Welcome to the Movers and Shakers podcast. Join us as industry leaders and experts discuss important marketing topics and share actionable insights and unique perspectives on the latest marketing, strategies, technology, and trends.
Podcast Guest: Luci Rainey
Luci Rainey, former SVP of Marketing at PODS and Comcast, joins us to offer her insights and real-world experience on how to overcome the challenges of mover marketing and leverage your program to its full potential.
*The following content has been adapted from Porch Group Media’s Movers and Shakers Podcast
Challenge #3: Measuring ROI
Luci: As you’re building your program, it’s important to measure ROI so you can continue to grow it and gain budget.
First, you need to establish your benchmark. In order to do that, you need to start with testing. Very simply, you need to figure out how movers are affecting your business.
In the cable and telecom industry, it was really eye-opening to learn how much movers affected retention and acquisition. We really started to measure that first and communicate that within the organization.
From there, we started to test different tactics using some budget and campaigns. We then measured the lift of targeting movers versus doing more general targeting of other segments and then reported the efficacy and effectiveness of those tests.
So establishing benchmarks for the mover segment compared to other segments or general marketing tactics is really important. As you start to get more sophisticated, you can then start to look at ROAS or return on ad spend and measure those differences.
So start with establishing your benchmarks by understanding how movers are affecting your business. Then start doing individual targeted campaigns, whether that’s in segmentation with targeted offers or with multi-variant testing. You then ultimately can measure the cost per lead and cost per sale compared to your other core segments or your general marketing budget.
It may sound very simplistic, but again, I like to keep it simple. So really look at what’s working and then go deep after you have more of that understanding.
Once you look at your customer journey and see when people are buying your product and what effect movers have on the journey, you can start testing and measuring ROI and lift. Especially on the retention side, you will see that movers are really critical to your business.
The more you can get executive buy-in, the more you can get budget set aside for these segments. Continue to then measure and create your proof points or your business case, so you can expand the investment in these segments.
Up Next: Mover Marketing Challenge #4: Creating a Strategy
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