How do you measure the effectiveness of your marketing campaigns?
Have you ever felt that the data for some marketing channels seems to be "empty", meaning that it is difficult to find their true impact?
Channels such as television, satellite radio, digital advertising, email and social media have made marketing campaigns more difficult for marketers.
But if you know where to look, you can find useful information for your strategies.
Hopefully, now you know where this hidden data is located.
On September 28, I moderated a webinar with Shobik Ray, Senior Director of Digital Analytics at iQuanti.
Ray explains how to improve the ability to predict the success of marketing programs.
Here is the webinar summary.
Please fill out the form to access the full presentation.
What is marketing effectiveness, why and how?
Marketing effectiveness goes hand in hand with performance. If your marketing is working effectively, the cost of buying or running a campaign will be more economical.
A key goal for all marketers is to understand the real return on investment across channels.
Marketing performance measurement is important because you want to optimize:
- marketing effectiveness.
- marketing budget.
- Business efficiency.
However, this is not always easy due to external and internal factors.
[Find Out What's Blocking Your Productivity] Instant Webinar Access →
Measurement methods for evaluating success
First, create a KPI framework to identify the KPIs important to your business.
Then develop a solution to accurately track your company's KPIs.
Then standardize channel data collection.
Finally, develop a structured approach to determine which marketing KPIs should be collected to measure business success.
Once you understand what metrics you're collecting, focus on standardizing how you collect that data.
These methods can be:
- Company account structure.
- Company name rules.
- Extension of campaign monitoring.
[Easy Technique: Learn How Google and Facebook Are Used to Collect Data] Quick Access Webinar →
Advanced performance measurement methods
You can measure the effectiveness of your marketing campaign by following:
- Distribution
- cause and investigation.
- Marketing mix modeling.
Digital behavior
Digital attribution is the science of assigning a value to each transaction point along the customer journey based on the impact that touch point had on the final conversion decision.
Approaches include rule-based behavior and algorithmic behavior.
[See what they are and how they help] Webinar Quick Access →
Gradually: Evidence for cause and effect
Marketing leverage is the increase or increase in desired business outcomes of a marketing intervention (eg awareness, website visits, conversions, revenue).
You can access this at the user level or at the geographic level.
[More] Quick access to the webinar →
Marketing mix modeling
Marketing Mix Modeling (MMM) is a marketing mix model used to identify and measure the relationship between predefined KPIs such as sales and the factors that influence them.
This approach is privacy-friendly, comprehensive and flexible.
[See in Action] Webinar Quick Access →
Metrics for measuring transaction costs
By analyzing the cost metrics you track for a campaign, you can get a good idea of how different campaigns are performing.
There are many cost metrics, but here are three cost metrics to help you understand how effective each of your campaigns is.
- Cost per acquisition (CPA).
- Cost of incremental acquisition (CPIA).
- Minimum Purchase Value (MCPA).
[Learn more about each option] Quick access to the webinar →
Now that you know the methods and parameters, you can proceed to the selection.
How to choose the right measurement methods
Consider the following factors when selecting appropriate measurement methods.
- Availability of data
- Is there a database?
- Historical data availability and data quality.
- Availability of assets
- What is the current set of measurement technologies?
- Access to qualified resources.
- Use containers
- The main function of the analysis.
- The Industry and Customer Journey (Road to Conversion).
By knowing where to look, you can gain valuable insights into your strategies, gain clarity, and steer your campaigns in the right direction.
[Find the best measurement method] Webinar Quick Access →
Marketing Performance Measurement: What You Need to Know [webinar]
Here is the presentation:
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