How better measurement leads to more efficient marketing
It is rare to find a company with an unlimited marketing budget, so getting the most out of a marketing budget is necessary to avoid pointless spending. But how do you make sure your business is implementing a cost-effective marketing strategy? One way to make sure your business does not fall victim to this common marketing mistake is through the power of better marketing measurement.
So, what does better measurement mean?
Better measurement essentially means a shift in how marketers think about digital strategy. Historically, digital channels have been grouped together and siloed from non-digital and offline channels. The main reason for this was because online to offline, or offline to online, measurement was difficult. However, today we have the opportunity to use technology to measure our marketing efforts cohesively.
Better measurement encompasses two main objectives:
- The ability to track meaningful information about how customers engage with your websites, apps, and ads.
- Connecting and managing that more meaningful information in a single place so the data analysis, insight, and reporting is more visible and collaborative.
Technology, like Google Analytics 360, helps us connect all marketing dots at a customer level. When you are able to track and tie your customer data together, you open your business to insights of the full customer journey, across all channels, both online and offline. The ability to fully measure the customer journey opens a window into who customers are as people. This information is especially valuable for personalization and when executing successful marketing campaigns.
The positive impact of better measurement
Better measurement gathers a wide-range of information on your customers. This information better informs who your customers are, on a personal level, to how they buy and interact with your brand. Implementing the proper technology for better measurement allows you to filter your customer data by their interests, demographic attributes, online and offline behavior, preferences, purchasing power, how they navigate your sites and apps, and which ads or content they engage with most.
The granular data insights that better measurement provides, enables your business to target customers with marketing tactics that resonates with them. This helps to refine your marketing approach for a more strategic management of marketing dollars and resources. Investing time and money into an informed marketing plan cuts waste while reallocating budget spend to the areas where it can make the greatest impact. This can increase revenue without increasing cost, therefore leading to more cost-efficient marketing. Ultimately, better measurement gives you better information on your customers which helps your business make better marketing decisions.