A few weeks ago we talked about the importance of ROI and how to calculate it. But occasionally, ROI doesn’t tell the whole story. Without clearly defined objectives, statistics are just numbers … NOT results!
Consider this summary report:
Which campaign is better?
- Do you go off straight ROI?
- Do you take the increased booked loans?
- Do you choose the highest profit?
What about this example?
You are having awareness issues. You run a campaign in three separate markets and conduct a pre- and post- campaign survey to gauge awareness and likeliness to give you a try.
Here’s what you find:
What worked and what didn’t?
Market C, right? You nearly doubled your required lift in Market C and it has the highest “Worth a Try” response. That rocks! But C only gained a 4% awareness – the lowest of all markets.
What about Market B? Are you willing to miss your Required Lift goal to double your Awareness? But wait, somehow fewer people are willing to try you!
Well, certainly not Market A, right? Our actual sales were terrible! But, we significantly increased both Awareness and Trial.
Hmm … What do you tell your CEO?
There is no one correct answer. They are ALL right, in some form. What matters, my friend, is the goal that you set out to achieve in your planning. Sales … Awareness … Trial.