Measuring Marketing Effectiveness: What You Need To Know

Measuring Marketing Effectiveness: What You Need To Know

How do you measure the effectiveness of your marketing campaigns?

Have you ever felt that some marketing channels' data is "open", meaning it's hard to determine their true impact?

Connected TV, satellite radio, digital advertising, email, and social media are channels that make marketing campaigns difficult for marketers.

But if you know where to look, you can gain valuable insight into your strategies.

I hope you now know where this secret information is located.

On September 28, I hosted a webinar with Shabhik Ray, Director of Digital Analytics at iQuanti.

Ray explains how to improve the ability to predict the success of marketing programs.

Here is the summary of the webinar.

Fill out the form to access the full presentation.

What, why and how to improve marketing effectiveness

Marketing effectiveness goes hand in hand with efficiency. The more effective your marketing, the more profitable it is to acquire or run a campaign.

The main goal of all marketers is to understand the real return on investment in multiple channels.

Measuring marketing performance is important because you want to optimize;

  • marketing effectiveness.
  • marketing budget.
  • Business efficiency.

However, monitoring is not always easy due to external and internal factors.

[Learn what hinders productivity] Join the webinar →

Measurement methods used to measure success

First, create a KPI framework to identify the KPIs that are important to your business.

Then develop a solution to accurately identify your organization's KPIs.

Then standardize channel data collection.

Finally, develop a structured approach to determine which marketing KPIs to collect to measure business success.

Once you understand what metrics you use, focus on standardizing how you get that data.

These methods can be:

  • Campaign account structure.
  • Campaign naming conventions:
  • Campaign expansion.

[A simple technique. Learn how Google and Facebook are used to collect data] Join the webinar now →

Advanced Performance Measurement Methods

You can measure the effectiveness of a marketing campaign by tracking:

  • Behavior
  • cause and investigation.
  • Modeling the marketing mix.

Digital Behavior

Digital attribution is the science of assigning credit to each transaction point in a customer's journey based on the impact that touch point has on the customer's decision to convert.

Approaches include rule-based and algorithmic behavior.

[Find out what they are and how they can help] Join the webinar now →

Evidence of the cause and effect of growth

In marketing, growth is the improvement or increase in any business outcome (e.g. awareness, website visits, conversions, revenue) as a result of a marketing intervention.

They can be presented at the user level or at the geographic level.

[Details] Join the webinar now →

Marketing Mix Modeling

Marketing mix modeling (MMM) is a statistical technique used to identify and measure the relationship between key performance indicators such as sales.

This approach is confidential, consistent and flexible.

[Watch here] Join the webinar now →

Criteria for measuring transaction costs

By analyzing the cost metrics you track for a campaign, you can better understand how different campaigns are performing.

There are many cost metrics, but here are three cost metrics to help you understand how well each of your campaigns is performing.

  • Cost of Acquisition (CPA).
  • Cost of Additional Acquisition (CPIA).
  • Marginal Purchase Value (MCPA).

[Details of each requirement] Join the webinar now →

Now that you know the technique and dimensions, you can start choosing.

How to choose the right measurement method

Consider the following factors when choosing suitable measurement methods.

  • Data Availability
    • Is the base working?
    • Availability of historical data and data transparency.
  • Availability of assets
    • What is the current technology for measuring piles?
    • Access to quality resources.
  • Usage example
    • The main purpose of the analysis.
    • Industry and customer journey (conversion journey).

Knowing where to look allows you to gain valuable insight into your strategies, gain clarity, and steer your campaigns in the right direction.

[Find the best measurement method] Join the webinar now →

A measure of marketing effectiveness. What you need to know [webinar]

We present a presentation.

Join us for the next webinar.

How to Fix Important Google Content and Key Updates

Learn how Google Assistant content and key updates can work for you. How can you adapt your content strategy to keep up with the latest Google updates? Find out how valuable content can improve your search rankings.

Image credits:

Featured Image: Paulo Bobita / Search Engine Magazine

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