Who hasn’t heard the expression ‘everything old is new again’?
So it is in the world of advertising. Every advertising agency rep and media salesperson has been told of William Wrigley’s observation. He founded the Wrigley Company which manufactures Juicy Fruit gum and other legendary brands. Wrigley famously said, “I know I’m wasting half of my advertising budget. Now, if someone could just tell me which half.”
A new Ad Waste Survey conducted by New York and San Francisco-based Demandbase found “B2B marketers are realizing that while their digital advertising strategy may be reaching a large audience, it’s not necessarily delivering the right results. This ad waste dilemma isn’t new – most companies know that they are wasting a significant part of their digital ad dollars, but the problem is they don’t know which part.”
Demandbase says markers need to adjust their strategies to focus on “solutions that can deliver more effective advertising, personalization and sales programs to the specific accounts that will really deliver business results.” In other words, targeting their marketing.
For those who love statistics the Demandbase study found that 96 percent of digital campaigns reach significant numbers of consumers who aren’t in their targeting mix and 71 percent say their campaigns do not meet expectations.
It’s worth remembering another old-school rule: that 80 percent of your business comes from 20 percent of your customers. If you’re engaging in digital campaigns are you appealing to real and potential customers or just bored people clicking around the web? The next question is: do your tech people know your business, product, service and understand your customer? They have a talent for technology and getting a brand into multiple digital platforms and spaces, but what about the message? Are places and producers winning the click war, but failing to cash in with actual sales?
Contact Destination Doctor for help with your digital dilemma.