How do you rate the effectiveness of your marketing campaign?
Have you ever heard that some marketing channel data seems to be "blank", which means it's hard to find real impact?
Channels such as connected TV, satellite radio, digital advertising, email, and social media have made analyzing marketing campaigns a challenging area for marketers.
But you can find valuable information about your strategy if you know where to look.
Fortunately, now you will know exactly where this hidden data is located.
On September 28, I moderated a webinar by Shaubhick Ray, Senior Director of Digital Analytics at iQuanti.
Ray explains how you can improve your ability to predict the success of your marketing program.
Here is the summary of the webinar.
To access the full presentation, please fill out the form.
What, why and how in effective marketing
Marketing effectiveness goes hand in hand with efficiency. If your marketing is working effectively, it's cheaper to buy or run a campaign.
The fundamental goal of all marketers is to understand the real return on their investment across multiple channels.
Measuring marketing performance is important because you want to optimize:
- marketing effectiveness.
- market budget.
- Business efficiency.
However, it is not always easy to track due to external and internal factors.
[Know Your Barriers to Effectiveness] Access Webinars Now →
Measurement methods to be used to measure success
First, create a KPI framework to define business-critical KPIs.
Then develop a solution to pinpoint your company's KPIs.
Then standardize your channel data collection.
Finally, develop a structured approach to determine which marketing KPIs need to be collected to measure business success.
Once you understand what metrics you're collecting, focus on standardizing how you pull that data.
These methods may include:
- Campaign coding structure.
- Campaign naming conventions.
- View the campaign tracker.
[Easy Methods: Learn How to Use Google and Facebook to Collect Data] Join the Webinar Now →
Best Practices for Measuring Performance
The effectiveness of marketing campaigns can be measured in the following ways:
- Attribution.
- It causes an effect.
- Modeling the marketing mix.
digital attribution
Digital attribution is the science of assigning value to each marketing touchpoint along the customer journey based on the impact that touchpoint has on the final conversion decision.
Approaches include rule-based attribution and algorithms.
[Find out what they are and how they help] Access the webinars now →
Growth: Demonstrate Cause and Effect
Growth in marketing is the increase or increase in desired business outcomes (e.g. awareness, web visits, conversions, revenue) as a result of a marketing intervention.
You can access it at the user level or at the geographic level.
[More] Instant access to webinars →
Marketing Mix Modeling
Marketing Mix Modeling (MMM) is a statistical technique used to identify and measure the relationship between predefined KPIs such as sales and the factors that influence them.
This approach is privacy-friendly, holistic, and flexible.
[View in action] Access the webinar →
Metrics to measure marketing spend
By analyzing the spending metrics you track for a given campaign, you can get a good idea of how different campaigns are performing.
There are many cost metrics, but three cost metrics to help you understand the performance of each of your campaigns:
- Cost of Acquisition (CPA).
- Additional Cost of Acquisition (CPIA).
- Marginal Cost of Acquisition (MCPA).
[Learn more about each metric] Access the webinar now →
Now that you know the methods and metrics, you can start choosing.
How to choose the right measuring technique
Consider the following factors when choosing the correct measurement technique:
- data availability
- Does the database already exist?
- Availability of historical data and data granularity.
- availability of resources
- What is the current range of measurement technologies?
- Access to quality resources.
- use case
- The main purpose of the analysis.
- Industry and customer journeys (path to conversion).
Knowing where to look will help you find valuable information about your strategy, gain clarity, and move in the right direction with your campaign.
[Find the best measurement method] Access the webinar now →
Measuring Marketing Performance: What You Need to Know [webinar]
Here is the presentation:
Join our next webinar!
How to listen to useful content and important updates from Google
Find out how helpful content and important updates from Google can help you. How can you adapt your content strategy to the latest Google updates? Find out how useful content can improve your search rankings.
Image credit:
Featured Image: Paulo Bobita / Search Engine Magazine
