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Motorsports Marketing and Sponsorship Activation Blog

What is Your Objective?

1/22/19 1:13 PM

Start the New Year by zooming out from sports marketing for a moment to take a look at marketing as a whole.

The need to measure your marketing has come a long way since early advertising. The requirements to demonstrate ROI or effectiveness have only intensified for the mainstream since AdWords and other data-rich platforms have been opened up to marketers around the world in every industry.

These platforms inundated us with data we didn't know was possible and certainly didn’t think we needed. They backed it all up with fancy ratios and a new dictionary of lingo such as CPM, CPC, CTR, Quality Scores and other scientific-sounding things. The rules were re-written with the digital space.

As more data came in, industries started developing "benchmarks" for every little thing. That is to say if you run a retail business and you were not hitting a 3.5% Click Through Rate on your digital ad campaigns, then you must have been failing. As we have seen more and more, marketing is just not that simple.

Another rule re-write came with all of us in marketing becoming obsessed with reaching specific numbers that looked good in Excel and according to other benchmarks set outside of our business.

data-dashboard-stephen-dawson

After all of the tweaks, copy changes, image adjustments and other minute things to focus on we celebrated beating our benchmark.

But, then what? Did your business dramatically change? Did you sell more stuff, develop something innovative or shift the perception in your desired audience? Or maybe you just "reached your number."

I fear that over time we have begun spending more energy and more time on hitting generically prescribed metrics that may or may not matter for your business. If we took the majority of this energy and instead applied it understanding what we want to accomplish, we will develop great work.

How do you identify what to focus on?

It all begins by intimately understanding your objective.

  • What is your objective?
  • Did your boss set that objective for you? If so, what is his/her objective?
  • Did you have to create your own?

No matter where your objective comes from, forget impressions, forget views and for a moment forget what everyone is telling you to measure. Pretend no data is available and visualize your end goals for this initiative. Begin to work backward from what will get you there, step by step.

Before you start, think of the end.

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Topics: Sponsorship ROI

Austin Schneider

Written by Austin Schneider

Austin has built his experience around the world in digital marketing, business development and client service. He loves the fast pace of working in sports business and is always excited to collaborate on new projects. An avid motorsports fan, he says there's no feeling like being on the starting line of a Top Fuel drag race.

 

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