1.
Defining marketing & media effectiveness
It's all about impact
Marketing effectiveness is the impact that all your marketing efforts have on the desired results and goals.
Let’s cut right to the chase: it’s impossible to measure precisely how your marketing efforts contribute to your goals. We need to accept that measuring and evaluating marketing efforts is a process, not a formula. One where you constantly collect data, analyse it, improve it, apply the results and let the cycle start all over again.
That process applies to all stages of the marketing funnel: from diagnosing to developing a strategy and executing that strategy. In this paper, we will limit ourselves to evaluating the execution part, focusing specifically on media.
The biggest challenges are:
1.
Accuracy, granularity and completeness of data.
Marketing is decidedly figure-driven, the growth of digital produces a lot of individual personal and device data. As a result, the marketing touchpoint sector is large and fragmented. This makes it incredibly difficult to collect accurate data that is sufficiently detailed and bring it together in a single database.
2.
Defining success.
There are plenty of numbers going around but very few numbers that matter and they are always linked to sales results. Remember: it’s important to create the right hierarchy of metrics.
3.
Incorrect or incomplete attribution.
Due to the above challenges, a result is often attributed to the available touchpoint, or the last digital touchpoint seen by the consumer.
4.
Long-term impact.
A focus on short-term results and the availability of many results from activation touchpoints creates a short-term focus. Not focusing on the long-term is unfair to the impact of all touchpoints and can also has a negative effect on effectiveness.
