Today's marketing landscape is more complex than ever, consumers are more demanding and to increase marketing effectiveness is a growing challenge for many advertisers.
As new channels and devices spread, the needs of customers continue to evolve and marketers need to keep pace to effectively reach new customers, retain existing customers and motivate them to convert. Our blog post provides 4 best practice tips on how advertisers can still increase their marketing effectiveness.
TARGET GROUP-ORIENTED MARKETING
Understanding the customer and his interests is one of the most important factors for efficient marketing campaigns. Marketers therefore need a people-centric approach to their campaigns that focuses on the customer. This enables advertisers to ensure that consumers receive tailored, relevant and personalized content at every stage of their customer journey.
This is achieved by recognizing the customer across different devices and channels and being able to map a holistic, seamless customer journey for the customer. First party data such as customer ids or encrypted email addresses can be used to link people to their devices or browsers. The true identity of the user remains anonymous at all times. But with the knowledge of who the customer is and which interests he pursues, advertisers can address him with the most relevant content at the right time via the right medium. In the long run, advertisers can achieve lasting customer loyalty.
CONSIDERING LONG-TERM MARKETING EFFECTS
Marketing managers often tend to focus on short-term analysis and reportings in order to measure the success of advertising campaigns. Short-term effects are easy to assess in comparison to long-term effects and the advertising success can be easily attributed to the measures taken.
Of course, it is important to measure the short-term effect of marketing campaigns, but marketers should not lose sight of the big picture. They should think holistically about marketing performance and consider long-term effects through brand equity, market share and profitability. Excluding brand awareness and external factors from the analysis would lead to wrong conclusions about advertising effects. Because these effects have a lasting influence on the purchase decision on both online and offline channels.
ADVANCED MEASUREMENT APPROACHES THROUGH DATA-DRIVEN ATTRIBUTION
Although Last Click attribution has been criticized for a long time, it is still used by many advertising companies due to its simplicity and comprehensibility. Because to the already increasing complexity of new innovations and technologies, marketers often tend to rely on what is already in use.
Due to the growing complexity of marketing, it is important to include upper funnel channels in the analysis of advertising effectiveness. Otherwise, advertisers run the risk of drawing the wrong conclusions since the entire customer journey is not taken into account. A data-driven attribution supports the holistic picture of marketing effectiveness and can even optimize advertising measures automatically in some cases.
Data-driven or multi-touch attribution enables marketers to analyze consumer behavior and marketing performance of digital channels in real time. You get a holistic view of the customer journey and can evaluate all touchpoints that have influenced the user’s purchase decision.
COMBINING DIFFERENT MEASUREMENT TECHNIQUES
To be able to measure and determine advertising impact holistically, different techniques often have to be used in parallel to assess effectiveness as a whole. Digital marketing attribution evaluates the effectiveness of each individual contact point in the customer journey and therefore helps advertisers to allocate advertising success and credit where it’s due. Marketing Mix Modeling can complement the analysis by providing an understand of the increasingly sophisticated marketing mix and to find out how the interaction of channels affects success. Last but not least, advertisers should build and maintain brand equity to understand the long-term impact of their brand’s image on business performance.