The Journal of Integrated Marketing Communication from the Medill School of Journalism at Northwestern University refers to IMC as “a strategic marketing process specifically designed to ensure that all messaging and communication strategies are unified across all channels and are centered around the customer.”
- IMC Strategic Process
IMC is a strategic business process used to plan, develop, execute, and evaluate coordinated, measurable, persuasive brand communications programs with consumers, customers, prospects, employees and other relevant external and internal audiences.
The goal of IMC is to generate short-term financial returns and build long-term brand value.
- Marketing Leadership Implementing an Integrated Marketing Communications model is a top-down process. For it to succeed, and have a positive impact on organizational performance, it must have 100% buy-in throughout the organization. This starts with the executive leadership. If you want your organization to talk the talk and walk to the walk, you must first set the example by leading the way.
- Marketing Strategy Customer-centered marketing – need more content here.
- Market Segmentation Who are your best customers? Who are your least profitable customers? Marketing segmentation is the answer. Through data analytics, we can help you identify your most profitable market segments. Not all customers are created equally. Many businesses earn 80% of revenue from 20% of their customers. The key is to know which of your customers are in that high-value, high-loyalty group.
Additionally, you could have a significant population of customers who are not profitable, and may even cost you money on the bottom line. Identifying these customers allows you to marginalize them, saving precious marketing funds, that can be better employed against your higher-value, higher-loyalty customers, or in migrating lower value customers into more profitable segments.
- Customer Lifetime Value One goal of marketing is to maximize Customer Lifetime Value. Being able to project your customers’ lifetime value (LTV) as accurately as possible is important part of growing and monitoring your organization’s performance over time. It allows you to more accurately project earnings and profitability, as well as detecting possible problem areas that need urgent attention to stop or reverse any negative trends. We use lifetime value models based the geometric distribution, Markov chains, and survival analysis to help you identify, understand, and value your customers and their behaviors.
- Marketing Measurement and Accountability As Henry Ford once said, “I know half of every dollar spent on advertising is wasted. I just don’t know which half.”
Many organizations still experience an accountability gap in marketing. Many CMOs struggle to show a direct link between marketing dollars spent and marketing return on investment (MROI).In this age of digital convergence, it is easier than it has ever been in the past to close that accountability gap. It starts with you measuring your marketing. We can help you identify the metrics that are important to your industry/markets so that you can begin to track your marketing performance to determine accurate MROI. Knowing the right metrics and tracking them closely empowers leaders to adjust marketing programs based on actual performance, not just a gut feeling.