Digital Dilemmas: How do I measure the effectiveness of my digital investment?
This month, our expert examines the best ways of tracking the ROI of online strategies across many consumer touchpoints.
Dave Reed is managing director, EMEA, MediaMath
Dave has recently been promoted to his current position from senior vice-president of strategic solutions. In his previous role, he oversaw custom client solutions, platform professional services, and client and partner integrations at MediaMath. Dave has more than 16 years’ experience in digital marketing, ecommerce and software development, creating technical and marketing solutions for Fortune 500 marketers. He is also a frequent speaker at online marketing events.
MediaMath, which was founded in 2007, provides tools that both enable and empower the new breed of marketing professional in the digital age.
Our TerminalOne Marketing Operating System allows agencies and advertisers to plan, execute, optimise and analyse marketing programmes across the digital landscape.
The digital marketing landscape has become increasingly complex, and the way that consumers interact with technology has diversified to new devices. From tablet to mobile to desktop – and to emerging channels such as digital out-of-home, native ad formats and IPTV – there is a fast-growing number of digital channels and consumer touchpoints across which to market.
This blended consumer experience has opened up new opportunities to marketers. However, it has also opened up a number of challenges around the question of measurement.
The power of insight
Combining attribution technology with programmatic strategies can provide marketers with a solution to the cross-channel measurement issue. It allows all consumer touchpoints to be mapped out and assigned a value based on the impact that each brand exposure has on consumer behaviour. Marketers gain insight into the placements and creatives that drive success with audiences at each stage of the marketing funnel. This can be used to optimise ad effectiveness and reallocate budget in real time, ensuring that the right marketing mix is being directed to the right consumer.
This model also gives rise to other possibilities, such as applying contextual data. Consumers are likely to react differently when browsing on their mobile before work from when they use their tablet at the weekend. By using algorithms that measure and test success, based on factors such as time and device type, brands can make sure they are also serving the right ads at the right time and on the right device.
Here are three ways that marketers can use attribution to ensure maximum return on their online investment:
Gain a greater understanding of the impact of different creatives and placements on audiences at each stage of the marketing funnel.
Identify the type of conversion events that would drive the greatest ROI.
Apply contextual data, such as time and device type, to real-time ad buying.
Attribution ensures consumer interactions can be measured at all stages of the purchase process, empowering marketers to enhance multichannel success in real time.
This article was first published on marketingmagazine.co.uk
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