Marketing Campaigns and the Metrics of Success

 

Marketing Campaigns and the Metrics of Success

It was an unlikely campaign, albeit a very brilliant and successful one.

On November 16, 2023, legendary rapper Snoop Dogg tweeted out “giving up smoke”, causing an uproar among the netizens. A few days later, it was followed by an ad for Solo Stove’s smokeless stoves. Their partnership with the Doggfather landed them the #18 spot of Ad Age’s 40 Best Ads of 2023 and scored more than 60,000 new social media followers across all platforms. The brilliant campaign put Solo Stoves on everyone’s radar. However, despite the significant increase in brand awareness and engagement, as well as increased exposure to previously untapped audiences, John Merris, the man behind this successful campaign and Solo Stove’s (now former) CEO, separated from the company.

In an interview with Hypebeast, Andrea Tarbox, Solo Stove’s Interim CFO stated: “While our unique marketing campaigns raised brand awareness of Solo Stove to an expanded and new audience of customers, it did not lead to the sales life that we had planned, which combined with the increased marketing investments, negatively impacted our EBITDA.”

It begs the question—was this the right call for Solo Stove and Merris? If the goal was to build awareness and to expand the clientele, they, without question, knocked this one out of the park. However, if the metrics for success was instant gratifications through an increase in profit, then perhaps the expectation did fall short. And that’s the thing, this is where defining the metrics of your success becomes essential. What are your goals for your campaign? Are you expecting short-term results or are you playing the long game? That’s what you need to ask when you are marketing your services or your products. What exactly do you want to get out of it and what do the metrics of success look like for you and your brand or business?

Employ SMART goals: Whether in life or business, setting metrics that are specific, measurable, achievable, relevant, and time-based is the best practice. No matter how big or small your goal is, make sure it checks all these boxes. Drill in and specify what your campaign or marketing strategy wants to achieve. Are you doing this to reach your first quarter profit margin? Or are you increasing engagement and expanding your audience. What’s your timetable and how do you want to evaluate whether you’ve hit the target or not?

Break it down!: Set your campaign in stages. Break down the whole into small achievable components. This will probably prevent you and your team from being overwhelmed or feeling like you’re falling short of expectations. Don’t tackle everything at once. Accomplishing bite sized pieces will help you stay motivated and on task.

Set Up Checkpoints: Check up on your progress at intervals that are realistic. Are you still on target to meet your goal? Are there any roadblocks at this point in time? Establishing these check points helps track your progress towards your goal. It also helps you navigate any obstacle, enabling you to address and find effective resolutions. Reevaluate if and when necessary.

Manage Your Expectations: Be realistic about what you want to achieve. Know your assets and know your boundaries. It’s great to set expectations but you have to consider what you are working with. Don’t await success overnight and set a bar that can be reached by you and your team.

Marketing campaigns for your business and brands is about what you want the end result to be. Sometimes, having a brilliant campaign doesn’t equal an immediate increase in profit. However, you might see the returns of your efforts grow over time. So, plan and strategize accordingly. Tailor your game plan to the results you want to see.