Today, data-driven marketing is at the core of successful marketing efforts and campaign ROI. In order for marketing campaigns to meet the complex demands of modern consumers, marketers are relying more and more on technology, tools and measurements to guide their efforts. Given that only 44 percent of CMOs say they can measure ROI, organizations are beginning to invest time and resources into optimizing their marketing measurement capabilities.
However, when it comes to marketing measurement optimization, there are crucial elements that must be considered. Specifically, marketing teams need to recognize why leveraging data is such a necessary factor in campaign success today, as well as the important areas of focus that determine whether investing in a tool leads to better marketing measurement or a missed opportunity.
Marketing Investment by the Numbers
Before looking at key areas of focus when it comes to investing in optimized marketing measurements, it helps to understand where and how that technology is playing a role in marketing teams across industries:
33 percent of marketers indicate that having the right technologies for data collection and analysis is the most crucial capability when it comes to understanding consumers
52 percent of marketers find integrating data across platforms a critical challenge with data-driven marketing
42 percent of marketers say inadequate budget is the most significant barrier to achieving marketing technology goals
64 percent of marketing executives “strongly agree” that data-driven marketing is mission-critical
Necessities When Investing in an Ideal Marketing Stack
An ideal marketing stack for one business may not be as useful for another. Every business has its own unique needs and goals, and as a result, investments need to reflect the precise needs of an organization. However, there are specific capabilities that help optimize measurement efforts across technologies like CRM, CMS, analytics, marketing automation, etc. that virtually all marketing teams use today. With this in mind, it’s crucial that measurement investments made within the marketing stack help:
Unify Data Across Technologies
Marketing optimization today requires one distinct ability above all else: unified marketing measurement. Marketers rely on a variety of data, measurement tools, models and platforms in order to understand the consumer landscape and the impact of their efforts. This is because marketers today need to provide relevant, hyper-targeted experiences in order to generate engagement. At an organizational level, this means that every channel and touchpoint must be accounted for and measured to create a single, cohesive view. Without this capability, marketers are forced to base optimization efforts on siloed measurements across the marketing mix—limiting the ability to provide seamless and relevant experiences.
Optimize Existing Technology Within the Marketing Stack
Because budgeting remains one of the biggest obstacles for marketers, it’s not an option to simply buy new platforms and martech every time something new enters the market. That’s why successful marketing measurement investment decisions are made when new technology has the capability to integrate and work alongside technology already in the marketing stack.
Collect, Organize, and Interpret Data
While there are certainly benefits to having a wide scope of data from which to draw optimization insights, data quantity doesn’t necessarily equal quality. Today, marketing teams using measurement models and techniques to help accurately distinguish quality data that delivers actionable insights from data that can lead to misattribution gain a competitive advantage.
Key Areas of Focus When Investing in Marketing Measurement Optimization
While an effective marketing stack is one of the most crucial elements of successful measurement, it’s one small piece within a larger optimization puzzle. Positive impact within the marketing stack and beyond requires a deep focus on data, unification and measurement modeling:
Investing in Better Data
In order to generate actionable insights that lead to effective omnichannel marketing, access to a wide range of quality data is key to shedding light on engagement, interests, creative messaging and brand impact of consumers down to an individual level. With this in mind, organizations need to invest in analytics providers with third-party data partnerships or outside sources that sell big data.
Investing in Measurement Modeling
In order to maximize impact, it’s crucial that organizations take measurement modeling into consideration. Without the right modeling in place, marketers will not be able to distill accurate and actionable insights from the data they collect across the marketing mix. The right choices provide insights into how marketing affects their business goals, using a data analytics platform capable of deploying those models across marketing efforts.
Investing in Unified Marketing
One of the most important components of optimized marketing measurement is the ability to unify measurement efforts across the marketing mix into a single, cohesive view. This allows organizations to understand the efforts of individual channels, while also providing crucial insights into each of the relationships between various online and offline channels as consumers travel down the sales funnel.
Marketing teams recognize that data-driven decisions are the key to unlocking increased campaign impact and ROI. From the CMO down, teams are now investing in a variety of technologies and capabilities to help facilitate this goal. Now more than ever before, it’s crucial that organizations focus on the necessities -- especially actionable data that is unified across the marketing mix, to deliver the intelligence that can fully inform marketing efforts and lead to optimized campaigns.