No Marketing Measurement Method is Perfect (And What You Can Do About It)
This is a partner guest article by Maggie Tharp, Product Marketing
Manager At Rockerbox. Learn more about Rockerbox
here .
If you’re looking for one marketing
measurement
methodology—a panacea to give you all of the answers to your questions
of what’s working in your marketing—you’re looking for the wrong thing.
It just doesn't exist. There is no one perfect marketing measurement
approach, but that’s not such a bad thing.
As a measurement provider ourselves, it might seem strange to be touting
the idea that all measurement methodologies are flawed, but accepting
that reality is the first step to getting closer to the information you
need to make the right budget decisions that’ll actually impact your
bottom line.
Because while no marketing measurement method is perfect, marketing
measurement is still vital to your success, and it’s more relevant than
ever in today’s rocky macroeconomic climate.
How Multiple Measurement Methods Support You in a Poor Economy
When stakes are high and there’s extra pressure for every marketing
tactic to tie back to revenue, marketing leaders can’t afford to skimp
on marketing measurement that can help to prove the success of their
efforts. Not only that, but they also need the right measurement methods
to both optimize campaigns on a channel level and also make the right
calls about which channels to spend into and how much to spend. Because
each marketing measurement method has its pros and cons, it’s ideal to
have multiple methods at your disposal.
MTA, MMM, Geo-Lift: All Measurement Methods Have Flaws
The marketing measurement landscape is full of different ways to assess
the impact of your marketing—all answering the same essential question:
Is my marketing spend paying off? Some providers tout incrementality
testing as the best approach, others MMM, and still others take an
attribution
approach.
The truth is—none of these methods will answer all of the questions you
have about your marketing performance, and all of them have their pros
and cons. MMM, for example, excels at giving you high-level direction
about the channels you need to invest in, whereas it’s not helpful for
measuring organic impact or making campaign-level optimizations.
Take Rockerbox. We do a great job of helping customers understand the
path to conversion looks like, including hard-to-track and offline
channels. Even with that approach, there will still be conversions that
come from a mystery source. In those cases, a great way to unlock more
of the marketing puzzle is to implement post-purchase surveys—using
zero-party data to complement the picture that Rockerbox is painting.
Diversification: The Secret to Better Marketing Insights
So if no measurement method is the end-all, be-all solution, what should
brands do?
We like to think of all measurement methodologies as contributing to a
clearer understanding of customer behavior and marketing effectiveness.
When companies employ multiple methodologies for the situations that
best suit them, they can build a more complete picture of what’s really
working without being blinded by allegiance to one approach.
The whole goal of measurement and marketing overall is to continue to
get better and find incremental ways to get more out of each dollar,
understand the source of your traffic, and uncover what's actually
driving ROI. With that, the goal can shift from removing all uncertainty
about marketing attribution to how to minimize uncertainty as much as
possible.
Rockerbox + Fairing: Filling the Marketing Measurement Gaps
Rockerbox uses first-party data to build a detailed picture of the
customer journey, but when there are questions attribution can’t answer,
that’s where post-purchase surveys come in. Rockerbox integrates
directly with Fairing ,
meaning that data from their best-in-class surveys can be combined with
the impact of your other marketing touchpoints to give you a complete
picture of how your marketing is performing. Reach out to
Rockerbox to learn more today.