Brands are omnipresent in today’s society and marketers must look to optimise paid, earned and owned channels. Who has found the perfect combination? How do you plan for and measure the efficacy of integrated activity? And how do we assess how they all work together? In the world of multi-channel marketing these are the questions that matter.
Our top panel share their experiences and learning.
What exactly are you optimising for?
- What are we optimising for? The recommended start point is usually to ask: how does this turn into money?
- Multi-channel marketing brings with it a proliferation of channel specific data. But optimisation across the channel mix demands a common focus and currency – which is usually sales.
- Channel proliferation across owned, earned and paid for demands discipline. You must focus on the core brand and sales-driving KPI’s, not just everything you can measure just because you can.
“What we need to understand is which parts of our marketing are actually changing behaviour”
Chris Mawdsley BBC timecode 13.15
How do you use econometrics?
- Best practice in terms of optimisation almost always requires an econometric model, or multiple models.
- As econometrics is in its nature backward looking, in fast-moving markets there is increasingly a need to for continuous/ dynamic experimentation (test and learn) in terms of the channel mix.
Efficiency vs Effectiveness and Long-term vs Short-term
- In putting together KPIs or an effectiveness dashboard it’s important to distinguish between effectiveness measures and efficiency measures
- Effectiveness measures drive desired overall outcomes, usually sales
- Efficiency measures help in optimising individual channel delivery/ outputs).
- More broadly we have to look ahead long-term, at lifetime value, alongside shorter-term measurement.
“I love optimisation and the opportunities it gives us to improve. It’s about credibility for marketing because my business doesn’t care about emotion – it cares about results”
Dominic Groundsell Travelex timecode 13.15
- However refined measurement gets it will still inevitably be imperfect in terms of predicting future performance. Always understand the limitations of the data you have, and the techniques employed. It’s still important to use judgment, informed by multiple sources of evidence – don’t jump too soon in reacting a single piece of evidence.
(Chair) Dominic Grounsell Global Marketing Director Travelex
Chris Mawdsley Media Portfolio Lead BBC
Dan McNicholas Head of Analytics & Insight Business Director MEC
“Just what the industry needs, great collaboration between clients and agencies on the topics that drive business growth.”
Bridget Angear, Joint Chief Strategy Officer at AMV BBDO
“It’s great to see the IPA in the UK bring the whole industry and particularly the trade bodies together to focus on effectiveness. This new Marketing Effectiveness initiative will enable people across the industry to work together to build on best practice.”
David Wheldon, Chief Marketing Officer, RBS
“Effectiveness is a team sport, so it was great to see the industry in the widest sense, come together. In an increasingly diverse and fragmented world, only by using all parts of the brain will we solve effectiveness challenges and design our campaigns to deliver short and long term value. That’s why what happens next is important – if the IPA can help facilitate progress on this with a long-term initiative around Marketing Effectiveness, we’ll definitely crack it.”
Bart Michels, Global CEO Kantar Added Value and Country Leader Kantar UK
“The time spent at #EffWeek was extraordinarily effective. It was great to hear the diverse views from all areas of the industry. All tied together with the common themes of accountability and effectiveness.”
Andrew Canter, Global CEO, BCMA
“It has been a privilege to be part of the inaugural Effectiveness Week. The agenda is one which we at O2 UK feel passionately about. To see and hear perspectives across the industry demonstrates how the breadth of marketing effectiveness is increasingly being valued within businesses. Data, insight, social, customer experience, test and learn, ROI, these are all fundamentals and were covered expansively at the event”.
Sandra Fazackerley, Marketing & Consumer, Telefónica UK Limited
“The full week of effectiveness events brought into clear focus the need for marketers to use data and insight to achieve the key business objectives of growth and profits. Marketers today are in a better position to quantify their knowledge of customers and measure the ability of investments in marketing to increase brand and shareholder value.”
Chris Combemale, Group CEO, DMA