GETTING STREAM
'Never Been Done Before' Innovations vs. Proven Results
Posted by Melissa Summers on Tuesday, August 24, 2010
Raise your hand if you want to be known as the stodgy marketer who never tries anything new. I'm guessing that not many of you are raising your hand right now. Instead, we all want to be known as cutting-edge, innovative, forward thinking professionals who develop only breakthrough, never-before-done campaigns. On the flip side, we want to prove to our leadership that we drive significant results – sales, ROI, leads, engagement – and that every decision we make has a positive impact on the business.
Unfortunately, these two desires are often at odds with each other. Think about it, how does one find metrics and past results for something that's never been done before? The answer is – you don't; however, that doesn't mean you can't balance innovation and proven results. In fact, the marketers who successfully strike this balance are the ones who will continue to drive forward our ever-changing industry.
Here are five tips to balance innovation with driving results:
1. Remember the basics: Who are you talking to and what would you like them to do?
Much of the innovation for which our clients are looking centers around new technologies and different ways to reach audiences. The buzz has landed on location-based services, mobile apps, and 2D barcodes. These are amazing opportunities for marketers if your audience is open to the technology and experience. If the majority of your demographic has never used text messaging, then 2D barcodes and Foursquare are a bit of a stretch for driving interaction.
2. Focus your campaign on proven tactics
There is no rule stating a campaign must be either innovative or proven - you can do both. Focus your campaign on proven tactics such as a sweepstakes or instant win game to gather leads. Focus innovation efforts on a new channel to enter the experience: check-in at a retail location for an entry or place a 2D barcode on your print ad to allow consumers to go straight to the promotion site to play. This allows you to try new things while still allowing your consumers to choose how to interact with you. Add a few of these small innovative steps to each campaign and you will find yourself a leader in the marketplace.
3. Understand your risk tolerance
New technologies come with inherent challenges. Most are born from small start-ups that began with smart people and a cool idea. Or, perhaps people in your organization have an idea of how to make something work, but haven't actually ever done it. Are you ready for the potentially bumpy road ahead as you figure it all out? Can you afford to keep an open mind as the campaign is being developed? If so, this is the strategy for you. If you have a lower risk tolerance, go for something that may be new to your particular audience, but that you've seen executed in the marketplace several times. You can also strive to make small innovations with every program.
4. Set aside a portion of your budget to take chances
If you've mentally put aside a piece of your budget to try new things, you will constantly look for those opportunities. If your entire approved budget is allocated to programs you run each year, it is a tougher challenge to pull money out to try something new. It's a good idea to add a line item for 'market tests' or 'innovation' to your annual budget.
5. Keep an open mind and have fun
We work in an amazing industry that is continuously changing and evolving. It is a privilege to spend our days connecting with consumers, trying new strategies, and making money for our companies.
- Sara Kowal, Vice President, Strategy & Innovation, ePrize