How do you measure the unmeasurable?

Here’s a few of the highlights from our measurement and analysis session…

As you’d expect from a gathering of senior marketers, there was a general level of confidence in understanding their channel performance. But it was also clear that things are more complex than they used to be.

• The need for understanding and maximising channel performance is more important than ever with both increased pressure on budgets and a tougher marketplace, with the cost of living crisis and the changes in customer behaviour brought about by Covid.
• However, there was a counter argument that if you only ever chase direct sales from your marketing, you may miss out on the wider benefits of content and story-led marketing. Do you focus on generating sales today or also look at the longer term?
• The fragmentation of audiences and channels was also an issue of concern. Traditional media such as TV, direct mail and email have reduced impact amongst younger audiences, so social media is becoming more important. As one member said, “you need to go where they are – which is on their phones.” But there are still question marks over how to accurately attribute sales to social media.
•  Last click is still used in many cases to attribute sales, but it was recognised that this approach discounts the impact that other channels have in leading to a sale. Econometrics can be a far better approach in attributing sales, allow. And don’t forget the importance of control groups – including ones who are excluded from ALL activity, so you can measure the combined incremental impact of all your marketing.
• We also covered the issue of needing to take a holistic view of all your channels and making sure the budget is allocated to deliver the greatest return. This can be problematic, as channel owners are naturally protective of their budgets, and can often focus on their own objectives rather than the greater good. But to maximise returns, someone needs to be looking at all channels.
• And one final point – no matter how well you know your figures, even if you can justify every penny you spend, there’s little you can do when your CEO tells you they want you to invest more in TV because that’s the most glamorous channel. Sometimes you just have to suck it up!

If you want to find out more about media measurement and attribution, head over to the R-cubed website to read more on how best to measure your performance.