- Identifying and eliminating waste
- Using AI and automation to drive effectiveness
- Creating new revenue streams
Identifying & Eliminating Waste
The primary method of maximizing budget efficiency is to identify and eliminate the ‘deadweight’ avenues within your marketing mix. Removing the channels that drain time, resources and budget without driving performance. Marketing has changed more in the last three years than the last fifty and, as such, businesses are often set in their ways when it comes to legacy processes, structures and tools. Look at the rise of TikTok as an example. In 2019 TikTok was generating $0.17 billion in revenue – with advertisers prioritizing alternate channels such as Twitter ($1.60), Instagram ($12.40) and Facebook ($18.87). Fast Forward to 2023 and TikTok has grown by 3917% – expected to generate over $6.8 billion in ad revenue by the end of the year. Priorities change, and in times of economic uncertainty you need to eliminate waste, removing legacy and/or dated approaches that stagnate your growth. Reconsider your attribution model – how are you attributing business growth? Identify the tangible and intangible impact of your activity, using test and control groups to eliminate false drivers. Additionally structure your activity in a way that allows you to maintain complete control and visibility over performance at all times -remaining reactive to real-time data. This is what we did for UK health and beauty retailer, Superdrug.
Using AI & Automation to Drive Effectiveness
AI, automation and other intelligent solutions are invaluable in helping businesses identify the best channels, audiences and messages to drive ROI. As such, it has become a key priority for advertisers. In-platform automation has become the norm, but this is not without its limitations. Standardized automation, or off-the-shelf software comes with a significant lack of control – and the same approach is often echoed across multiple brands. The solution? Bespoke, tailored tools that help you regain control while driving performance. Leveraging the power of bespoke AI solutions can help maximize the impact of your available budget and discover new opportunities to further drive growth – across Media, Creative and Experience. Great performance is a result of seamless cross-channel integration, and intelligent solutions, tailored to your brand can help you achieve it. This is what we did for the world’s largest cosmetics company, L’Oréal. Remember: AI and automation is only as good as the data that feeds into it – cross check your data quality and accuracy
Creating New Revenue Streams
As consumer behavior shifts, and marketing budgets are having to work harder than ever before, identifying new ways to sell, and new channels to explore is key to remaining agile and competitive in your market. Over reliance on a singular revenue stream is risky – you should be diversifying your strategy, exploring a wider range of solutions to drive business growth. Go back to the basics and consider where this growth can come from. Creating new revenue streams doesn’t necessarily mean starting from scratch. While this certainly has its benefits, it’s important to also see the value in existing channel amplification such as international market expansion. It’s about finding new places where you can drive demand for your services. Monitor the market and, for want of a better phrase, follow the money. Look at where people are spending money and ask yourselves the following questions:- Where are your consumers?
- What markets are thriving?
- What channels can help you access your target audience?
