5 Reasons to Implement a Marketing Measurement Solution in 2020
In 2019, we saw the rise of powerful unified marketing measurement solutions that improve media ROI. They include attribution models such as multi-touch attribution (MTA) and marketing mix modelling (MMM). When combined, they can model your entire media landscape. Here are 5 reasons to implement a unified marketing measurement solution in 2020:
1. Give Meaning to Measurement
Marketers have growing amounts of data available to them, but this does not necessarily result in more insights. Just because you can measure something doesn’t mean it is useful. There is a step between data and action; keep in mind that data is valuable only when it helps you reach a goal. Unified attribution models combining multi-touch attribution and marketing mix modelling provide you with relevant information and transform your data into relevant insights. This allows you to measure the effectiveness of your marketing activities at a very granular level.
2. Eliminate silos
Within an organization, different marketing teams often work independently from one another. Each team’s activity, however, affects the other’s. Imagine: a large offline branding campaign affects paid search. But the SEA team doesn’t even know about the offline campaign and the offline team doesn’t know anything about the campaign’s effect on search, and eventually on sales. The success of the campaign is evaluated in isolation according to branding metrics.
Attribution in Objective Platform facilitates the definition of new marketing structures by eliminating data silos. Because it provides a single source of truth, all teams to work towards one goal. Teams need to know their position in the customer journey and their effect on not just sales but other channels as well.
3. Maintain Business Focus
Consumers expect a unified experience across channels. MTA and MMM can measure the added value of all touchpoints in a customer journey across channels, devices, brands and countries. Attribution in Objective Platform allows marketers to utilize their strengths and focus on the business, not on modelling (leaving this to the econometricians). As a result, it ingrains data-driven decision making in business processes.
4. Unify Traditional & Digital Channels
Keep up in an omnichannel world. MTA and MMM can be combined into a unified model to plot complete customer journeys and help you gain a holistic overview of all media channels. You can then determine the effect of offline media on online and retail sales, and the effect of online media on online and retail sales.
5. Gain a Competitive Advantage
Be ready for the future. Some channels are moving towards real time measurement and optimization. Attribution models allow you to monitor marketing performance. They help you be aware of changes in the market, model relevant external factors, and adjust budgets and campaigns when necessary. You can then also model the effect of your competitors’ marketing activity, helping you determine how to position yourself against the competition.