Bake Experimentation into Your Roadmap
Marketing campaigns need to include some form of experimentation in order to avoid stagnation caused by diminishing returns. When you repeat tactics, executing more of the same, you will ultimately generate less leads while spending more money in the process. However, leadership may not be easily sold on spending money on new tactics that might fail. That’s where building a marketing mix that includes experimentation comes into play.
The most effective way to make sure your marketing team feels free to experiment, and your management team understands both the potential risks and rewards of experimentation, is to bake the concept directly into your marketing roadmap in a conservative, yet effective manner. If, for example, you continually devote 20% of your overall budget to experimentation, while focusing the majority of your budget on your proven strategies, you’ll still see success from your efforts, and you’ll grow your portfolio of strategies over time.
In order to make experimentation effective, you must devote time and energy to analysis of not just your experimental strategies, but of your “tried-and-true” efforts as well. Hold each campaign to the standards set down by your objectives and determine which strategies are producing the best results. If an experimental strategy takes off and generates leads, move that concept to your “proven” bucket and replace it in your “experimental” strategies with something new. Alternately, if a “proven” strategy is showing diminishing returns, take it off the table. It can always be re-introduced at a later date as another experiment.
The result of your marketing mix is a diverse set of strategies and tactics that continually support your objectives and achieve the highest potential return on your investment. Additionally, through experimentation, you’ll learn new strategies to propel your business forward, and you’ll quickly recognize those that are producing diminishing returns. You can eliminate the non-performing strategies and replace them with new ones that provide the best results.
Choose Budget-Friendly Experiments
When searching for experimental strategies, it’s important to keep these things in mind:
- All strategies should align with your objectives.
- All strategies should be measurable and produce quantifiable analytics
- Campaign analysis should be applied to both your proven and experimental efforts.
- Experimental strategies should fit within 20% of your budget—including the resources and manpower it will take to both execute campaigns and analyze results.
The idea of experimenting with your marketing efforts is undoubtedly exciting, but you might be unsure where to start. Here are some experimental ideas you can work directly into your next marketing push that won’t break the bank.