Overcoming Marketing Measurement Challenges
How a unified attribution solution helps overcome measurement challenges.
It’s the most common introduction to any article on media and marketing measurement, but here goes: the multi-channel marketing landscape has become increasingly complex. Traditional marketing measurement solutions such as marketing mix models and simple attribution can’t keep up. Last click attribution doesn’t cover the complexity and is obsolete, marketing mix models lack granular information and actionable insights.
Here’s how to overcome four common marketing measurement challenges with a unified attribution solution. We combine multi-touch attribution (MTA) and marketing mix modelling (MMM) in a unified model that can measure the impact of both on- and offline marketing activities, external factors and business dynamics. The model is both holistic and granular.
Overcoming challenge 1: creating actionable reports
Post-campaign reports are a common measurement tool. These reports become available after a campaign ends and the campaign-specific results are of little use in planning an upcoming campaign. A unified measurement solution such as Objective Platform, collects and stores all information on all multi-channel campaigns in a single platform. As the marginal ROI of a channel is always available, you can run scenarios and predict the most effective budget allocation for each upcoming campaign. Marketing directors, managers and marketers can use the tool for strategic media planning.
Overcoming challenge 2: determining marketing effectiveness
There are more metrics than ever available to track marketing activities. These metrics, such as click-through rates, often fail to capture how marketing impacts eventual conversions. To make budget decisions, you want to know how much each additional euro of investment in a certain channel delivers: your marginal ROI. Calculating marginal ROI and investment elasticities is more complex in comparison to calculating ROI, and will require non-linear models. It is also necessary to take additional factors such as salary weeks and events into account. Unified attribution does all this and determines the incremental impact of marketing.
Overcoming challenge 3: MTA and MMM conflict
Often, we use MTA to allocate value to online marketing activities up to a granular level. MMM provides a more strategic overview across all media channels. Using these two separately results in two conflicting sources of truth. Unified measurement provides a single source of truth across all media channels. It includes a lot of granular information that is lost when using only MMM.
Overcoming challenge 4: data complexity
Data is the key to any analysis. The problem here is that marketing departments silo data and data quality remains a huge challenge. Unified attribution requires large amounts of data from different departments, which helps break down silos and reduces time and effort. Objective Platform connects to all your data sources and automatically imports data on a daily basis. It includes a data quality layer that ensures clean, high-quality data is always available in one place for daily analyses.
So, a unified attribution solution helps overcome marketing measurement challenges by offering a holistic, single source of truth on the incremental impact of marketing activities. Continuous availability of insights reduces organizes data and makes it easier to take action, as well as plan and optimize upcoming activities.