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Amid the chaos of the festive season, you may have missed the publication of Nielsen’s new report, The Full Funnel Advantage: Balancing Short-Term Goals with Long-Term Impact. Well, fear not, because here you’ll find all the key points.
Let’s get right to it.
Many brands talk the talk when it comes to brand building, yet the pressure to deliver instant, measurable ROI means many fall into the trap of prioritising short-term performance.
In fact, 70% of marketers stated that they plan to increase performance marketing spend this year at the expense of brand building.
This, the likes of Etsy, Danone, Cisco, the Campari Group, and Advertising Week told Nielsen at a Round Table event, is a mistake. Brands that prioritise short-term gains at the expense of a full-funnel approach are more vulnerable during periods of volatility.
Without the brand equity that comes with brand building, you will be less resilient when the gods throw a hissy. Think of it as an added layer of insulation you can call upon during colder months.
One of the biggest challenges facing the industry is education – especially among the C-Suite cohort (don’t shoot the messenger).
Full-funnel marketing, as defined by Chris Hawk, Director of Global Media Investment & Platforms at Etsy, involves “putting together and activating a plan that’s meant to both endear the brand to a customer whilst also inspiring them to make a purchase and trying to strike that balance.”
It requires a multilayered strategy involving interconnected tactics that all feed into a core creative idea. By educating your boardroom on the power of the brand, you’ll likely find a more receptive ear to longer-term goals.
But of course, accountability is crucial when it comes to winning over the financial director. Problem is, there’s a perception that brand building lacks it. So, what can you do?
Fundamentally, marketers need to overcome their obsession with performance metrics like impressions and clicks, and take a more holistic approach that encompasses KPIs such as share of voice and share of market. Seeing the business get one over on its competition will pique boardroom interest, guaranteed.
An ever-evolving array of measurement tools can aid your cause by bringing all strands of the strategy into one dashboard. Through this, you can demonstrate how the likes of SOV and SOM impact performance metrics. Then, simply drop the mic and enjoy the adulation.
At the heart of every great full-funnel strategy is data – and the more the merrier. Understanding who your customers are, where they consume their media, and how they’re engaging with your content will ensure you never miss an opportunity to reach the right people, in the right places, with the right message.
Sure, progress is rarely linear in advertising – there will be some trial and error before you find the right notes. Keep your nerve, learn from insights, and focus on outcomes.
Another challenge is the increasingly fragmented media landscape.
These days, developing a cohesive, full-funnel strategy can sometimes feel like herding cats. Indeed, there’s no one-size-fits-all solution, but here’s where partnering with a media agency pays dividends.
Finally, it’s important to remember what makes potential customers sit up and take notice: creativity.
Effective brand building campaigns drive performance; make someone think, laugh or cry, and they’ll be more receptive when it comes to closing the sale at the end of the funnel.
This fact underlines the need for balance: brand and performance are your oars. Lose one, and watch as the boat you’ve worked so hard to keep on course starts to veer.