What are the most effective ways to increase your ROI for media strategy?

In my opinion, before engaging in paid media, we should more carefully evaluate the power of organic awareness and advocacy. Don’t get me wrong, I absolutely see the value in paid, lead gen and in keeping always-on digital campaigns. However, many firms fail to engage, train and encourage their staff, influencers, suppliers and “industry friends” to take part in campaigns - and advocacy strategy is a highly effective and cost efficient tactic.

I'd say let's get back to basics really for this one. Here is how: Get clear on your most urgent media needs, then focus your attention on the areas that matter most. Whether you're looking to achieve your annual, quarterly, or monthly goals, the key is having SMART(Specific, Measurable, Attainable,Timely) goals that'll help keeping you on track and moving forward. So if you're looking to take your media strategy to the next level, start with SMART goals and see the results for yourself!

Begin by establishing specific, measurable, achievable, relevant, and time-bound (SMART) objectives for your media strategy. These objectives should align closely with your overall business goals and provide a clear roadmap for evaluating your return on investment (ROI). For instance, you might aim to increase website traffic by 20% within the next quarter or generate a certain number of leads from your media campaigns within a specified timeframe.

Enhance your ROI for media strategy by precisely targeting your audience through data-driven insights, ensuring your message reaches the most relevant audience segments. Optimize your media mix by strategically allocating resources across channels that align with your target audience's preferences and behaviors. Continuously analyze and adapt your media strategy based on performance metrics, such as conversion rates and engagement levels, to refine and improve your approach over time. Establish strong relationships with media partners to negotiate favorable rates, explore cross-promotional opportunities, and maximize the impact of your media investments.

Earned media (PR) is typically extremely cost effective, plus articles in third-party media outlets are the most trusted. Invest in PR to boost your ROI.

Tailor your media strategy by selecting the most appropriate mix of channels and platforms to effectively reach your target audience. Consider factors such as your budget, audience preferences, and competitive landscape when determining your media mix. Strike a balance between paid, owned, and earned media channels to maximize your reach and impact while avoiding overexposure or underutilization of resources.

Leverage various analytics tools and metrics to monitor the performance of your media campaigns and assess their impact on your objectives. Key performance indicators (KPIs) such as impressions, clicks, conversions, and cost per action are instrumental in gauging ROI. Compare your results against predefined benchmarks and industry standards to identify areas for improvement and optimization.

Continuously experiment with different elements of your media strategy, including messaging, channels, and targeting parameters, to identify what resonates most with your audience. Employ methods like A/B testing and multivariate testing to refine your approach iteratively. Analyze the results of these tests rigorously and implement changes that yield improved performance and ROI.

Stay abreast of evolving media trends and consumer behaviors to remain relevant and effective in your media strategy. Monitor shifts in technology, culture, and the broader media landscape that may impact your approach. Remain flexible and agile, adjusting your strategy as necessary to capitalize on emerging opportunities and mitigate potential challenges.

When assessing and implementing RoI on strategic communications activity, you need first and foremost to go back to basics: what is the outcome you seek for your campaign, business or institution? Depending on the answer to that, you can derive the business objectives, and from those, your strategic communications objectives. You then ask: what counts or could count for success, and how would you measure that? In my experience, it will be a combination of qualitative and quantitative measures. Often on reputation matters, it’s about working out where you want to be and how you get there. What’s the gap to be closed? How is that best done? How would I know when the gap is closing and closed?

Cultivate a culture of continuous learning and innovation within your organization to foster ongoing improvement in your media strategy. Foster collaboration and knowledge-sharing among team members to leverage diverse perspectives and insights. Additionally, consider seeking external expertise or partnering with industry thought leaders to gain fresh insights and perspectives on optimizing your media ROI.