In our last post, we talked about how Sponsorships were the path towards selling media during a very different time: there were very few choices for consumer attention, and this methodology allowed you to block out all of your competitors.
But, staying true to Bob Dylan’s hit 1964 ballad, Times…They Are A Changin’, things have changed in the media ecosystem where buying a sponsorship isn’t guaranteed effectiveness. For greater optimization, we must change our strategy as well.*
(*Bob may or may not have been talking about sponsorships at LiveIntent, but that’s for a different blog post).
Ok, show me some proof.
Only a few months ago, I had a great conversation with a leading banking institution about viewability.
Joe… wait, why are we talking about viewability in a sponsorship based conversation?
Hold one moment while we put the pieces together. So the conversation went like this.
I understand your agency is being challenged to drive 100% viewable impressions – that seems like it makes a lot of sense. But what happens when those viewable impressions do not drive conversions or bottom line revenue? Are you bonused by your CMO this year on % of viewable impressions or on results? The client lifted his head, looked across the table and in a smug manner said RESULTS of course.
So, back to sponsorships.
How many of you have sold a sponsorship in an email and the client after it ran said, wow, that was amazing, I want to buy 10 more please? Likely from what I have heard in the marketplace, very few of you would be raising your hand right now. That is because sponsorships do not drive results, they drive impressions at either an inflated or deflated price (fixed cost vs unknown number of impressions).
Here’s what we’ve learned:
The marketplace is moving towards performance.
Performance that matters even if that means upper funnel awareness or bottom of the funnel sales, but attribution matters. Our challenge to you is to start to sell your newsletters the same way you sell your website or any other medium that is driving results. We do not want to “sell” you something that we would not buy ourselves.
Sponsorships are a guessing game — both of who will see the offer that day and also how many people will see it. It is simply not the best use of a marketers money.
The LiveIntent solution:
We can help you optimize: If you take your inventory for the month or even a week, LiveIntent can optimize which impressions are served to which consumer opening their email, therefore giving you the best chance to drive success.
We can help increase renewals: If you see what we see at LiveIntent, not only will your campaigns fulfill, but more importantly to your business you will get more renewals. Renewals are the lifeblood of growth because then as your stable of advertisers running grows, every new advertiser adds an incremental lift versus just replacing an older advertiser who has left because the performance was not there.
Interested in learning more? Click here to send me an email.