Tracking marketing return on investment can be tricky – especially since multiple channels and touchpoints are involved along a buyer’s journey. And if results metrics aren’t tied back to budgets and planning, marketers only get a partial picture of their overall marketing performance.
Seventh Generation general manager and CMO Joey Bergstein recently talked about the marriage of these two perspectives: “Marketing is part art and part science. At the end of the day, these two components need to come together to deliver ROI and grow the business in a responsible, sustainable manner. The best marketers focus on driving performance and results through marketing programs that are built to deliver.”
As you set your focus on planning and measuring marketing performance for 2017, consider how marketers are approaching marketing ROI – both on the bottom-up individual campaign level and the top-down holistic marketing plan.
Rethink Email Marketing ROI
“When’s the last time you received, opened, clicked and bought from a marketing email? You probably have once or twice, but it’s not an everyday occurrence. What is more common is to receive emails, which triggers a need to buy, and then you either go to a brand’s site, or remind yourself to buy something from that brand. So what you need is a more robust attribution model. As part of that, find the statistical answers to these questions:
- How many people who were sent my email bought something in the next X days?
- What about those who opened? And clicked? And even unsubscribed?
- Once someone signs up to my list, how much is their average spend overall in the next X months?
From here, you can work out what an incremental person on your list is worth. And, subsequently, what an incremental open is worth, and an incremental click, and so on.” – Read more at Econsultancy.
Use Multi-Touch Attribution for Content Marketing
“Some research suggests that the average buyer touches 10-20 pieces of content before making a purchase decision. ‘Multi-Touch Attribution’ can help assign value across multiple campaigns. This may require some special tools and skills, but some common approaches are ‘first-touch’ (assigning all value to the first campaign that touches a buyer), ‘last touch,’ or ‘weighted’ where some level of attribution is applied across all marketing campaigns that touch the buyer.” – Read more at Marketing Insider Group.
Social Media Measurement is More than Followers and Traffic
“Too many companies are hiring dedicated “social media managers,” and too many marketers are thinking of social media as a distinct, siloed strategy. Instead, social media should be an extension of and enhancement for your other inbound marketing strategies, like SEO and content marketing. When working together cohesively as one unit, these strategies are far more powerful than if you built them up independently.” – Read more at Forbes.
Close the Digital Marketing Loop
“Big data alone does not a successful media plan make. Analysis and creative thinking are equally vital. Lose them in the equation and gaining the right mix is impossible. The loop is undone. Media buyers and planners need to filter through data from disparate, disconnected channels. That sort of work requires juggling multiple skills sets and talents. Most marketers leave creativity to their creative ad agencies, but it’s needed on the media side as well.” – Read more at Adweek.
Put a Process to Performance Measurement
“Today, we understand that optimization means driving great experiences against business KPIs. Moving forward, technological advances that are paired with increases in marketers’ skills mean that companies will be able to balance both without missing a beat. And it will not be because of some innovative workflow that is still way out in orbit somewhere. It will be through refining and reimagining a process most of us already follow:
- Tap into the data: measure, understand, and then hypothesize;
- Draw upon your best creative ideas and energies—take risks; and
- Test experiences, implement the best ones, and continually optimize.”
– Read more at CMO.