Tag Archives: marketing effectiveness

YOLO to FOMO

How many times have you rolled your eyes and resignedly sighed ‘Oh the Yoof of today’?

If I’m honest, I lost count a while back, but that said I’ve also forgotten the last time I said it. Why? Because quite frankly this ‘Yoof’ are outsmarting c-suites around the world and as they start to enter the workplace they’re shaking things up, I believe for the better.

They’re more focused, more ambitious and more tech enabled than any other generation to date. They also have the lowest drug abuse, lowest alcohol abuse and lowest teenage pregnancy rate than any other generation. They’re tech savvy and life savvy.

They are the first digitally native generation, having never known a world without the internet and according to Business Insider 61% would rather be an entrepreneur than an employee when they graduate.

They’re the generation happy to pay over the odds for the latest smartphone but that make up for it by streaming video content for free rather than paying to rent movies, they dual screen constantly, multi task ferociously, are hungry for everything, patient for nothing.

For brands, they pose an increasingly difficult audience to reach, with such rapid and sporadic consumption of media they live in fear that they will miss out. They constantly switch between devices and channels, which has resulted in them having the attention span of a goldfish… literally.

They’re exposed to thousands of brands, hundreds of times from their waking moment to their sleeping one, so the question posed to brands today is, how do you make your 8 seconds count?

Less is certainly more, and any communication must cut through the noise in a concise way, bear in mind that these guys have entire conversations through emojis, or Kimojis (JGI).

Forget disruptive technology, these guys are already beginning to change the landscape. The clunky old guys at the top currently trying to move things forwards will simply need to keep up or get ready to pack their suitcases and go home.

 

emoji unicorn

 

p.s. YOLO = You Only Live Once (totes popular with millennials) FOMO = Fear Of Missing Out (which if you read the post you’ll get 😉 )

p.p.s. sorry if you’re feeling old now

p.p.p.s. but I did use a unicorn emoji so that restores the balance

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How does your company measure marketing effectiveness?

Whether it’s based entirely on a hard financial measure or softer metrics such as brand awareness or share of voice it’s key that you do have some measure in place to ascertain whether your marketing has been successful , or not.

You don’t necessarily have to go the hold hog and develop a complete ROI model, in some cases if this is the first time you’ve tried to allocate metrics against your activity that might prove a step too far ahead at the moment. However whether you’re looking to track an increase in traffic to your website , an increase in online sales or measure ‘buzz’ online, knowing how your activity performs is key to being able to accurately allocate future spend against media attribution.

An increasing trend with most of the companies I work with sees a larger split of marketing budgets moving towards online but that is not to say that traditional advertising has had its day and the whole future relies on the internet. This trend merely supports the consumer’s way of accessing and absorbing information in today’s world.

It’s true to say that it’s easier to track, optimise and report online activity but there are also accurate assumptions you can make between press circulations / reach and DM mail outs for example.

The bottom line is that reporting on effectiveness shouldn’t be an end consideration to your activity; it should be considered and planned in from the start. By identifying your key metrics for success at the beginning you can clearly and accurately report back on whether or not you deem your marketing activity successful or not.

So ask yourself, what are you trying to achieve and what in your eyes would you deem to be a success? What do you want the results to be?

That’s your starting point, remember it’s an ongoing process and by measuring the effectiveness of your marketing you can continue to optimise your spend. What is right now may not be right 12, or even 6 months down the line.

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