What do your marketing statistics tell you? If you rely on standard measurement tactics, it’s probably not much.
Consider a classic measure, such as the click-through rate. By most standards, a “successful” banner ad will receive 15 clicks for every 10,000 impressions, while a “failed” ad will receive only five clicks. This is a small and probably insignificant margin between success and failure. Most importantly, the objective of the ad itself is missing: to boost sales.
Video ads face a similar problem. Marketers evaluate their efforts based on how often the videos are played until the end. But it is an illusion to believe that the whole game is a private spectator. Most people watch videos without sound or come to an end. The content, therefore, makes little or no impression and produces minimal conversions.
Some of the most used and carefully selected metrics in a marketer’s arsenal do not match the success of the business; however, a lot of time and resources are still wasted obsessed with it. Worse, many marketers are missing out on other opportunities to optimize digital marketing campaigns and turn advertising into sales.
If your positive marketing metrics don’t translate into revenue, you are doing the wrong thing. Then, shift your focus to more informative metrics and success indicators that really relate to your business goals. You get a much clearer picture of what works and what doesn’t and increases control over your marketing efforts.
Upgrade to advanced measurement strategies
Some statistics are more important than others. For example, visits to your home page are less valuable than visits to your landing pages; This is because media metrics (which measure the size of your audience) matter less than customer acquisition and engagement cost metrics, which track your marketing efforts beyond a simple click or visit.
Advanced measurement strategies not only track business success but also explain it.
However, the ability of marketers to track and measure hundreds and thousands of digital touchpoints throughout the day translates into much more data than insights and explanations. For example, some marketers may be aware of the success of individual ads or campaigns, but how these results compare to financial results remains a mystery.
Sophisticated measurement strategies silence irrelevant criteria and create a connecting fabric among others so that marketers have a better understanding of how different campaign factors can help (or hinder) sales.
However, there is no list of performance metrics for campaigns that are always successful. Instead, any criteria you use must be directly related to a campaign goal. Things like CTR and impressions can still be useful if your goal is to increase brand awareness, but they can be distracting if your real goal is to win customers. Here the maximum “measure to manage” applies: if you don’t keep relevant statistics, it’s also unlikely that you’re optimizing your campaign effectively.
Determine your measurement strategy before the campaign starts. This means determining what criteria to follow, how to define successful marketing campaigns, and where to look for data. Marketers need to do this job from scratch so they can monitor the success of each campaign from the start.
Consider B2B companies. Before the COVID-19 pandemic disrupted personal sales, a common goal for B2B companies was to schedule personal demos, and the strategy for this was online advertising. But there is no point in waiting for each video show or clicking on the banner ad to translate for someone who is scheduling a demo. B2B companies can learn more by dividing their digital advertising budget by the number of scheduled demonstrations to estimate how much each demo “costs” and then adjusting their search, social media and program channel spend accordingly.
Advanced measurement strategies have clear advantages and using them is simple: if you are still going to follow the criteria, why not follow the right path in the right way?
Build an advanced measurement strategy
For those looking to test new approaches, advanced measurement strategies seem much more affordable than most people expect, not to mention that they have a bigger impact.
For the best results, apply these marketing statistics best practices to your next campaign.
- Focus on brand promotion
Regardless of whether an ad generates sales or not, it should always leave a positive impression. This means that the audience loves what they see, remembers the message, forms a brand memory, and is one step closer to a purchase.
Instead of controlling how many people see an ad, focus on increasing awareness of the ad’s brand, also known as a ‘brand’.
Measuring brand promotion isn’t easy, but with quality data (probably from a third-party vendor) and honest analysis, you can reach out to your audience to see if your ads are really improving your brand.
For example, depending on the media mix, single-channel measurements can be implemented on Facebook or YouTube. Alternatively, multichannel measurements can be used in an on-demand platform environment using screen, video, audio, native, and connected TV methods.
- Tune digital channels to search for sales factors
Every brand needs to know where sales are coming from. Online businesses have mountains of data at their disposal and many ways to get more from it, but the situation looks different for B2B brands that, until recently, relied on more traditional sales methods and interactions.
Customers’ preference for digital interactions is reflected in their behavior: according to a McKinsey study, they opt for safer digital sales interactions and use online channels (mobile apps, social media, and online communities). As a result, B2B companies that focus more on their customers’ digital experiences are twice as likely to be named as the preferred supplier.
Your online channels must meet customer expectations – services must be continuous, accessible, and easy to integrate and interact with sales channels to collect information about current customers and identify sales drivers.
- Use the multi-touch control
With so many channels in the marketing mix, it is difficult to know which ads (or combinations of ads) lead to a sale.
Traditional rule-based approaches recognize only the first or the last impression. However, multi-touch attribution models can track bribes and assign fractional credit to each bribe; these models use algorithms and machine learning to assign a portion of the credit to each ad or impression during the one-way trip.
Understanding the source of sales at such an accurate level allows marketers to use the most effective combination of messaging and marketing.