R3 Senior Consultant, Moya Fry, recently had the pleasure of speaking with more than forty procurement, finance and marketing peers at the ANA Financial Management Conference in Phoenix, Arizona. The main question on everyone’s mind was how to make content at scale.
Moya shares some insights and best practice.
Who Are the Right PARTNERS?
There are a spectrum of options available. From large-scale, transformational change by bringing experts in-house, to surgical specialists who are hired for their precision when it comes to content creation and platform nativism. Determine how invested you are in content creation, who in your organization is going to manage the workstream, and define what success looks like.
How much should you PAY?
While this can be like asking, “how long is a piece of string,” there are 2 key considerations:
MODEL: Are you hiring an agency or freelance expert? This will determine the remuneration model you pursue. We suggest “Pay as You Go” emerging model which, like stock image use, is low risk for those experimenting with a content-first model.
VERSATILITY: On average, CMOS spend about 7.8% of marketing budget annually on content – distributed across multiple digital channels (vs. 14% for TV). Try beating that with a prime time TV spot.
What can you expect in terms of PERFORMANCE?
TikTok is projected to gain 9.6 million social buyers by 2023 – more than the net increase of Facebook, Instagram and Pinterest combined. Despite the almost unbridled growth of #tiktokmademebuy it, remember to set reasonable expectations in terms of brand results. Rome wasn’t built in a day and neither will runaway sales or brand awareness be built on the back of a single :06 video. Consider short-term metrics like views, likes, and shares as well as long tail attribution models to see how all efforts have an additive, not silver-bullet, impact.