5 Steps to Successful Marketing Measurement

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Marketing measurement is one of the greatest challenges for modern advertisers. In particular, brands have an uphill battle to face when proving full-funnel marketing ROI across a variety of digital and physical channels. We’re here to change that. 

Coegi takes a unique approach to marketing measurement and campaign learnings centered around reaching core business objectives. This is the focus of every digital media strategy and campaign we execute.

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In This Playbook, You’ll Learn How To Succeed In Marketing Measurement With Five Simple Steps: 

  1. Identify desired business outcomes
  2. Determining the key performance indicators to signal success
  3. Evaluating incrementality
  4. Creating a cycle of testing and learning
  5. Using data storytelling for better insights.  

Using these steps, you can ensure clear strategy and efficiencies in any marketing campaign. This is your guide to calculate and prove marketing ROI.  Apply these core principles and watch your business transform. Using this approach will allow you to track and communicate meaningful data, no matter how complex your channel strategy may be. 

How Can You Prove Marketing ROI? 

To prove marketing ROI, you need to focus on aligning quantifiable data points with your overarching business objective. This will look different for every brand, which is why we incorporate custom scorecard models for our clients at Coegi. 

By following the five steps outlined in this guide, you can produce clear, measurable results – in other words, return on investment. These steps are crucial to accurately and effectively measure success and progress within online marketing strategies for any brand. Our specialists at Coegi utilize these tactics daily, and optimize results for clients with consistency by consistently implementing this process. 

Download the Five Step Guide to Successful Marketing Measurement now to get started on your path towards clearly defined success. If you have any questions, don’t hesitate to contact us to set up a discovery call with our team. 

5 Steps to Successful Marketing Measurement 

Step 1: Identify Desired Business Outcomes

The basis for creating strong digital campaigns lies in setting objectives and key results (OKRs). OKRs are a framework used to define measurable goals and track their outcomes. They are a cornerstone for strategic planning in nearly all companies.

You can use this planning process to translate business goals into actionable digital strategies. Without clear OKRs, you run the risk of prioritizing metrics, tactics, and strategies that do not translate to meaningful growth for your company. If that happens, you end up wasting both time and marketing dollars.

To implement this practice, establish and understand the core business goals defined by key stakeholders. This is the centerpiece of your marketing plan. It creates a roadmap for the whole team to clearly understand the brand’s expectations. From there, teams can build a strategic marketing plan to move the needle for the brand.

Step 2: Determine the KPIs to Signal Success

Next, you’ll need to define and implement systems that capture the results of your efforts. Campaigns must start with meaningful measurement across all stages of the customer journey and all channels. Meaningful measurement is tracking the metrics which drive toward core business objectives. These will be your key performance indicators or KPIs. 

When determining your KPIs, be cautious of media efficiency metrics. They can be effective for evaluating campaign performance on an operational level. But, they often do not ladder up to holistic business objectives. Direct your focus away from the lowest CPM or CPC, because not all clicks or impressions are created equal.

What can marketers do instead? Focus on what actually indicates success. For instance, how does the metric you are tracking impact your percentage YoY growth or lift in brand awareness? Layering advanced measurement tactics on top of traditional media efficiency metrics can often provide deeper insights. 

Step 3: Evaluate Incrementality

Knowing which tactics and channels are helping you reach your KPIs isn’t always easy to determine. Just because your reports show better metrics on Facebook does not mean it is the leading driver of results. A purchase today could have been impacted by an ad served on CTV last week that was reinforced by an influencer on Instagram yesterday. 

So how do you attribute marketing tactics to conversions? Focus on testing incrementality:

  • Establish a performance baseline
  • Adjust one variable at a time 
  • Track the overall impact 

Unlike touch attribution models, this method allows you to see the influence an individual tactic had on the final conversion, no matter where it took place.

Step 4: Create a Test and Learn Cycle 

When creating a marketing strategy, it’s critical to start with a learning agenda. Our unique framework helps identify the key questions we can answer to improve upon results. 

A learning agenda helps determine which components of a marketing campaign are driving the best outcomes. This could mean a better understanding of your target consumer. Or, it could mean determining which tactics are most effective. 

Here are a couple of examples of possible learning agenda hypotheses: 

  • Moms 25-40 are an audience with untapped potential.
  • Our target consumer is more likely to convert on Facebook than on Instagram.

Even if your hypothesis is incorrect, you are better off than you were before. Now you can make adjustments based on your learnings. 

Step 5: Use Data Storytelling for Better Insights

The measurement framework and test and learn cycle equips brands with the information needed for data storytelling. The value in data lies in the stories it tells about your audiences, your performance, and your interplay with the external environment. 

Look at the underlying narrative running through your data to build a meaningful story arc. Visualize the data so you can easily identify trends and understand performance relative to goals. Consider layering campaign data with macro-level data to see a holistic picture and identify outliers or interesting correlations. Looking at the data from a macro lens helps weave the micro data points into a cohesive story that makes sense to marketers, but also external teams. 

Your data story provides an opportunity to connect the dots between how various media channels work together. If done right, it will also show areas that didn’t succeed. Those failures can guide new creative or adjustment of certain tactics and spend reallocation.  

Communicating Marketing Measurement Results 

We often talk about blending art and science in our marketing strategies – that same concept applies to data analytics. When communicating results to high-level internal stakeholders, qualitative information with direction from quantitative data often speaks volumes, but only if you tell the right story. You want to layer in context, feeling, and understanding – the human emotion and behavior will amplify the data you’ve collected. Knowing the audience and tailoring your story to their unique point of view will ensure the information resonates. 

Applying the 5 Steps

This marketing measurement process fuels a data feedback loop, creating an infinite cycle of improvement. It’s never perfect, but by using performance marketing data to tell your brand story, you can ensure it is always evolving. This practice minimizes media waste and allows marketers to make more intentional decisions. 

With this guide, you can become a digital hero and produce clear results. Contact Coegi for additional information on how to accurately measure your business objectives. 

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