The shift in marketing to the individual is well underway. Audience creation has become very granular and sophisticated. Yet measurement and optimization is still a snarl of clicks, views, engagement, likes, retweets and shares. And that’s just a starter list. If you haven’t yet prioritized closed loop measurement of incremental sales above all the other metrics, here are nine reasons why you should.
- When was the Last Time You Clicked on a Banner Ad On-Purpose?
Seriously, clicks can lead you down the wrong path as a marketer. Clicks may be more correlated to how annoyingly small the cancel button is on the corner of an ad – especially on mobile. A major big box retailer learned that using actual sales data can more than double the sales lift driven by your campaigns. Get the case study here.
- Viewability is Built In
Many marketers are concerned with viewability and rightfully so. But measuring viewability in a virtual world is very difficult. By cutting to the chase and measuring incremental sales driven by your ad, you will know whether it was viewable. Invisible ads that don’t load or sit below the fold don’t drive sales.
- Bots Don’t Buy
Bots can rack up impressions and clicks, but they won’t inflate your sales.
- You’ll Always be Ready to Defend Your Budget
How long do you think it will be before you are asked some version of this question: “P&G cut their digital ad spend by $140M in a quarter and didn’t see an impact on sales. Can’t we cut our spend this year to cover that profit shortfall?” When finance comes calling to fill the gap, soft metrics and sales proxies are seldom helpful. And as you know from experience, when you get a day or two to complete the “what’s not spent or irrevocably committed” spreadsheet, it’s too late to commission a study to help answer this question. Be prepared.
- Ignoring Incrementality is Akin to Taking Credit for Other People’s Work on The Entire History of Your Brand
Whether you use last click, first click, weighting or AI, any attribution method that fails to account for all marketing activity – owned and earned, online and offline – will give undue credit to recent, trackable activity. Acting like your current marketing is responsible for all sales is sure way to lose credibility.Yet many marketers are still not properly accounting for incrementality. Consider word of mouth as just one example. Every marketer wants to drive word of mouth. And to state the obvious, some people actually do still talk in person with their friends and neighbors. You can’t capture it by only measuring social media. Generating positive word of mouth from great customer experiences takes a huge amount of effort from many functions in your organization. When WOM happens, do you really want to claim that your branded keyword ad deserves all the credit?
- Speak the Same Language as Your Executives
Many, if not most of the marketers I know, have a vision of themselves in executive leadership someday. I’m not judging by the way. I count myself in that group too. By measuring KPIs that require no woulda/coulda/shoulda caveats, you’ll be doing yourself and your company a big favor. Said differently, which would you rather say to your Board? (A) Our campaign drove $6M of incremental sales in-store and online. (B) Our campaign drove outstanding engagement, 56K likes and 100M impressions.
- A Common Yardstick
Many publishers and platforms offer different metrics to gauge success. But using different KPIs on different sites makes it very difficult for marketers to compare and contrast performance. Marketers using incremental sales as their metric are able to make more confident, informed decisions about allocating their marketing investment. For example, if a publisher isn’t driving sales, shift your spend to ones that are.
- Sales are the Ultimate Measure of Marketing Success
What gets measured gets done. Begin with the end in mind. You can insert your favorite version of this cliché here, but if you can measure the goal in time to impact the outcome, why focus on anything else?
- Because You Can! Faster than Ever.
In the old world (last year), measuring incremental sales driven by your ad campaign was complex, slow and expensive. With Commerce Signals, you can measure incremental sales in just 2-3 days! That’s in time to optimize your campaigns and drive even more sales.
For more information please email firstname.lastname@example.org. We’d be happy to help you on your marketing effectiveness journey.