How Promo Campaigns Give Brands the Keys to Long-Term Solutions
Most promotions don’t connect digital behaviors to an actual sale for closed loop measurements. Companies that suffer from this type of limitation use promotional marketing campaigns that are only tied to a specific channel – one for email, one for social, one for display, etc. – making it impossible for marketers to connect the lucrative dots across channels. This short-sightedness makes it easy for a brand to end up wasting valuable dollars, and miss the importance of running offers because of the data received in return.
Used correctly, promotional marketing campaigns are a veritable treasure trove of data for brands, and can ensure that only the right customer coming from the right flow is able to receive continual brand offers at precisely the right value. The current economic downturn has caused brands to lose sight, utilizing short-term thinking by either turning off their offers and promotions completely or running desperate campaigns that hand out incentives such as 40 percent off to their entire audience.
RevTrax takes a different approach: running complete smart offer campaigns. Taking this approach means not letting short-term thinking dominate your overall strategy despite short-term gains.
Non-Functional Data
The number of brands that are actually implementing actionable steps from their data is minimal. Turning off offers means you are missing out on valuable data which can be leveraged in future campaigns to make up for lost dollars. On the flip-side, too many businesses build giant infrastructure diagrams and over-promise on all the different kinds of results they will achieve. But they can’t let their data ecosystems get out of hand.
All too often they evaluate from too many different tools and, at the end of the day, they have too much noise to actually glean any real insights. These companies invest heavily in software and people in a quest for big data and analytics without truly defining the problems that they’re looking to solve, and what the result of solving those problems would look like.
More data doesn’t necessarily mean better insights. To gain value from mountains of information, you need to organize toward better solutions. Processes often spit out data in siloed systems that produce disparate effects. It’s all about streamlining, and there’s a huge opportunity here for new players to re-define the standards by establishing them with functionality in mind.
The Right Solution
The RevTrax Offer Management Platform makes it easy to run smarter offers and drive more value from your digital marketing efforts, with data that provides immediate, big-picture takeaways.
Brands using RevTrax can link digital engagement data, (campaign parameters, audience segments, creative type, offer variants, and more) to purchases, boosting distinct competitive advantages. Dynamic offer codes capture all relevant path-to-purchase data, linking marketing to sales, creating a valuable first-party data asset for continued optimization and increased results.
This actionable data, across all digital and sales channels, can be served in real-time via robust reporting on API, file feeds, auto-generated reports, or custom dashboards. It can also easily connect to other databases like CRM, DMP, or marketing clouds through partner data integration.
This streamlining allows brands to have the best of both worlds. They can stimulate demand intelligently, maximize margins of their promotional marketing campaigns, and receive consumer purchase data to understand audiences on a deeper level. It’s this level of a fully integrated ecosystem that will drive a company’s focus on learning and improving to ultimately determine future success.
Brands are on the right path when it comes to wanting to take a quantitative approach to their customers. Processes create data every time they function, and it all amounts to data points for quantitative analysis. The catch is that promos and offers need to be intelligent. When it comes to actionable insights from that analysis, brands need to take practical steps to improve their data ecosystems.
At RevTrax, we’ve helped hundreds of brands incentivize intelligently, increase campaign ROI, and expand their consumer purchase databases. If you’d like to learn more about what we do, schedule time to chat with a specialist today.
