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Rethinking your strategic planning for 2021

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Rethinking your strategic planning for 2021

Somebody asked me the other day if I planned to take a trip this year. I used to travel regularly for both work and pleasure, but I spent 2020 on the ground. I answered, “I don’t even know what’s going to happen tomorrow, let alone in six months.”

I would like to see myself relaxing on [insert tropical island here] because I’m celebrating my 50th birthday this year. But the reality is that while we might be seeing the light at the end of the tunnel, the situation is as unpredictable as it has ever been.

I’ve talked in previous posts about the fluidity of data, the changes in consumer behavior, the need for flexibility in targeting and marketing. The need for that still exists. Now that we’re a month into 2021, marketers are asking me, “What do I need to do differently this year?”

My honest answer is that I don’t even know what I’m going to do tomorrow, let alone for the rest of the year. But that doesn’t mean you should give up your strategic process. I might not know exactly what will happen in 2021 because we still have so many unknowns, but one thing will not change: You still need to work out your strategy (the “why”) before you start talking about tactics (the “how”). It’s essential to follow this format so you don’t end up wasting money on things that don’t work.

In other words, we can still plan, but we have to change the way we plan. So, let’s talk about what strategic planning in 2021 looks like.

How far out should you plan?

In other years, we could plot out an entire 12-month calendar. This year, spend your planning day dividing your year in half – call the halves H1 and H2 – and think about what you would like to do in each half. Subdivide each into quarters if that helps. This has another benefit – it forces you to narrow your vision and focus your energy.

My friend David Baker, who was my boss when we worked for a major data company, asked me for my annual plan one year. “Keep it simple,” he said. “So, 20 things?” I said.

“No,” he replied. “One or two.”

“I can’t go to my EVP and tell him I have only one or two things planned for the first half of the year,” I retorted.

“Yes, you can,” David replied. “Anything more than that is just a pipe dream. You’re too unfocused. It’s better to spend 100% of your energy on one or two things than to do 10 or 20 things at 50% or less.”

Your H1 action plan

List your strategies by dividing your program into your automations and your promotions for each quarter. Then within each of those things, list one thing you can reasonably accomplish in each quarter. This should be a realistic goal based on what you can do and what will add the most value.

If you have a larger marketing team, you can go deep and wide, brainstorming ideas and choosing what’s realistic, achievable and profitable. If you have a smaller team, focus on one thing and do that for each of the two quarters in the first half.

You’re going to think this is not enough, but it’s realistic. It also gives you time to flex if and when disruptions come up.  This year will bring agile changes, and this approach gives you a shot at meeting those changes.

Focus on why you would do these programs or tests.  Why will your subscribers or customers care?  The valuable step in the strategy section is to define the goals first, then move into how you’re going to do it.

In the H1 action plan, you want strategies that will be the most impactful to your customers and business.  So choose wisely.

Your H2 action plan

This is where you can dream a little. We’re hearing a lot of talk that things could start to return to “normal” beginning this summer to fall if half to two-thirds of the population gets vaccinated.

This time, think about what you’d like to achieve in the second half of the year. Divide it into two parts again, but this time, label one section “Best-case scenario” and the other “Worst-case scenario.

“Best” is getting your business back to an adapted normal (I hate saying “new”). You can expect to get more investment in your marketing budget. You can set bigger goals and expect to achieve them. You can expect that holidays and rush season planning will figure in as usual. This is a view into what a normal year’s planning would be like.

“Worst” means your H2 looks like your H1. If that happens, you have to think about what your essentials are. Think about what you have to do and what you have the bandwidth to do. Much of your planning will be focused on holiday if you’re a retail/ecommerce marketer.

I’m seeing many companies create multiple models that are specific to various scenarios or signals. They’re planning for the best case but have developed a worst-case to have a fallback.

This year – 2021 – will be about making it through, using what you learned in 2020 and building on what you have. You’re fine-tuning the fundamental elements of your program. That must be reflected in your strategy.

Wrapping up: Take time for yourself

If you’re like many of the marketers I work with, you’re feeling disconnected these days. Coherent thoughts and strategic planning can be hard to come by when you can’t focus on the work at hand. But that doesn’t mean we shouldn’t do it.

You might have had to do some seat-of-the-pants maneuvering last year as the pandemic and economic and social disruption shredded your carefully laid plans. But “doing what works” isn’t sustainable for the long term.

If you’re struggling, step off the moving walkway of your day and find some quiet time where you can focus. Block off time on your calendar and turn off your text and Slack notifications. Find some quiet time. You need this quiet time so you can assess where you are and think about the future. If you can get together in person with your team, do it off-site, not on Zoom.

We need to be smart marketers who get out ahead of developments instead of marketers who have to be in react mode. I know marketers on every point of the preparedness spectrum. Some are busy laying out plans while others are in panic mode.

The prevalent success path for all of us is having a plan and treating it like the agile document it must be.

This story first appeared on MarTech Today.


Opinions expressed in this article are those of the guest author and not necessarily Marketing Land. Staff authors are listed here.

Author:
As the co-founder of RPEOrigin.com, Ryan Phelan’s two decades of global marketing leadership has resulted in innovative strategies for high-growth SaaS and Fortune 250 companies. His experience and history in digital marketing have shaped his perspective on creating innovative orchestrations of data, technology and customer activation for Adestra, Acxiom, Responsys, Sears & Kmart, BlueHornet and infoUSA.

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Google’s Surgical Strike on Reputation Abuse

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Google’s Surgical Strike on Reputation Abuse

These aren’t easy questions. On the one hand, many of these sites do clearly fit Google’s warning and were using their authority and reputation to rank content that is low-relevance to the main site and its visitors. With any punitive action, though, the problem is that the sites ranking below the penalized sites may not be of any higher quality. Is USA Today’s coupon section less useful than the dedicated coupon sites that will take its place from the perspective of searchers? Probably not, especially since the data comes from similar sources.

There is a legitimate question of trust here — searchers are more likely to trust this content if it’s attached to a major brand. If a site is hosting third-party content, such as a coupon marketplace, then they’re essentially lending their brand and credibility to content that they haven’t vetted. This could be seen as an abuse of trust.

In Google’s eyes, I suspect the problem is that this tactic has just spread too far, and they couldn’t continue to ignore it. Unfortunately for the sites that were hit, the penalties were severe and wiped out impacted content. Regardless of how we feel about the outcome, this was not an empty threat, and SEOs need to take Google’s new guidelines seriously.

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18 Events and Conferences for Black Entrepreneurs in 2024

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18 Events and Conferences for Black Entrepreneurs in 2024

Welcome to Breaking the Blueprint — a blog series that dives into the unique business challenges and opportunities of underrepresented business owners and entrepreneurs. Learn how they’ve grown or scaled their businesses, explored entrepreneurial ventures within their companies, or created side hustles, and how their stories can inspire and inform your own success.

It can feel isolating if you’re the only one in the room who looks like you.

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IAB Podcast Upfront highlights rebounding audiences and increased innovation

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IAB podcast upfronts in New York

IAB podcast upfronts in New York
Left to right: Hosts Charlamagne tha God and Jess Hilarious, Will Pearson, President, iHeartPodcasts and Conal Byrne, CEO, iHeartMedia Digital Group in New York. Image: Chris Wood.

Podcasts are bouncing back from last year’s slowdown with digital audio publishers, tech partners and brands innovating to build deep relationships with listeners.

At the IAB Podcast Upfront in New York this week, hit shows and successful brand placements were lauded. In addition to the excitement generated by stars like Jon Stewart and Charlamagne tha God, the numbers gauging the industry also showed promise.

U.S. podcast revenue is expected to grow 12% to reach $2 billion — up from 5% growth last year — according to a new IAB/PwC study. Podcasts are projected to reach $2.6 billion by 2026.

The growth is fueled by engaging content and the ability to measure its impact. Adtech is stepping in to measure, prove return on spend and manage brand safety in gripping, sometimes contentious, environments.

“As audio continues to evolve and gain traction, you can expect to hear new innovations around data, measurement, attribution and, crucially, about the ability to assess podcasting’s contribution to KPIs in comparison to other channels in the media mix,” said IAB CEO David Cohen, in his opening remarks.

Comedy and sports leading the way

Podcasting’s slowed growth in 2023 was indicative of lower ad budgets overall as advertisers braced for economic headwinds, according to Matt Shapo, director, Media Center for IAB, in his keynote. The drought is largely over. Data from media analytics firm Guideline found podcast gross media spend up 21.7% in Q1 2024 over Q1 2023. Monthly U.S. podcast listeners now number 135 million, averaging 8.3 podcast episodes per week, according to Edison Research.

Comedy overtook sports and news to become the top podcast category, according to the new IAB report, “U.S. Podcast Advertising Revenue Study: 2023 Revenue & 2024-2026 Growth Projects.” Comedy podcasts gained nearly 300 new advertisers in Q4 2023.

Sports defended second place among popular genres in the report. Announcements from the stage largely followed these preferences.

Jon Stewart, who recently returned to “The Daily Show” to host Mondays, announced a new podcast, “The Weekly Show with Jon Stewart,” via video message at the Upfront. The podcast will start next month and is part of Paramount Audio’s roster, which has a strong sports lineup thanks to its association with CBS Sports.

Reaching underserved groups and tastes

IHeartMedia toasted its partnership with radio and TV host Charlamagne tha God. Charlamagne’s The Black Effect is the largest podcast network in the U.S. for and by black creators. Comedian Jess Hilarious spoke about becoming the newest co-host of the long-running “The Breakfast Club” earlier this year, and doing it while pregnant.

The company also announced a new partnership with Hello Sunshine, a media company founded by Oscar-winner Reese Witherspoon. One resulting podcast, “The Bright Side,” is hosted by journalists Danielle Robay and Simone Boyce. The inspiration for the show was to tell positive stories as a counterweight to negativity in the culture.

With such a large population listening to podcasts, advertisers can now benefit from reaching specific groups catered to by fine-tuned creators and topics. As the top U.S. audio network, iHeartMedia touted its reach of 276 million broadcast listeners. 

Connecting advertisers with the right audience

Through its acquisition of technology, including audio adtech company Triton Digital in 2021, as well as data partnerships, iHeartMedia claims a targetable audience of 34 million podcast listeners through its podcast network, and a broader audio audience of 226 million for advertisers, using first- and third-party data.

“A more diverse audience is tuning in, creating more opportunities for more genres to reach consumers — from true crime to business to history to science and culture, there is content for everyone,” Cohen said.

The IAB study found that the top individual advertiser categories in 2023 were Arts, Entertainment and Media (14%), Financial Services (13%), CPG (12%) and Retail (11%). The largest segment of advertisers was Other (27%), which means many podcast advertisers have distinct products and services and are looking to connect with similarly personalized content.

Acast, the top global podcast network, founded in Stockholm a decade ago, boasts 125,000 shows and 400 million monthly listeners. The company acquired podcast database Podchaser in 2022 to gain insights on 4.5 million podcasts (at the time) with over 1.7 billion data points.

Measurement and brand safety

Technology is catching up to the sheer volume of content in the digital audio space. Measurement company Adelaide developed its standard unit of attention, the AU, to predict how effective ad placements will be in an “apples to apples” way across channels. This method is used by The Coca-Cola Company, NBA and AB InBev, among other big advertisers.

In a study with National Public Media, which includes NPR radio and popular podcasts like the “Tiny Desk” concert series, Adelaide found that NPR, on average, scored 10% higher than Adelaide’s Podcast AU Benchmarks, correlating to full-funnel outcomes. NPR listeners weren’t just clicking through to advertisers’ sites, they were considering making a purchase.

Advertisers can also get deep insights on ad effectiveness through Wondery’s premium podcasts — the company was acquired by Amazon in 2020. Ads on its podcasts can now be managed through the Amazon DSP, and measurement of purchases resulting from ads will soon be available.

The podcast landscape is growing rapidly, and advertisers are understandably concerned about involving their brands with potentially controversial content. AI company Seekr develops large language models (LLMs) to analyze online content, including the context around what’s being said on a podcast. It offers a civility rating that determines if a podcast mentioning “shootings,” for instance, is speaking responsibly and civilly about the topic. In doing so, Seekr adds a layer of confidence for advertisers who would otherwise pass over an opportunity to reach an engaged audience on a topic that means a lot to them. Seekr recently partnered with ad agency Oxford Road to bring more confidence to clients.

“When we move beyond the top 100 podcasts, it becomes infinitely more challenging for these long tails of podcasts to be discovered and monetized,” said Pat LaCroix, EVP, strategic partnerships at Seekr. “Media has a trust problem. We’re living in a time of content fragmentation, political polarization and misinformation. This is all leading to a complex and challenging environment for brands to navigate, especially in a channel where brand safety tools have been in the infancy stage.”



Dig deeper: 10 top marketing podcasts for 2024

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