We’ll discuss tactics to build and engage your proprietary audiences in Chapter 23, but for now, let’s take a look at whether the PAD Strategy we just created is SMART.
1. Is it specific? Yes. It articulates the use of Paid Media and the desire to build an email SUBSCRIBER database.
2. Is it measurable? Yes, as long as your tactical execution uses a unique URL to track new email SUBSCRIBERS acquired via Paid Media CTAs.
3. Is it achievable? Yes, with the help of advertising colleagues.
4. Is it relevant? Yes. The strategy achieves the goal by adding a new metric to Paid Media measurements: total email SUBSCRIBERS gained.
5. Is it timely? Yes. Email produces higher customer acquisition rates than any other digital channel save for SEO and PPC advertising.10
As you develop your PAD Strategies, run them through this SMART analysis to ensure they are aligned with your PAD Goals—and that you can execute them in a measurable fashion through specific PAD Tactics. To generate and prioritize your PAD Strategies, you must dig into your PAD Audit findings and determine:
1. Where are your biggest opportunities? Where is your company currently underinvesting, understaffing, or just not focusing on Proprietary Audience Development efforts that could yield quick wins in terms of revenue or cost savings? Those are obviously places in need of PAD Strategies that will generate new value for your company.
Not too long ago, I presented our SFF research series to a huge CPG company that had been investing heavily in building Facebook FANS and Twitter FOLLOWERS. At the end of the presentation, it hit them—in their rush to embrace social media, they had neglected their email SUBSCRIBERS. With a new product launch on the horizon, reengaging their existing email SUBSCRIBERS—and reinvesting in SUBSCRIBER growth—was a huge, SMART opportunity.
2. Where is your low-hanging fruit? Quick wins build both confidence and loyalty within your PAD Team. They also attract favorable attention from marketing leadership.
For instance, nearly every company I know could stand to acquire more email SUBSCRIBERS from its Facebook FANS and vice versa. To do so takes very little additional effort—just complementary, regularly promoted CTAs sent via email and posted to Facebook. The results speak for themselves—SUBSCRIBER and FAN growth for zero cost.
3. What critical proprietary audiences are missing from your mix? Your PAD Audit should highlight holes in your existing Proprietary Audience Develpment efforts. For instance, you may be tweeting, but not building FOLLOWERS. You may be creating content, but not enabling AMPLIFIERS with one-click sharing buttons. Identifying and prioritizing development of missing proprietary audiences could be the key to developing a strategy that will yield immediate, tangible results.
4. What strategic initiatives can your existing staff support? The quickest way for a PAD Strategy to fail is to pin all your hopes on getting more budget or dedicated staff. Your PAD Audit should yield a clear idea of the players already on the field with whom you can collaborate and achieve some immediate results. And don’t wait for everything to be “perfect” to get started. Nothing ever is.
5. What existing marketing initiatives are underperforming? Your PAD Audit should also reveal some marketing efforts that aren’t producing results commensurate with their costs. As part of your strategic planning, consider whether you can shift some (or all) of the budget for these initiatives to support your PAD Team’s efforts. Granted, this is tricky political business in many large organizations; the goal is to find the win-win for all involved. No one wants to be on the losing team.
6. What data are you underutilizing or gathering inefficiently? A major retailer recently confided to me that they had consumer data strewn across 120 different databases. One hundred and twenty! If you can highlight these inefficiencies and be a part of the team that eliminates them, that’s a big accomplishment. If you can also integrate those data sources to power more relevant, personal, and timely messages to your proprietary audiences, you’ve delivered on one of the key opportunities of Proprietary Audience Development: true one-to-one marketing.
7. What existing marketing staff is underutilized? I can’t stand the sight of underworked people. While a few people are inherently lazy, most will rise to a challenge. Underutilized staff is therefore a management issue. Assess underutilized staff members’ skills and challenge them to contribute to your Proprietary Audience Development efforts. It’s a way to build your PAD Team—and consensus about the value of proprietary audiences—without adding to your payroll.
8. Where is additional investment (budget or staff) warranted? If you’ve done all of these things, you may be ready to ask leadership for more budget or staff to take your PAD efforts to the next level. You’ll have a much more convincing case when you’ve got a proven track record of success. You may be a ways off from this ask—but still, keep your wish list handy. You never know when some “use it or lose it” budget may fall in your lap.