Here’s the situation: You have a wealth of marketing data with which to measure the impact of your marketing campaign. But which data is most meaningful for measuring performance?
Below, we outline three ways to test performance — whether improving a multi-channel marketing campaign or optimizing media spend — and which data streams to use for analysis:
To measure multi-channel marketing
As Harvard Business Review notes, “a TV spot can prompt a Google search that leads to a click-through on a display ad that, ultimately, ends in a sale.” It’s important to keep in mind that every consumer touch-point is working in tandem here to drive sales. Analyzing the right data together can help you understand what adjustments should be made to improve the allocation of spend across touch-points. Let’s say you’re running a campaign that includes a TV commercial, display ads, YouTube ads, and paid social media promotion. Layering your media performance — impressions, clicks, conversions, and views — over sales data in a single view enables you to see patterns at an aggregate level that contribute to sales.
To Improve media spend & ROI
At the same time, you may want to know which media spend has a greater impact on loyalty and awareness. Velocidi’s marketing intelligence platform lets you combine media spend data with loyalty and awareness campaigns in a graph that makes it easy to see patterns between these various data streams. As a result, you may find that as media spend has increased, loyalty (measured through a customer incentives/rewards and loyalty program subscriptions) remains flat but awareness (measured through social media impact and customer surveys)has increased. You may need to divest your resources in connecting with a different audience if increased awareness does not convert more loyal consumers. Knowing where your marketing budget is going is just the beginning; being able to improve the spend across channels and audiences is the real difference maker.
To track social media marketing performance
Awareness through social media is always desirable, but how effective are your social media campaigns at converting a passive viewer into an active customer? One way to measure your social media conversions is to compare the growth in social media followers and shares to website traffic, video views, and other metrics on your digital channels. Seeing this data in one view enables you to answer the question: Are you actively engaging your most interested audiences?
Being able to see how your marketing is performing allows you to communicate changes quicker to different teams, agencies, and media buyers that may be operating in silos and competing for the same resources.