Read the case study and how we accomplish measurement maturity for our partners.
Measuring marketing effectiveness is always a trending topic within marketing teams. Indeed, there are plenty of marketing measurement and optimization solutions. But which one is the best for you, and how should you implement it to skyrocket your performance?
Objective Platform worked with a large Telecom provider in the BENELUX region to successfully implement a unified marketing measurement solution. Read below the case study and how we accomplish measurement maturity for our partners.
The challenge: Successfully implement a marketing measurement and optimization solution.
All successful brands rely on data-driven marketing. But with so many marketing metrics available, it is hard to focus on those that matter the most to your business. With so many different approaches and techniques, choosing a marketing measurement solution becomes a complicated task.
Unified Marketing Measurement is currently the most talked-about marketing measurement framework. The depreciation of user-level data forces media marketers to turn their attention to future-proof measurement solutions. But only having such a solution in place is not enough.
Many brands buy expensive software that remains unused because they do not have the right guidance. Or worse, marketing teams often dismiss new tools and discard them for lack of engagement. Even when marketing brands manage to implement a measurement solution, they might not witness the desired outcomes. Lack of communication and collaboration, as well as looking into the wrong metrics can set your solution to fail.
So, how can you successfully implement a marketing measurement solution to see the most added value to your business?
Objective Platform offers a holistic marketing framework to take your brand to measurement maturity. The first step of our approach revolves around creating a single source of truth to help you to align teams, KPIs, and media.
Before you begin measuring the effectiveness of your marketing, you need to focus on building strong measurement foundations. First of all, you need to assemble your measurement team. It is essential to do so with a clear scope in mind. Of course, you should assign responsibilities based on the required skills per task. For technical tasks, you should opt for tech-savvy professionals. Likewise, for the strategic tasks, your need to trust professionals with analytical skills and more experience.
Once you set up the team and assign the responsibilities accordingly, you can define your success metrics. What are your main goals, and which are the marketing metrics for your team? If you look into the wrong metrics, you risk losing growth opportunities. So, you need to define what success means to your business, first. And, then, you can translate this into your team's success metrics.
Objective Platform assists your brand during this stage with unlimited support and a clear marketing measurement scope. Eventually, you have a strong measurement team with clear responsibilities and aligned success metrics.
As mentioned above, there is plenty of marketing metrics that a brand can look into. These include ROI, ROAS, budget allocation, net conversion, and many more. Before you start measuring your performance, you have to decide which KPIs you want to use for steering. This is a complicated process and requires much thought.
One common mistake that brands do is excluding their offline performance from the KPI framework. Objective Platform offers a strong framework for measuring offline media that enables you to broaden your KPI scope. Also, many brands focus on channel KPIs only. When teams focus on their channel-specific KPIs, they create walled gardens and siloed metrics. This may lead them to lose the greater goal and miss opportunities. Additionally, this creates a barricade among the teams that discourages collaboration.
Thankfully, Unified Marketing Measurement allows you to unlock more meaningful metrics while aligning the teams to work towards them. So, instead of having different teams hyper-focusing on their siloed metrics, you choose the most fundamental KPIs for your business goals.
Choosing the right KPIs sets your marketing measurement for success. A failure to understand what drives your business may lead you to look into the wrong metrics, and waste the potential of your measurement solution.
When you use separate tools for your different media channels, you see that one conversion might be attributed too many times. Apparently, this is far from accurate. Traditionally, channel-specific tools tend to attribute a conversion to their own channel to promote investment. But this removes any objectivity from your measurement. To get a clear and objective view of your performance, you need to attribute value to your media channels fairly.
Unified Marketing Measurement allows you to unify your media channel and data sources. But what does that mean in practice? It means that you can measure the performance of both on- and offline media channels using one tool only. Instead of having a separate tool for every channel, Objective Platform onboards all your data sources to create a single source of truth for your marketing performance.
You select the media channels that you would like to use and the data points that you have available. Then, our advanced machine-learning mapping tool onboards and harmonises them to offer you a holistic overview of your marketing activities. When you unify your media channels and data sources, you reach accurate and meaningful insights.
Once you've aligned your teams, your marketing KPIs, your media channels, and your data sources, you can start measuring the effectiveness of your marketing efforts.
Using too many tools or complicated setups may slow down your operations. Also, complicated software and complex way of working decrease the engagement of your team with your measurement solution. To boost the significance of your marketing measurement solution, you need to simplify the day-to-day tasks. Often, marketing teams need to spend time manually inserting data. Or even worse they might not be able to understand the insights.
Objective Platform offers you the ultimate setup to automate your operations and benefit as much as possible. With Objective Platform you keep your data, modelling, and decision-making in ONE platform. That means that you do not need to spend time transferring information from one software to another. Also, the automated process saves your teams time and allows them to focus on the decision-making. Finally, the insights and recommendations are presented in clear, actionable dashboards to make decision-making even more efficient.
Successfully implementing Unified Marketing Measurement begins with creating a single source of truth. The brands that fail to reflect on this stage, have fewer chances to have a successful marketing measurement. At Objective Platform we prioritise taking our partners to measurement maturity. To do so, we assist the implementation process as much as possible.
But what makes a successful and an unsuccessful implementation?
We created a comparison of the implementation for two different brands to help you understand. Read below the comparison between a large TeleCom provider in the BENELUX region that works with Objective Platform and an anonymous brand that worked with another provider. What were the drivers and outliers of a marketing measurement implementation?