There is a huge amount of wastage in traditional marketing – with such investment in planning and preparation up front, marketers are often only just validating the proposition and messaging with their audience as part of a large campaign.
Let’s take a typical campaign for an IT consultancy:
- The business develops a proposition idea and it’s agreed that this is a priority. A go to market strategy and marketing campaign need to be developed, fast
- Go to market preparation and campaign planning begins including defining a full marketing mix
- Campaign elements are created including data building, writing content, designing collaterals etc. – this can be time consuming and costly
- Big push / launch to go to market – elements executed into market based on a defined timeline
- Campaign measured and results analysed
So what is wrong with this picture? Well for a start you have invested a considerable amount of resource and effort before the proposition has been tested with your target audience. Are they in fact the right target for this proposition, did you even check?
You invest budget in creating campaign assets based on an untested message…you wait and see on the results. Of course the modern marketer is always trying to analyse and learn from results but can such a front loaded process really allow for a true understanding of how the proposition is landing with prospects? Or accommodate more creative ideas to be included and tested with a small sub set of the target group before you go for the wholesale campaign to your entire target database?
Whereas a typical MVM process is an iterative process right from validating the proposition idea or the campaign theme with a small group; honing it, discarding poorly performing elements such as messages or calls to action that just don’t resonate or interest the target audience.
Then adding more to the marketing mix, extending the audience etc. to expand the successful elements. It constantly measures results and evaluates against the business, marketing and campaign objectives.