Archive for January, 2013

 

Through this blog, I wish to share a solution that allows brand managers to measure, compare, and contrast the success of their Digital media campaigns across Consumer decision journey

 Need Identification: McKinsey’s CDJ works perfectly for a number of reasons:

  • Marketplace is bombarded with digital stats but marketers are want “green up” arrows because they don’t understand the data that they see often.
  • Digital reports are either too simple or too complicated to really make enough sense about the campaign (or conversely too much noise and they can’t tell the difference, and it’s never given adequate context so they can tell). Digital brand managers are so beaten up by their managers and directors to prove out ROI, they don’t know what to do.

Opportunity: Create a metrics chart for helping a marketer save time, money and relieve tension instead of generating another report that can be sliced numerous ways and keeping them up even more hours at night. This metrics chart works around the actual acquisition “journey” as it helps the marketer understand the business process far better, gives them a campaign context and helps them understand what is happening to the campaign globally as it culminates in ROI thus giving a much broader picture to look at before he/she dives into specific reports.

Scope:  To make sure that marketers target and clarify the actual value of the CDJ and even prioritize the benefits revealed in the updated “decision journey” that buyers are following. To do this, it’s required to do a better breakout of the McKinsey CDJ and identify hard value for the online marketer.  The CDJ exposes the role of VOC (voice of consumer which quite often is Social and shows the tipping point move away from messaging from the advertiser to the qualifying from real life validation by friends, likes shares, eBay/Tech-tree/Compare India reviews etc) and also reveals a 4th or to their mind “inner loop” which they skew heavily towards both retail and brand loyalty.

Challenge: This is not just a metric chart, but it delivers the actual business value of the metric and how actionable it can be made. This has been worked out for product online marketing campaign and I have kept out the brand management/Corporate marketing scope out of it. Reason being, if online activities are undertaken for online brand management then certain activities like website management, SEO, SMM, ORM are on a retainership basis and broad level KPIs.

The shared metrics in the image can always be customized as per the campaign’s requirement and business objectives.

Also, please make a note that an Advertising content and message will have to do justice with the key objective meant for each CDJ stage. Please refer to the “sink-the-funnel” graph, it will have to create push effect. Example If a brand manager objective is to move prospect from consideration set to evaluation set and he throws a generic brand message ad, it will not serve the objective.

I have kept the below metric chart simple and added my comments next to metrics so as to make it self-explanatory.

Enjoy reading and travelling across the CDJ!

Cheers!

Please click on the below link to download the metrics in excel sheet form

KPI for Digital Product Marketing_CDJ

Key Performance Metrics of Product Online Marketing Campaign for each CDJ Stage

Metrics chart that helps brand managers to measure, compare, and contrast the success of their Digital media campaigns across Consumer decision journey