Measuring marketing effectiveness
The marketing landscape today is more complex than ever before. To maximize the effect marketing has on customers, a company must consolidate its data for a 360-holistic-view of performance. It needs a consolidated view on consumer behaviour across all channels, campaigns, platforms and devices. And it needs to make timely, informed decisions on campaigns that drive most conversion through the best customer experience possible.
But different roles within a marketing department require different levels of insight, at different speeds. How one social marketer allocates his social budget for his typical channels and campaigns are different than what the other off-line event marketer will do. Which again will be different from how blog marketers are typically spending their marketing chips on. In order to get a global picture of marketing effectiveness, you need a platform that allows for a 360-holistic-view on customer behaviour across all channels and campaigns, so that the one social marketer not only can see return on his investments, yet also how this impacts the work of the second event- and third blog- marketer.
Measuring up to multi-touch attribution
A good start to achieving marketing effectiveness is making the transition from last-click attribution—what was the last interaction with my customer—to one of the multi-touch attribution models available. Being to look at all interactions and setting rules to how much weight you give to each interaction to finally determine which interactions are most important... It's an exciting step toward realizing the full potential of your marketing mix.
However, this evolution in technique calls for an evolution in perspective. Advanced measurement strategies require you to have a different approach on how channels work together. It also means that you can leverage into an untapped potential of centralized data. Adopting a multi-touch attribution platform is the perfect opportunity to review and improve the quality of your data standardization practices and business processes. With data consistency comes data legibility. Legible data improves how efficiently and effectively you can execute media optimization recommendations.
Setting expectations across departments
The move to cross-channel measurement is nothing short of a marketing paradigm shift. It requires a mental swing from a last-click approach to an understanding of media interdependency.
The success of an advanced marketing measurement solution at your company depends on level-setting expectations across all key stakeholders. This new view of marketing performance may be surprising at first—particularly in comparison to the previous measurements of each channel in isolation—but with some little education, consistent use and an open mind, the benefits of multi-touch attribution will win over even the most skeptical.
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