Measure along the path to optimized marketing effectiveness.
The Measurement Challenge
There are many ways to reach and influence customers in markets that are complex, fragmented and competitive. Customers make complex purchase decisions, usually influenced by a variety of factors, some of which are outside of marketers’ control.
These various factors collectively and cumulatively affect customer decisions over time. As a result, it is difficult and costly to isolate and measure the impact individual marketing programs have on customer purchase decisions, and even more difficult to calculate financial return on investment.
There is a natural inclination to believe that a complex and costly measurement solution is required to address this challenge. In addition, the marketing function is generally under pressure to defend its budgets and provide more accountability for its spending, and prove marketing ROI.
Yet, many marketers lack the resources (time, people and expertise) to do the measurement they want to do. Often when measurement is done, individual programs are measured independently of each other, using different approaches and metrics, making comparisons and benchmarking difficult.
Given these challenges, many marketers don’t do enough measurement to learn what they need to know in order to optimize the effectiveness of their marketing.
