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.
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:
Most senior marketers will claim that an analytic based data-driven approach is table stakes. And they’re right. Marketers have access to more information than ever before to inform and improve the customer experience. And while being able to measure and analyze data is a keystone to effective strategy, there is a point at which being too reliant on data can hurt.
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.
As marketers had to double-down on creative solutions during the pandemic, change has been happening behind the scenes. Whether it’s doing away with cookies or the recent news that Nielsen’s audience measurement tools are being applied to Twitter’s video content, data use is shifting, always.
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.
As companies are finalizing budgets for next year and marketers are fine-tuning their plans, it’s a popular time to look back at what worked and what didn’t. It’s also a critical opportunity to revisit your organizational strategy, realign your KPIs, and design a testing system that gives you actionable insights.
It’s no secret that 2020 was an unexpected year for all of us, and a big year for ecommerce. A recent eMarketer report suggests, though, that “the pandemic has only accelerated an ongoing shift to the [ecommerce] channel.” So with this growing channel in mind, our CEO Michael Caccavale and I sat down to discuss what marketers need to keep an eye on.
How do you describe marketing mistakes? Just ask five marketing experts and you’ll hear at least 50 examples of what people do to mess up their marketing programs.
So much about marketing depends on your product or service. While every industry is different, there are some basics that apply to all industries. Often a given error is not about the tactic, but about the implementation.
With the spotlight on the NSA wiretapping programs and the smell of Big Brother still fresh, it’s worth reviewing a bit about those who have the most data, are best at using that data and have the most to gain from data. I am not talking about you, Uncle Sam, I am talking about you, the data-savvy marketer.