The most important sentence you will read this year:
We’re much more interested in measuring engagement and attaching a monetary value to it and less interested in looking at impressions.
So says Mike Monroe, VP-media and advertising operations for JCPenney, the latest big name trying to develop lasting consumer relationships, according to Advertising Age. Its new JCP Rewards program lets customers earn points to snag members-only benefits. Rival Macy’s West, one of the retailer’s biggest divisions, also has been [working to] to decipher a more effective media mix and gauge reaction to digital efforts.
Package-goods giant Procter & Gamble, long accustomed to a bombard-the-masses-with-heavily-tested-ads strategy, has been working on better personalizing the consumer experience. And then there’s Coca-Cola’s My Coke Rewards online program, the multiyear customer-loyalty marketing blitz into which it’s poured millions of dollars.
“We don’t ever feel satisfied with our current media mix and are constantly looking to optimize either by improving response or reducing cost [or both],” Monroe added.
According to David Scholes, Targetbase President-CEO:
People are turning to more-measurable programs and a focus on ROI in a tight economy. But the bigger trend is the recognition that we need to understand the customer better. … This is a sea change in the marketing discipline, not just the effects of the economy.
In other words, marketing is more about marketing and less about advertising.
So how is your radio station proving performance for your clients? How well do you know your listeners and their customers?