Although attribution modelling isn’t a new concept, in recent months it has been gaining a lot of traction in the world of multichannel digital marketing. However, while most marketers know they probably should be doing it, more than half (54% – Adobe) of all online businesses currently don’t. With multiple popular attribution models including first click,(…)
The world demands accountability, so marketers feel compelled to measure everything. But measurement technology is dramatically imperfect. The result is that, more often than not, we measure what’s easy to measure instead of what’s right to measure. Digital appears to be the “promised land” because its count-ability gives us the accountability we crave. The truth,(…)
The six myths of digital marketing measurement, How you measure digital activity radically affects the strategy and effectiveness of what you do. Leonie Gates-Summer, client director, Millward Brown explains how myths about digital measurement can distort brand strategy.
There is a phrase: “What gets measured gets done”. It’s true in many areas of marketing but in digital the scope for measurement is vast with literally millions of potential data points for every campaign.
The challenge is that with so much potential for measurement, there’s also much more scope to get it wrong. Brands that are wrestling with what and how to link digital measurement to their key KPIs haven’t been helped by the myths that surround this area.
We have identified six myths, all of which can send measurement strategies off track, potentially undermining a brand’s whole digital strategy or at the very least the execution of it.
Myth #1: TV and online video follow the same rules
One of the most common myths is the assumption that online video will follow the same rules as TV, and therefore that a TV ad can just be placed online and will perform in the same way. This ignores the fact that the online environment is very different from TV. The consumer’s frame of mind is goal-oriented and, with a lot more clutter fighting for their attention, their expectations of online content are different.
A strong TV ad will not necessarily make a strong online ad. Brands need to measure both an ad’s creative strength as well as its suitability for the formats and placements in which it will be delivered online.
Myth #2: Just having a presence online is enough to drive brand impact
The digital bandwagon is easy to jump on. However, just having an online presence – be that website, YouTube channel, fan page or advertising presence – does not automatically deliver brand impact.
If you are aiming for 1m Facebook fans – do you know why? What will you do with them once you have them, and do you know how they feel about your brand?
Having clear objectives and putting in place the right measurement to evaluate success is vital to deliver significant return on your digital investments.
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The discipline of marketing science arose from marketers’ number one need: to know what advertising efforts work. What are the forces that drive sales up or down, and by how much?
To answer these questions, marketers need data. In yesterday’s world of mass media broadcast advertising, aggregated data was all that marketers had to make data-driven decisions.
It was enough for marketing scientists to develop sophisticated econometrics models to fuel an entire discipline known as marketing or media mix modeling (MMM).
Marketing (Or Media) Mix Modeling (MMM)
These models use historical information to analyze the incremental impact of various marketing efforts on sales. They are complicated statistical models aimed at creating a regression-based relationship between the marketing activities and sales results, analyzing the contribution of each piece of the puzzle as a percentage of the total results to determine the effect that channel had.
Illustration of MMM from McKinsey report (PDF) Click to enlarge.
MMM models, which were originally developed in the late 1980s, are still used today — especially by big spenders like consumer packaged goods (CPG) marketers — to deliver powerful high-level insights to the forces that drive sales.
Some of these drivers are media channels that marketers can influence, such as TV advertising; others are completely external and independent, such as weather.
MMM insights are typically used to do strategic scenario planning, set annual budgets and optimize the marketing mix at a high level.
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