Prove advertising success: measure it!(Communications Q&A)

• Author: Hatch, Cary

Q: We're about to launch our biggest advertising campaign ever, and it will be important to document specific, tangible results. Where should I begin?

A: Begin by establishing benchmarks before you launch the campaign. By taking an accurate account of where your bank, its products and services currently rank in the marketplace, you'll have a defined benchmark to measure against once the campaign is completed. Plus the insight will help you to better target your audience and develop a winning strategy.

Building benchmarks

A professional research program should be conducted to determine your benchmarks. The type of information you can expect from a consumer research effort should include: (1) What is the current status of accounts and prospect inquiries? (2) Current number of inquiries about products and services and the rate at which inquiries turn into (or convert) to sales. (3) Number of new accounts opened each month. (4) Demographics of your best customers. (5) Who selects banking products and services? (6) Who influences those decisions? (7) Age. (8) Gender. (9) Size of household. (9) Annual household income. (10) Newspapers read; TV shows watched; radio stations listened to. (11) Why and how do they decide where to bank? (12) Selection criteria used. (13) Motivation/purpose of changing. (14) Contact with bank representatives/call centers. (15) How does your bank rank? (16) Awareness. (17) Ratings against selection criteria. (18) Ratings of your competitors. (19) Who is your competition? (20) Competitors considered "the best" by the target audience. (21) Attributes that make them "the best."

Your benchmarks have been established, specific objectives were set based on those benchmarks and your campaign has run its course. Now it's time to find out how effective your efforts...