As part of our research for the Diploma in Digital Marketing, we spoke to a number of digital marketing consultancies who specialise in PPC, Paid Social, SEO, CRM and CRO amongst other things. In this short article, we discuss the importance of analytics and how Digital can be used to build and monitor a brand’s salience.
The first thing to do is to be clear on the business and your communication objectives of your marketing. This allows you to put it in a plan for how on how to measure its success; what tools and third party vendors to use and to how to visualise and report on your progress. Therefore, you do need to really prioritise your objectives, your KPIs and what data you want to track.
In this respect, we need to consider effectiveness and efficiency metrics. From an effectiveness perspective, this is about asking how successful your marketing activity has been in moving the dial. For example, how many sales have you achieved and or how much revenue has been generated. From an efficiency point of view, ask about return on investment (ROI), cost per acquisition, click-through rates and lots of other different types of metrics. You need to think carefully about where you place the emphasis between effectiveness and efficiency metrics. For example, Campaign A might have better ROI than Campaign B but the latter might be generating much more revenue.
There are as many examples of digital marketing not working very well as there is of it working brilliantly. When you look into the data, it’s not uncommon to find that a high marketing spend did not mean the campaign was seen by very many people at all. Top line metrics can look good in terms of impressions and reach but you need to interrogate the data to find out what’s really going on. Useful tools like Nielsen Digital Ad Ratings allow you to see how many people you actually reached or actually how many impressions were actually viewed. It’s all about looking at your marketing data, which might come from varied and multiple sources, and constructing a story of what’s really happening. Allowing you to make more informed decisions about your marketing spend.
A question that is often asked is whether digital build a brand? Digital is traditionally seen as a bottom of the funnel activity. However, it can play an important role across the funnel. It allows you to target people that you might not have reached through TV campaigns or radio campaigns, for example. There are plenty of examples out there of Digital being able to build and maintain brand salience.
One of the things a digital marketing consultancy can measure is brand health. There’s different ways of doing so and one of the best known ways is via a brand health tracker. Quantitative research is traditionally used in this regard. This involves asking a large number of people about the brands they are aware of and would consider. The results would be evaluated against your marketing strategy, objectives and KPIs. Brand health trackers are usually performed on monthly or a yearly basis.
Brand health trackers are important not always the cheapest way to monitor a brand. For those with lesser budgets, other mechanisms such as brand lift studies can prove useful. They can be performed on channels like Facebook and are usually free as part of a media buy. A brand lift study measures a brand against people you have advertised to and those you have not advertised to. This will give you a good impression about the success of those ads.
If you enjoyed this short article and want to see more, consider participating in our Diploma in Digital Marketing.