Media Mix Measurement & Optimization: Part 2 - The Spend

In Part 1 of this series, we discussed how organizational objectives may change the implementation of a media mix and optimization platform. Once the objectives have been set, it’s time to formulate a plan around how to measure the efficacy of your efforts.

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Media Mix Measurement & Optimization: Part 1

With the advent of big data, media mix measurement and optimization have become a required staple in the marketer’s toolbox. Effectively, media mix measurement and optimization are comprised of seven elements:

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Is Digital Really More Measurable?

It’s true digital has taken over a lot of our lives. Whether it’s the all-knowing computers we carry in our pockets, backup cams on our cars, or the way many of us have been doing our jobs for the last year+, digital is clearly integrated in our lives. But when it comes to marketing, digital hasn’t run off the other ways of connecting with customers.

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Media Measurement Means Looking at the Whole Picture

The events of 2020 have a long tail. As marketers enter 2021 with decreased marketing budgets, ROI is of increasing importance. Analytics and the ability to evaluate performance are key, especially as media mix is evolving. And it’s a great time for marketers to check in with their plans and confirm they are still looking at the right metrics.

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Media Measurement: A Better Way

For as long as there have been marketers, there have been marketers who need to justify their marketing spend. While this is the same for all of us, the differences lay in how we measure that spend, and what we learn from that measurement. For some marketers, it is enough to maintain sales while staying within budget. For others, it’s enough to see incremental growth and a few attributions to explain it.

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The Black Hole of Direct Attribution

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Marketing attribution, the process of identifying the “touches” that led to a sale, has never been more popular. Now, with social media marketing playing an ever-increasing role in marketing campaigns, companies are scrambling to trace the dollars spent on campaigns to specific sales. How many widgets did that tweet sell?

It always surprises me when I encounter a marketer who uses direct, singular attribution as the core of their marketing analytics. Don’t get me wrong; I understand the allure.

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About this blog

At Pluris, we believe that we all can do a better, more efficient job at marketing to our most important customers. On this blog, we'll discuss how strategy, database management, offer optimization and analytics can help us all be better marketers. Sometimes, we may just talk about sports.

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