Marketing measurement is trending among marketing departments, data scientists, and machine-learning experts. Implementing a marketing measurement solution comes with certain challenges that you need to consider if you want to succeed. Objective Platform works with a wide variety of brands that face similar challenges when adopting a measurement solution to their marketing operations. In this blog, we highlight 5 major challenges that, together with our clients, we are committed to tackle.
1. Online Attribution is not as easy as you think
By default, online media have always been more measurable than traditional media. That does not necessarily mean that it is easier for marketers to track the performance of their campaigns. Every channel has its own set of measurement techniques and currencies. There has never been a market standard, and the big ad platforms erected walled gardens to push out the competition and secure their business. When marketers rely solely on the analytic tools provided by the specific ad platforms, they risk losing the bigger picture. Plus, this narrow-minded view on online attribution prevents marketing teams from working together toward the right marketing KPIs.
2. Cross-device tracking becomes complicated due to privacy restrictions
Every ad has a sweet spot of exposure that makes it most efficient. Too little, and you risk the effective delivery of your message or call to action. Too much, and you risk wasting advertising spend that could have been used to target new potential buyers. To optimise the reach and frequency, you need to track users across devices and platforms. Tracking users digitally becomes increasingly difficult because of privacy restrictions, and brands need to shift to privacy-first alternatives. That doesn’t mean that they must sacrifice granularity, but they need to think outside the box for solutions in the market. Especially when they want to include offline media touchpoints in the mix. Thankfully, marketing measurement solutions in the market help brands overcome this challenge and take their marketing measurement to the next level.
3. Media Mix Modeling as the solution to the cookie-less future
Media Mix Modelling (MMM) is a technique that has been around longer than most brands and media outlets. It delivers insights on the most aggregated level and can be used to split budgets among channels. But it comes with certain limitations as well. MMM needs a long period of historic data to give accurate outcomes. It lacks granularity and does not always explain the effectiveness of your campaigns. And lastly, MMM is mostly a one-off report and can be outdated quickly if market circumstances change. So, when marketers implement MMM need to be aware of the shortcomings and adapt their strategy accordingly to benefit from the advantages but minimise the digressions involved. Especially in a privacy-first world, where MMM becomes more and more relevant, there is a high risk of misjudging a situation if you rely on it solely. So, marketers need to understand the revised ways to use MMM.
4. Silo marketing techniques reduce the impact of your activities
Brands want to apply the best modelling technique available for each use case. This works very well until you have multiple use cases within an organisation. All the different techniques for each use case create siloes within an organisation. Teams and channels seem to perform well based on their metrics and KPIs, but the marketing impact doesn’t increase, and there are no additional conversions. Ultimately, you want your whole marketing operations to work towards the same goal. Therefore, it’s important to create a framework that brings all these techniques together to strengthen each of them. Unifying your marketing measurement techniques is not easy, and it definitely needs the guidance of experts in the field.
5. The ever-changing marketing landscape
Privacy and regulations change, markets change, media channels change, the world around us changes. Changes and challenges are a fact of life, and we must deal with them accordingly. To cope with these challenges, marketers need to have a flexible and adaptive marketing measurement setup. When implementing a marketing measurement solution, marketers need to consider the future and opt for a solution with customisable components. Removing or substituting these components should not break the whole marketing operation. This secures an organisation’s time and money invested in marketing measurement and delivers continuity. In an ever-changing marketing world, organisations should invest in future-proof solutions.
How to solve the 5 biggest marketing measurement challenges
• Be mindful when measuring your online media channels. Narrow-minded metrics may side-track your marketing activities.
• Implement marketing measurement alternatives that respectfully track cross-device user journeys to maintain granularity.
• Do not solely rely on traditional MMM. Make it a part of a more strategic approach.
• Break free from siloed marketing techniques to increase the impact of your activities.
• Implement a future-proof marketing measurement solution to always be up to date with the changing marketing landscape.
Do you want to know more about these challenges and how we tackle them together?
Contact one of our experts to start a conversation about solutions instead of challenges!
