Monetizing Multimedia for B-to-B Firms
Business-to-business companies of all shapes and sizes make their mark by showing customers how they can help generate revenue, lower costs or reduce risks. Failure to prove a quantitative ROI will spell a quick end for any firm.
Multimedia programs can be a way B-to-B marketers can improve their bottom line. But, companies need to know what will work best for their firm.
For some firms, multimedia is a way to automate some manual functions currently performed by overworked staff members whose time would be better served by focusing on other duties. For example, HR departments may employ automated training sessions to get new hires up to speed on company policies.
While most business owners recognize the value of advertising and multimedia products in increasing sales, it can be a challenge to measure how much revenue grows as a result. Savvy marketers have a large bag of tricks to help define these metrics. Ideas such as creating unique Web site addresses and toll-free numbers in the campaign’s call to action for each media channel can give clear indications of where and when the advertisement was the most effective.
Offering “virtual coupons” in multimedia campaigns can also help determine the ROI of such initiatives. By directing viewers online to a specific page and providing them limited-time discounts for particular goods and services, organizations not only realize greater success, but also can calculate the campaign’s value with pinpoint accuracy.
No multimedia initiative will generate any return unless the strategy driving it is clearly defined. Before engaging in any project, organizations need to answer the following questions:
· What is the objective of our initiative, and how will success be measured?
· With whom will the multimedia product seek to communicate?
· What departments and individuals within the organization need to buy-in to this effort?
Failure to answer any of these questions in a concrete fashion will hamper—if not derail—the initiative’s success. If an organization attempts to say everything to everyone, they will wind up communicating nothing to no one.
Brent Altomare is the owner and executive producer of Groovy Like a Movie, San Diego. E-mail him at [email protected].
