Step 4: Create a Test and Learn Cycle
The goal is to create a cycle of continuous improvement for your marketing. You can do this by using a learning agenda that informs variable testing and optimization points.
A learning agenda helps identify the key questions you can answer to determine which marketing components are driving the best outcomes. This could mean a better understanding of your target consumer or determining which tactics are most effective. So what could these questions look like?
- Millennial Moms is an audience with untapped potential for our brand.
- Our target consumer is more likely to convert on Facebook than Instagram.
- Lead generation will be more cost efficient on TikTok than Snapchat.
- Running CTV and linear TV together will drive an increase in sales versus running only linear.
Whether or not your hypotheses turn out to be true, you will be more informed and your campaigns will become more data-driven and effective.
Now you have meaningful measurement data – it’s time to connect the dots.
Step 5: Use Data Storytelling for Better Insights
- How did various channels work together?
- Which areas were most and least successful?
- What story is the data telling about your audiences, your creatives, and your selected channels?
Use these types of questions to identify the underlying narrative running through your data. To aid this process, visualize the data so you can easily pinpoint trends and understand performance relative to goals. This intel can guide new creative or adjustment of certain tactics and spend allocation to make your future campaigns even stronger. It should also highlight any gaps between customer touch points and eventual conversion or retention.
Looking from a macro lens helps weave the micro data points into a cohesive story that makes sense to marketers as well as external teams. From there, you can lay out clear, actionable steps based on analytic insights to transform your digital marketing strategy.
Bonus Marketing Measurement Steps
#1 Tailor Reporting to Individual Stakeholders
Create a reporting system so each decision-maker clearly understands the impact of marketing. Show ROI to your CFO. Show trends in marketing qualified leads and sales to your COO. Show percent change in new customers to your CEO. Knowing the audience and tailoring your story to their unique point of view will ensure the information resonates and your efforts are valued.
#2 Move from Campaigns to Long-Term Transformation
This process fuels a data feedback loop, creating an infinite cycle of improvement. Over time, you’ll minimize media waste and make more intentional decisions. It’s never perfect, but by using meaningful data to tell your brand story, you can ensure it is always evolving.
Contact Coegi for additional information on how to accurately measure your business objectives and see clear marketing results.