As marketing folks, we hear the same question from the top down again and again: What is our return on investment for this marketing initiative? What is our ROI on this TV campaign? Print campaign? Social media campaign?
Some mediums are easier to measure than others. You know what your TV audience was based on HH overnights or the next Nielsen ratings book when the campaign is over. You know what your audience is for your print campaign based on circulation or the number of direct mail pieces sent out to a certain demographic area. Tie the number of inquiries/people in your door/closes back to the specific print code or 800 number on each print and TV campaign, and you can see how many leads you got from each medium. Factor in how many ad dollars you spent to get those leads/closes, and you have your ROI. It isn’t exact and there is a lot of gray area, but traditional media is the easiest form of marketing to try and tie back to a ROI.
The looming question — how do you tie ROI back to owned media?
1. You don’t — not directly. Just as you use a multi-channel approach for branding and incentivising your products and services, the same is true for owned media — it is a big part of branding and reputation building.
In the age where we Google everything before we purchase, we are checking out a brand’s owned media channels to get a sense of the company before we make a decision. I probably won’t buy directly from a company Facebook page, but I will look at that Facebook page before I make a purchase, and if I like the brand, and the content on their Facebook page is relevant and engaging, I will keep coming back. Then I start sharing that great content with my audience, which gets amplified to their audience. And the content is great, so I think the brand is great, and soon, I become an advocate for the brand to my audience and my audience’s audience.
That is your return — audience and engagement growth and brand advocacy. Which yes, Mr. CFO, does lead to sales and revenue generation. At Raidious, we see it all the time in our clients’ use cases — there is a definite upswing in sales and services when they engage with us for help on the owned media channels.
2. You look at your non-ROI. What happens if you don’t have an active presence on your owned media channels? What happens to your ROI if you have owned media channels out there without engaging, relevant content? From an SEO perspective, you will get hurt.
Google rewards those who properly manage and update their owned media channels on a regular basis. There are a few “tricks” to try to get around Google’s algorithm, but at the end of the day, Google just wants to see remarkable, relevant content and rewards those who have that.
If you don’t come up in search, it is harder to find your brand when researching products, your competitors win rank and have the edge for the business. And if your competitors have engaging owned media channels, they win your customer’s loyalty and, most importantly, their business. And that is a loss in sales and loss in revenue. By doing nothing, you lose money.
3. Look at the world wide web. We tend to forget that our owned media channels live on the WORLD WIDE web. We aren’t just taking care of our owned media channels in one DMA or region of the country. We aren’t even confined to one particular country! You are putting your message out to the world on a few specific channels in your voice — you get to tell the world what you want them to know about your brand, products and services. So when you look at costs, instead of spending money in multiple markets for traditional media, you are spending money one time, in one place and your potential reach is the entire world.
The return for managing your owned media channels in real time with engaging content far outweighs the impacts of being silent or, even worse, having boring content. Building an engaged audience who can amplify your message and become brand advocates not only results in sales, but helps continue to grow and sustain the brand going forward.
If you would like more information on how Raidious can help your brand with their owned media strategy and development, please contact us!