How to Evaluate a Marketing Strategy or Idea
For a business or marketing idea to have merit, it needs to have three main elements:
- A goal
- A business benefit
- Why the idea matters
Main Elements for Evaluating the Merit of a Marketing Strategy or Idea
Often creative marketing ideas get rejected based on what it will take to implement the strategy (how). The saying, “where there is a will, there is a way,” still applies no matter how cliché it may sound. If you find a marketing idea to be of merit and worth implementing, you’d be able to come up with an implementation idea that fits with your current marketing resources or budget.
When evaluating an innovative marketing idea, focus less on the cost. Get to know the goal of the concept, how this will benefit the business, and why the target audience will care.
Here’s an example of how to evaluate a marketing idea
Lisa on the marketing team has an event marketing idea that she’s excited about. She believes she could make her company stand out at an upcoming event with a creative marketing gift idea. In the “grand version” of her marketing idea, she envisions the company could fly drones around the conference hall carrying a gift box with the company’s logo.
The box that is delivered to a random person at the conference would contain free promotional marketing gifts from the company. The element of surprise created is, everyone around while the drone is flying focuses on the drone and might be curious to know if they’ll receive the mystery gift.
While this marketing idea sounds innovative, it also comes at a cost. The company will need to buy drones, hire people to fly them at different times, and also buy gifts for the box.
Start with evaluating the marketing idea based on the goal, benefit, and why it’s necessary
- Lisa’s marketing idea goal: Create an element of surprise with the giveaway boxes delivered with drones
- Business benefit: Generate more traffic to the booth and create more brand awareness at the event
- Why the audience will care: the event doesn’t have a lot of entertaining factors happening there
We’ve already identified that this marketing idea will be costly to execute as it is. On the other hand, thinking about the concept in terms of its merit, we have determined that it could be beneficial to the business.
So, what do we do next?
Creative Marketing Idea Feasibility Analysis
Next, allow the person to do a feasibility analysis on the idea.
1. Start with getting a real cost and resource estimate on how to execute your marketing idea
In the feasibility analysis, the person who presents the innovative marketing idea has to create a plan on how this could happen. The analysis includes getting information on the costs involved. In this case, all the drone flying elements will occur at a third-party event.
Meaning, even if there isn’t a marketing budget to limit us, the event location could limit the idea. Will the organizers allow that, and is there enough space?
If Lisa contacts the event organizers and they mention that they cannot allow the flying of drones, you don’t have to be the one to kill the expensive part of the idea because of a low marketing budget.
2. Compare your cost estimates to your existing budget allocation
But, there’s another side to the story, what if the event organizers love the idea and are okay with it?
As part of the feasibility analysis, Lisa presents the costs involved with executing her marketing surprise idea. At that point, you can also offer information about the budget allocated to that particular event.
If the costs are higher than the allocated budget amount, then did we let Lisa do extra work for nothing? No.
The reason is that sometimes when you get an idea that you are excited about, if someone stops the idea creation process in its infancy, you are unlikely to get what you need to get out of that idea. In Lisa’s feasibility analysis, she may conclude that even with the permission of the event organizers, she cannot implement the idea the way that she was thinking about it.
But all is not lost.
There is a reason why Lisa wanted this marketing idea.
How to think of alternative ways to execute your creative marketing strategy ideas
She thought that it would be great to offer an element of surprise at the event since that’s something that she believes will get the company to stand out. That’s the real merit of the marketing idea and not necessarily the fact that the delivery (how) is with drones. So then, the next step is for Lisa to keep thinking about how to make her creative marketing idea of offering an element of surprise happen.
Marketing Idea delivery #1: Could the element of surprise be offered by having someone dressed up looking like the company’s mascot randomly delivering the boxes?
Marketing Idea delivery #2: Could it be that participants discover the boxes randomly during talks?
There are endless possibilities. The point here is that Lisa can think-out-side the box even with a low budget.
Why is this important? Because when you have a low marketing budget, you cannot afford to limit your thinking as well. This is when creativity is very critical.