Perspective 2 – Methods & strategies for generating growthThe second edition of Perspective let us illustrate, through four thematic talks, the challenges of marketing in 2023 and our solutions for meeting them.
Competition in digital, together with the new rules on data regulation, feeds the rise in cost per acquisition. Acquiring costs more and more — and this year’s economic context is not favourable to companies, B2B or B2C.
From there, acquiring new customers through fully performance-driven strategies (at the expense of awareness strategies) looks, in the short and medium term, like the way to keep growing profitably.
So we illustrated those strategies through the projects carried out for La Redoute, Vilebrequin, Sky Show and Foxstone. A year later, the third edition was devoted to hypergrowth, with the Everlife and Furlan Marri cases.
In 2023, which methods and strategies should we put to work to generate growth?
La Redoute - MMM
La Redoute – Using marketing mix modeling to assess the performance of a media plan.
La Redoute decided to carry out a marketing mix modeling exercise in order to understand better each channel’s impact on the transactions made. The challenges were to challenge the usual attribution models (last click / first click) and to find the most optimal allocation of marketing budget to support the growth strategy.
The MMM confirmed some of the marketing intuitions of La Redoute’s team and let them redirect part of the investment towards underestimated media channels. The MMM was a genuine decision-support tool for developing a data-driven media plan and for allocating the overall marketing envelope better. Through this study, La Redoute was also able to assess the impact of its various CRM activities and take the right measures to strengthen those that proved to perform less well.
Generally speaking, the MMM let La Redoute carry out an overall study of its marketing channels’ effectiveness following a cookieless methodology. That let it bring every media channel into the analysis, offline channels included. Finally, the analysis’s impartiality and the harmonising of assessment techniques across every media channel are two points that add real value compared with certain online measurement techniques.
Vilebrequin - Data Tracking
Vilebrequin – How data collection makes it possible to build an acquisition strategy that performs across 53 countries.
To answer its double-digit growth challenges and its limited internal resources, Vilebrequin put in place a more robust data collection strategy in order to know its customers.
That approach takes account of both the evolution of technology and the regulation of cookies, so as to be more confident in its data. Google’s Consent Mode is one of the solutions favoured in the short term, in combination with enhanced conversions and the Conversion API. That makes it possible to recover the lost data and come close to reality with a small margin of error (~10%).
Analysing first-party data brought to light a number of learnings that help guide future effort and investment better. The probability of a repeat purchase, for instance, is higher for first purchases that came with a welcome gift — confirming how worthwhile it is to work on the customer experience and to take care over welcome gifts.
Finally, putting the Marketing Cube methodology in place to improve how marketing data is collected within the organisation allowed a better structuring of cross-channel media coordination, and the building of the data for the advanced studies to come, such as the MMM. Data collection, like the MMM, belongs to our Data practice.
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Sky - Optimisation CPA
Sky Show – How to minimise your CPA through an optimised digital media mix.
Generating attractive, hard-hitting content is essential for capturing the target audience’s attention.
It is worth underlining that for a company like Sky Show, success in acquiring new customers depends heavily on how appealing the content (films and series) available on the platform is over a given period. Steady acquisition of new users is therefore very hard to guarantee. We have noticed that spending excessively during periods when the content is less appealing turns out to be a bad idea. It resembles situations met by other companies that depend on the news, on interest rates, on cryptocurrency prices and so on. It is better to use those resources judiciously, so as to capitalise on the favourable periods — in other words, to “surf the wave”. By the end of the year that brings in more conversions for the same budget spent.
Another important strategic axis, in our view, is to diversify the media mix. That is what lets you optimise your CPA, by reaching your core audience on each acquisition channel, getting the best conversion rate and the lowest CPA.
Secondly, it is often hard to predict the scale certain content will reach, so it is essential to be responsive and flexible in adjusting budgets. It therefore matters a great deal to make sure that, at the micro level, we spend every franc where it will have the greatest effect. By raising or reducing investment according to the real results of the last few days or hours and according to the opportunities, we optimise the campaigns’ effectiveness.
In order to generate a hundred or so static banners and dozens of videos a month quickly, we recommend creating templates that make it possible to produce content fitted to each platform efficiently, keeping a graphic coherence while allowing fast production and publication.
In conclusion – in 2023, despite an economic context that is ever more competitive and under strain, performance marketing is an axis of growth. From there, it becomes necessary to analyse your media mix with the new algorithmic tools (such as the MMM), to put in place a data collection strategy that performs, to fight the rise in your CPAs through attractive content and the opening of new media levers, and finally to hold the quality of your leads sacred, so as to optimise your marketing activity continuously.
The series : Perspective, bright's annual evening
- Performance management19 publications
- Tracking and data collection8 publications
- Marketing Mix Modeling10 publications
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