily researchable.
Yet, actual conversion rates have huge ranges based on the nature of your call to action – like your messaging, imagery, and your audience, and which segment of the funnel they’re in. If your campaign’s messaging can be considered “industry standard”, save yourself some time and use an average conversion rate, even if it looks low.
Further into KPIs: Layer Two
Want to learn about the second layer of KPIs, and how to establish them for your next multichannel campaign? Click on the video below and hear more from our Director of R&D, Harrison. Or, if you’d like to discuss this concept with one of our multichannel experts, contact us today to get your next (or maybe your first) multichannel campaign started.