Keys to a successful marketing campaign
The U.S. Small Business Administration recommends, “As a general rule, small businesses with revenues less than $5 million should allocate 7-8 percent of their revenues to marketing.” Marketing campaign costs vary greatly depending on the campaign type and scope. An advertising campaign can cost anywhere from $5,000 to $250,000,000. The average social media advertising campaign costs $500 to $6,000 per month, while a direct mail campaign will cost over $1,000 to send a simple postcard to a thousand recipients.
Given these costs, maximizing return on investment is imperative. The two most important factors in any campaign are: 1) the message, and 2) finding the right target audience. The job of identifying the best message is within your control – but finding the right audience is where you could consider working with a third party that specializes in knowing more about who your best prospects and customers are.
With knowledge comes wisdom
Marketing is personal by nature. So, the more marketers know about their current customers and potential prospects, the better. Likewise, customers and prospects are looking for a solution that meets their specific needs. Let’s look at some common examples:
Financial Services – I want to know the location of a mature population to target my retirement planning campaign, or where can I find an abundance of college age residents where I can target my college loan marketing campaign, or I need household income data to support my wealth management marketing campaign.
Insurance – I’d like an understanding of the types of insurers covering a specific area so I can target them for my competing offer campaign.
Retail – I need a view of households with young children to target my Christmas toy marketing campaign.
Energy/Utilities – I need a profile of energy types per household so I can target those more likely to purchase my fuel.
Entertainment – I need an audience list of teens and younger adults to target my movie and concert discount campaign.
The challenges are two-fold: 1) identify your marketing campaign’s target audience, specific to your industry and customized to meet your demographic criteria, such as household incomes, composition, age and culture, and 2) map your target audience to a geographical location.
Build from the ground floor up
Claritas is a data-driven marketing company that helps companies find their best prospects, improve marketing execution and deliver superior ROI. Claritas offers over 8,000 syndicated audiences built from over 10,000 demographic and behavioral attributes. Using their platform, Claritas helps businesses to unleash the potential of their first-party data by appending Claritas data and building custom and look-alike audiences based on specific business goals. They provide solutions for multicultural audience identification, email marketing services and multichannel measurement solutions.
Once the audience is defined, the goal is to better understand where they’re located. Location insights allow applications to draw boundaries and to target marketing campaigns to those geospatial target areas. Claritas partners with TomTom for access to maps, points of interest (POI) data and boundary data for census and postal boundaries.
TomTom maps provide a geospatial reference allowing users to quickly visualize, interpret and analyze demographic data.
TomTom administrative areas extend the functionality of the street map by providing boundary representations of census districts down to the most detailed levels.
TomTom’s Postal District boundaries follow their streets and other features to ensure optimal representation and overlay.