Are you struggling with measuring the impact of marketing on sales? Not sure what the future of measurement will look like and how to get there? Here’s some advice.
Real-Time Insights and Actions
Campaigns today still operate with a high degree of inefficiency. We are getting better, but the time delays associated with collecting, bringing offline data online, and integrating data make in-flight campaign optimization difficult. Too often we are taking the learning from one campaign and applying them to the next. However, we need to acknowledge we live in a world where the devices we can reach are rapidly changing and consumers often have a narrow window of consideration before making a purchase.
As marketing technologists, we need to envision a future where customer data from all sources can be collected, connected, and analyzed in real time. This includes first- and third-party data, purchase data, campaign exposure data, and behavioral data. With this level of data streaming in, sophisticated models could drive real-time actions for better targeting, bidding, and offer optimization.
Deep Understanding of Multi-Channel Behavior
Marketers are increasingly demanding cross-channel measurement reports that combine data from digital and traditional marketing channels. We’re a long way away, though, from running individual channels with the efficiency that direct-mail models have achieved in the past, let alone optimizing cross-channel behavior. Immediately, we need to be careful making assumptions about how a consumer’s behavior in one channel might lead to similar behavior in another.
I recently had the pleasure of moderating a panel on “Measuring the Impact of Digital Marketing on Offline Sales” at annual RampUp event. One of the biggest takeaways for me was hearing the panelists’ thoughts on what measurement would ideally look like in the future. There was a strong belief by the panelists that in the future, optimization will come from frequency capping across channels and devices, deeper understanding of consumer channel preferences, and a better ability to deliver optimized messaging through a more agile marketing team.
Speakers from left to right: Rob Gatto, SVP Media and Advertising – Neustar; Pablo Cohan, VP of Product, Customer Analytics – Mastercard Advisors; Krishna Chettayar, SVP and GM, Digital Marketing Solutions – TransUnion; Kevin Whitcher, Head of ROI Products – Datalogix; Anneka Gupta, VP of Products for LiveRamp
What were some key takeaways for marketers here and now? Other highlights from the panelists include:
- Connect Your Data for Measurement – marketers should be building competency in bringing offline and online data together for insights.
- Know What You Want to Measure – the metrics that matter are different for brand campaigns versus direct response. Your budget constraints can dictate the extent to which you need to optimize for efficiency versus effectiveness.
- Increase Measurement Competency – know how to attribute impact to different channels and cultivate experts who have the acumen to both act on summary results and drill down into data when needed.
- Use Insights to Optimize in Many Ways – drive media efficiency through suppression and frequency capping, identify cross-sell and upsell messages that perform best for each segment, and use look-alike modeling to extend reach. Big impact can also happen by applying marketing insights to other parts of the business.
I highly recommend viewing the entire session, which includes a wealth of additional content. If you’re interested in learning more about the topics discussed at RampUp, such as addressable TV or programmatic marketing, watch any of the sessions here. For more educational insights on measurement best practices from industry leaders, please also download our whitepaper: Guide to Measuring the Impact of Digital Marketing on Offline Sales. Thank you to our fabulous panelists for sharing their expertise!