Last time, I walked you through what closed-loop measurement is.
For this blog post, I’m going to read your mind… just kidding!
I’m going to discuss some pretty common objections that we’ve heard from marketers like yourself who want to start with closed-loop measurement, but they (or their bosses) aren’t sure they’re ready.
Is closed-loop measurement right for me?
Closed-loop measurement isn’t for everyone. Let’s start with the objective measures that would make you a prime candidate and then move to the more subjective ones.
You must have something to measure.
Thankfully in today’s world, offline data abounds.
If you’re running any type of digital marketing campaigns, you already have online data. Marketing teams working with offline transaction data (maybe from brick-and-mortar stores), CRM data, or customer loyalty data are off to a great start.
But what about my data?
It’s really easy to get caught up in this question because it generates a paradox: I’m not ready because my data isn’t good enough, but I can’t improve my data until I’ve implemented some sort of measurement.
The secret is to flip the paradox on its head.
You have to start with what you have now and you’ll end up improving your data set and collecting the requisite data after you begin.
But my technology stack isn’t sophisticated enough yet…
If you’re working with even one platform, then there’s a need to close the loop between online marketing and offline sales.
As Lindsay Chastain, head of customer advocacy here at LiveRamp said in a Google Hangout session hosted by GooglePartners, “It’s ok to start small, all you need is one channel.”
If you’re running campaigns in any of those channels, then you’re ready for closed-loop measurement.
But my team isn’t sophisticated enough yet…
Not all teams are equipped with a data scientist rearing to get access to more data for analysis.
Thankfully, the marketing ecosystem is full of platforms and agencies ready to provide these capabilities on your behalf.
For a list of our measurement partners to get you started, check out our partners page.
It’s not the right time right now…
Often, brands are concerned that now isn’t the right time for them.
Not to get philosophical with you, but as with some of the best things in life, there’s never a right time—there’s only now.
Sergei Peysakhov, Vice President of Customer Success at Marketing Evolution, agrees, “Often there’s skepticism around any new solution. The key for gaining stakeholder and agency buy-in is to get insights as early as possible and demonstrate that every day you don’t act on them is lost ROI.”
By not taking the first step now, you’re missing out on opportunities to improve your quality of ad spend.
It’s never too early to innovate.
Hopefully you’re now thinking that you’re that much more capable and ready for closed-loop measurement.
Keep an eye out for our next installment of Getting Started with Closed-Loop Measurement blog series where I’ll talk about everything you need to have in place to get measuring!
If you can’t wait that long, you should check out our webinar with Ovative/group to learn more about what it takes to embrace closed-loop (or what they call “online-to-offline”) measurement.