One of the biggest challenges that marketers are facing today is measuring the success and profitability of their campaigns. In an increasingly data-driven industry, marketing strategies must prove their worth by proving their success with key metrics and KPIs.
But these metrics depend on the company's objectives. According to emarketer, the top three objectives for advertisers worldwide in 2019 are revenue growth, improved brand awareness and increased customer acquisition. Depending on the goal, different metrics should be used to measure progress and optimize advertising.
But precisely this task is a great challenge for many advertisers, since measuring and optimizing the success of marketing campaigns company-wide is no easy task.
WHAT IS YOUR MAIN OBJECTIVE?
A company rarely pursues all objectives at the same time or prioritizes them all equally. Usually, advertisers concentrate on one specific goal. And this depends often on how mature and profitable the company already is, or on how competitive the industry is. If the situation of the company changes, the objective is likely to change as well.
A start-up, for example, pursues different goals than a more mature company. While the young start-up concentrates on gaining market share, partly at the expense of profitability, the established company focuses on margins, customer loyalty and cost-revenue ratios.
Each company follows its own growth plan and objectives. The important thing is that these goals are aligned with specific, measurable metrics across the organization to ensure that the marketing campaigns used to achieve these objectives are effective.
AAVERTISERS NEED A HOLISTIC APPROACH
Whether the objectives remain consistent or change annually, advertisers need a holistic approach. They need an understanding of what drives the customer throughout their entire customer journey.
Marketing attribution provides the foundation for this. With attribution, you know which actions are relevant and how they work together to achieve the desired outcome.
Attribution collects performance data and consolidates it into consistent metrics to provide the insights you need to optimize marketing efforts.
ALIGN MARKETING TEAMS WITH THE COMPANY'S OBJECTIVES
The focus of the entire company towards common, uniform goals is a challenge, especially if the goal changes over time.
It is still common for marketing teams to work in silos. However, an isolated approach often results in each team working on independent metrics. This leads to fragmented, ineffective optimization of marketing because it takes place per channel and team rather than across channels and across the organization.
Marketing attribution helps align and realign the goals and strategies of individual teams so that the focus is no longer on the success of individual teams and channels, but on the overall performance of the organization. All participants have access to the same key figures and gain insights into the entire customer journey of the consumers. Isolated teams are thus brought together for exchange and collaboration.
Marketing cannot be optimized if teams work in silos and pursue different goals. Instead, advertisers should focus on a single overall metric. Especially in today's competitive economy, companies must be able to properly evaluate their marketing activities in order to remain competitive in the long run and not only achieve but exceed corporate objectives.