In direct response, there are two metrics that ultimately matter: the click and the conversion. The click is a measure of consumer interest, and the conversion is usually equivalent to the sale.
As digital advertising matures, we know there are many points along the customer journey worthy of measurement. The click is not the only indicator of an interested consumer. Today, we can track and measure any number of consumer interactions: how long a consumer has watched a video, how frequently they interacted with an in-ad game, or an ad within a game app, or whether they loved a social ad so much they shared it with friends. We can also track business metrics that matter for brand marketers, such as brand lift, purchase intent and more.
The pressure is on to measure everything…but “everything” can mean all things to all people. While, according to a study by ClickZ and Effectyv, 82 percent of marketers are measuring multi-channel data …
- 37.5 percent defined “multi-channel” as web, social and mobile only.
- 35.6 percent defined “multi-channel” as web, mobile, social, marketing spend, sales, back-office data, off-line channels (store, TV, radio, print).
For those of us who have been in the digital space for years without looking up, determining the additional intelligence you need may be a challenge. Many aren’t even aware of all the options available or how to begin measuring them – much less measuring “everything.”
The first step is defining the KPIs that matter most to your business, whether that’s brand awareness, sales, or engaging and activating existing customers. Next, secure the technical platform that can help you measure, analyze and optimize for those goals.
While it’s important to have a dashboard that clearly lays out your analytics, it’s not enough to simply scan the data – although that’s what most marketing organizations do. A recent Teradatastudy revealed that while a majority currently collect a range of data types, including demographic (80%), customer service (72%) and customer satisfaction (62%), only 19% report using the data to drive marketing efforts.
Of course, the benefit of holistic analytics is having that 360-degree customer view so that you can act on it, adjusting content, delivery and frequency as needed for optimal results. Holistic analytics require a balanced blend of people, process and platform – and people come first in that sequence for a reason. Analytics, after all, are a decisioning tool, and it’s up to the marketer to make those decisions as they relate to optimizing to KPIs.
And of course, “people” also refers to consumers, who always must come first. Holistic analytics are ultimately a tool to ensure they receive the most relevant, timely and helpful messages possible.
To learn more about the MediaMath solution, click here.