Marketers can iterate on advertising and other paid media by running experiments and then mining the data to identify the most effective path to the audience.
How to iterate on advertising or paid media:
- There are two types of paid media placements: Direct Response and Brand Awareness.
- Direct Response is ideal for experimentation because we are asking the prospect to take action, which produces measurable results.
- Brand Awareness does not typically have a call to action, which makes measuring its effectiveness difficult.
- This applies to both digital and traditional advertising.
How to set up experiments:
- Design experiments to identify the most cost-effective path to your audience. These can include:
- Placement Methods
- Direct vs. Programmatic
- Programmatic vs. Network
- Targeting Methods
- First-Party Data vs. Behavioral (Third-Party)
- Behavioral vs. Contextual
- Contextual vs. Look-Alike Audiences
- Look-Alike Audiences vs. Individual Site Whitelisting
Resource: Designing An Effective Marketing Experiment
Resource: The Role of Experiments In Iterative Marketing
How to decide what experiment type to use:
- A/B Testing
- When testing creative, A/B is a solid option. It allows for quick iteration and knowledge gathering.
Resource: How Statistical Significance Makes Your Results More Reliable
Resource: How to Ensure Your A/B Testing Gets Results
- Multivariate Testing
- The lack of control makes this type of experience less desirable.
Keys to a successful experiment:
- Never let time impact your experiments. Run an experiment for at least 2 weeks and a maximum more than 8 weeks. Keep in mind, the day of week, holidays, business cycles (month-end for example) can all impact media performance.
- Apply what you learned from direct response ads to your brand awareness advertising.
Document any insights learned from direct response experiments, and update relevant personas and customer journeys accordingly.
Iterate for future use:
- Make sure that any media consumption insights are documented in the persona for future use.
Charity of the Week:
We hope you want to join us on our journey. Find us on IterativeMarketing.net, the hub for the methodology and community. Email us at [email protected], follow us on twitter at @iter8ive or join The Iterative Marketing Community LinkedIn group.
The Iterative Marketing Podcast is a production of Brilliant Metrics, a consultancy helping brands and agencies rid the world of marketing waste.
Producer: Heather Ohlman
Transcription: Emily Bechtel
Music: SeaStock Audio
Onward and upward!
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