In this technology age, now more than ever, new media offer a plethora of opportunities to measure. Yet, according to the August 2010 CMO Survey, joint-sponsored by the Fuqua School of Business and the American Marketing Association, while marketers say they value metrics, they admit to doing a lackluster job of it.
For example, the survey states that on average, companies use roughly 6 communications channels to reach customers. Yet when asked to rate how well they capture cost and revenue info across these channels on a scale of 1 to 7 (1 meaning “not at all” and 7 meaning “very well”), marketing executives rated their efforts as 4.4 for revenue information, and a skimpy 3.6 on cost information. In the direct response realm, our own discussions with enterprises amplifies this challenge.
To compete in this ever-changing economy, businesses need choose their media vehicles wisely with a focus on driving sales and results. The only way to know what is working is to track it.
But where to start? Think of each marketing project as a blank canvas upon which you will combine best thinking and historical learning to develop a clear picture and, if it all comes together right, sales results. Digital offers a host of methods to ways to track and measure consumer interest, engagement, and response. Companies like Optify and Adobe/Omniture are a few in this space that help marketers make sense of online activity and engagement.
Technology is enabling new ways to measure traditional media as well, and driving the creation of new media opportunities, including QR codes and spyderlynks within the mobile space. All may have a significant (or insignificant) impact on your masterpiece in the works. Choose the wrong media, or fail to see how it works together, and you might as well paint with watercolors in the rain. Your project will be a wash-out. If done well, however, with every brush-stroke, as your project progresses and you’re measuring each element, a clear picture of results should emerge.
But is it clear? You may still be missing the bigger picture.
As enterprise marketers, you possess tremendous depth of knowledge about your products and customers. This knowledge is enhanced by reporting and analysis that is ever-changing. This is one of your many strengths. What your agency should bring to the table is scope. Make sure your agency engagements start and finish with results, and they have the expertise to measure every step along the way.
Your agency should be your partner in helping you see the bigger picture, helping you understand how every response adds up to create a masterpiece – your work of art.