Measurement Strategy in the Digital Era is a study into the marketing measurement capabilities of brands.
Produced by Gain Theory in partnership with EffWorks a cross-section of senior marketing and insight professionals from 40 brands were interviewed, collectively representing a UK advertising spend of more than £7bn.
Download the full paper above, or watch Jon Webb of Gain Theory present at EffWeek 2018 below. Scroll to read the five key takeouts from the paper.
Five Key Takeouts
Start as you mean to go on – organisations need to have the emotional and political fuel to start and stay on course for the Marketing Effectiveness journey if they want to create a best-in-class strategy. This includes having the willpower, motivation and desire, as well as the ability to collaborate. Keep reading for the five key takeouts.
1. Getting The Basics Right
Marketing Effectiveness improvements, while significant, can be dwarfed by the benefits of simply doing existing marketing better. Late TV bookings in the UK, for example, can attract a substantial additional fee and, even if the fee is avoided, you often end up with poor inventory. For white goods retail, similarly, basic questions include: are we advertising products that will drive footfall, or purchase with a high attachment rate and high margin? Is supplier funding being used in the best way?
2. Less Detail = More Impact
A flood of data means that we can be more micro and granular than ever. That’s not always helpful. As an example, for large multinationals, the ability to move budgets at the margin from one country to another is the biggest potential win. In this scenario, big-picture metrics such as economic forecasts, market size, penetration and market potential are much more important than microchannel ROI.
3. Match Metrics To Strategy
A key element of successful Marketing Effectiveness is to ensure that activity is assessed against the right KPI. Everyone wants profitable growth, but different companies will be taking different routes to get there. The metric should match the brand’s chosen roadmap.
The metrics that matter will vary. Best-in-class Marketing Effectiveness measurement strategy anticipates and predicts these changes.
5. Stop Standard Reports
Issuing poorly curated standard reports is not best in class. Move towards a response-based style where answers to specific questions are available, not just a one-size-fits-all approach. Understand the hierarchy of metrics and what is important to whom.
“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