Marketing teams have been met with resource allocation challenges for the past decade, as they have tried to manage the shifting economic and technological changes that have come with the digital transformation age. Leadership has been challenged with not only allocated finite resources across brand portfolios, but also has been tasked with the messy process of organizational transformation. Brands that are able to survive the DTC era and retail apocalypse have had to adapt or die.
In these complex times, the logical management approach allocates the largest swath of resources towards the highest revenue-driving brands within a portfolio. The big anchor brands receive the highest-touch attention with a trickle down effect across smaller, less-prominent brands, as resources become more available.
Finding Value in Hyper-Segmentation
We are seeing in 2021, the rise of niche communities with hyper-segmented audiences, demonstrating new value for brands within a large conglomerate.
If the hyper-specific brands are ignored in favor of large mass appeal brands, companies will miss out on the value found in specific audience communities.
Consider Brands That Fall Into the Following Categories:
- Product lines that were once core to the business but due to changes in strategy are no longer core.
- Successful innovation in other parts of the business gives rise to more attractive investment opportunities resulting in reduced investment capacity for existing product lines.
- New technologies that are valued enough to compete for internal funding but over a sustained period have not received sufficient resources or channel focus to answer the critical customer/market questions justifying additional investment.
- Product lines that are viable but have never achieved the success contemplated in early business plans.
- Small operations that achieved a modest level of success focusing on markets of interest to the company but whose growth prospects are dilutive or below company expectations.
These brands and product lines are at risk for becoming cost-sinking ventures that can create significant costs down the line due to inefficiencies, while also potentially damaging brand equity and customer confidence in premium products.
Turn Individual Brands into Revenue Machines
MediaCrossing provides hands-on expert approach to driving revenue for your brands:
- Producing one off projects, test/learns and other data-rich media experiments that would be considered “out of scope,” for your AOR.
- For a current MX Enterprise client, we act as an extension of their marketing team and help them with very specific targeted social campaigns that their primary AOR considers both out of scope and frankly challenging to manage given their fee structure.
- We have data-driven case studies to support our hyper-specific brand approach to drive scalable, sustainable growth in revenue.
MX Approach to Test + Learn
MediaCrossing applies an agile marketing strategy to our marketing expertise. We work as an extension of marketing teams to delivery results, test, measure, and refine to get teams closer to goals. Speaking of goals, we live in an increasingly complex environment where the goal post is constantly moving.
As CEO & Founder Michael Kalman says, in hockey you don't move to where the puck is, you move to where it is going to go.
Take this Agile Marketing pilot sample from our recent white paper:
Agile Marketing Pilot
The scope of the agile pilot should be defined based on practical needs of the team, related to
a current or upcoming initiative, or to provide a solution for the organization. The pilot must be executed with respect to the four Ps: people, plan, process and platform. Identify the area to test the agile framework within your marketing department, and run an experiment using the above tactics.
The following are key components of an ideal pilot:
An existing or upcoming project or idea within your marketing team
The project should last a reasonable length of time (around 4-6 weeks) to enable weekly sprints and iterative changes
Find a project that is representative of an average level of complexity
Choose a project or initiative that can be translated to scale in other applications
For example, try an agile marketing approach to managing paid search marketing campaigns. This is an example of a specific piece of your advertising strategy that can translate to other areas of the business such as managing paid social advertising campaigns.
For more on how we can deliver results to your brands, contact us today at www.mediacrossing.com/learn-more.