Today's media leaders are faced with the challenge of plotting the optimal path to media investment improvement and establishing a clear and actionable plan that their teams can pursue with absolute conviction. As the media landscape grows more complex, once tried and true measures of success now seem outdated, being replaced by new measurements and data overload.
Instinct vs. evidence trap
Amidst the complexity, it can seem counterintuitive that a growing number of internal stakeholders rely more on instinct than evidence when interrogating the productivity improvements of your significant media investments.
Without a robust performance measurement program, it's easy to get stuck in a sea of opinions and conjecture...
"How do we know it’s working?"
“Well, the Agency says so. And we check with media owners and they tell us the same thing.”
“We have a smart team and we’re getting more than our fair share. I’m sure of it…well, I’m pretty sure.”
How do we avoid flawed comparisons?
To achieve success in media investment management, it's crucial to identify measurable targets that are within your control. Framing performance targets around external factors can be demotivating and counterproductive, leading to wasted resources and strained relationships between marketers and agencies. Brands that fall into this trap experience churn and lose ground to their competitors. By staying focused on achievable targets, you can avoid these pitfalls and gain a competitive edge.
Fortunately, there are concrete methods to remain on track and avoid the distraction of flawed comparisons.
1 - Frame the objective
Establish a clear and concise objective for your media investment management program that can be easily remembered and shared. Whether it's "evidence-based progress" or "accountability always," define the vision for what you want to achieve and use it to gain buy-in from your team.
2 - Define the forces that lie within your control
When defining measurement criteria, it's important to focus on what you can control. While you can't dictate the actions of competitors, you can make strategic decisions to improve your own performance. This may mean walking away from underperforming value drivers and seeking better opportunities elsewhere. You hold the power to drive your own success.
3 - Break down silos
Silos within organizations can be a major roadblock to progress. It's crucial to acknowledge and eliminate them. Incentivize stakeholders to work as a cross-functional team towards a shared goal. Encourage them to break free from their silos by appealing to their natural tendency to think outside the box. Don't forget to celebrate their successes along the way.
4 - Embrace incrementality
Embracing incrementality can have a profound impact on your media investment management program. It's like the moment when you first realize the power of compounded interest in a retirement plan. Start early, keep your eyes on the long-term goal, and watch as small improvements add up to significant long-term value.
5 - Focus on actions, stimulate effort
By prioritizing actions, you can quickly gain valuable insights that will drive your future efforts. This laser focus on achieving small wins will provide the motivation you need to keep moving forward. Act, learn, adapt and repeat - this month, this quarter, this year and throughout the lifetime of your media investment program.
6 - Celebrate wins
Don't forget to celebrate your wins, no matter how big or small. Balancing effort and results is a continuous journey, but to maintain your team's momentum and drive, you will need to cheerlead along the way. Infuse positivity into your process and keep the energy high.
With over 170 years of combined experience in media performance analysis, our team of media investment professionals has helped countless advertisers of all spend levels discover a renewed sense of clarity and purpose in their media investment improvement programs. Developing a tailored media accountability plan can have a profound impact on driving your team's drive and purpose.
Just like a sound investment plan, it's essential to start now, make steady strides, and build momentum. This process will eventually cultivate the muscle memory needed to establish a competitive advantage and deliver significant lifetime value in your media investments.
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