The Benefits of Unified Marketing Measurement
A powerful tool for data-driven decision making.
One of the key benefits of unified marketing measurement is the single source of truth it provides for marketers. It assigns business value to all strategic and tactical factors influencing marketing performance by combining statistical analytical methods. It does this across all touchpoints in a customer journey. The model includes internal factors, such as pricing strategies, as well as external factors, such as weather, energy cost surges, or competitive activity.
Improve Marketing Effectiveness & Efficiency
Using unified marketing measurement, marketers can plan and execute their marketing more effectively. They can tell exactly which factors influence the result of media investments. They’ll also know exactly how much value each channel delivers at a given time, both on- and offline. As a result, they can invest more in valuable channels and less in channels that do not deliver, preventing wasted budget and improving efficiency. It’s no longer about mere volume, then, but about results.
Break Down Silos
There is a need for insights into the performance of marketing activities across an ever-growing number of channels. This unified approach has already caused marketing departments to break down silos and set up interdisciplinary teams across online, offline, performance, and sales. Include the impact of other media on Telemarketing efforts, for example. Stronger collaboration and blending with other departments, such as finance, also follows from this approach.
Stimulate new Proxies for Success
A unified approach requires building a KPI framework. This means determining which business objective is leading and how other performance indicators are related to this objective. This will help marketers steer away from vanity metrics such as the click-through rate. Include customer lifetime value (CLV), for example, to monitor whether your marketing efforts are bringing in valuable customers and keep churn rates low.
Balance Branding and Performance
Whereas performance metrics are relatively easy to measure, traditional branding metrics show less short-term fluctuation. The past few years have seen a shift towards performance budgets, because it was relatively easy to optimize spend. Nowadays, marketing departments are coming back from this, recognizing the importance of investing in their brand. The base volume of sales as measured by unified marketing measurement reflects brand value. This can be used to prove branding’s impact on financial performance.
Fast, Scalable Data Collection
A unified approach requires data from many different sources. Automated data collection across engagement, cost and agency systems makes it easy to join and standardize campaign tracking. Data prep time is greatly reduced as insights are continuously available and up-to-date, enabling real-time campaign and budget planning.
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