ELIMINATING WASTED INVESTMENTS—THE STRATEGIC APPROACH TO OPTIMIZING MEDIA SPEND

Source: PM360 Magazine

By Jedd Davis, Chief Product Development Officer, Publicis Health

Excerpted from PM360:

To best optimize marketing and media investments, we need to re-examine the starting point of our campaigns—our audiences. In today’s world, it’s possible to use data to statistically derive multiple segments that each require different communication strategies, across content and channels. When optimizing the dollars spent against these multiple audiences, we must think differently about what a campaign launch looks like.

For example, instead of turning everything on at once and focusing on a singular, monolithic “target audience,” a better strategy is to create test cells against multiple audiences, and spend some time evaluating how those audiences are performing relative to each other. Then, we can funnel media dollars to the segments with the greatest business impact.

This prioritization steers us away from wasting investment in segments that are least likely to perform, and towards the most valuable segments. Therefore, investment optimization actually starts before the first media dollar is spent and the most effective marketers will be those that invest in audience definition and prioritization from the start.

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