Optimising your Marketing Mix - Framework

In today’s fast-paced digital landscape, directly comparing results across various media channels has become increasingly challenging. With a growing number of channels offering dedicated measurement solutions, optimising your marketing mix is more complex than ever. This is where a holistic approach to measurement, such as the Measurement 360 framework developed by Meta and Deloitte, becomes invaluable.

Introducing Measurement 360: A Holistic Approach

Measurement 360 helps businesses integrate multiple measurement solutions to track all components of a marketing strategy cohesively. This comprehensive view of the customer journey allows for a better understanding of performance and more informed decision-making about marketing strategies.

Aligning Business Goals and Reviewing Your Measurement Strategy

The journey with Measurement 360 begins by aligning your business goals with your measurement strategy. It’s crucial to review your current measurement framework to ensure it supports your business objectives. Experimenting with new methods, testing, learning, and making necessary adjustments are key components of this approach.

Defining Objectives, Key Results, and KPIs

Measurement 360 starts by determining what to measure based on your business objectives. For instance, your goal might be to encourage customers who haven’t purchased in the last 90 days to buy now. Your key performance indicator (KPI) in this scenario could be the cost per acquisition across all customers.

Reviewing Your Current Measurement Framework

Compare your KPIs and metrics against your marketing strategy to assess whether your marketing goals are properly tracked across all channels. Identify gaps in your current measurement and decide which tools to test and integrate into your Measurement 360 framework. If significant gaps exist between tracked KPIs and your marketing needs, consider testing a new measurement tool or utilising an existing one to fill the gap.

Building Advanced Analytics with First-Party Data

A future-proof measurement strategy should prioritise privacy and rely on first-party data whenever possible. By collecting more first-party data, such as paid media performance data, and combining it with second-party and third-party data, you can gain valuable insights into your audiences and performance. These data sources are crucial for advanced measurement and media attribution solutions within the Measurement 360 framework.

Experimenting with Different Methodologies

In today’s measurement landscape, no single solution fits all. Embrace a variety of methodologies and be willing to explore different approaches to find what works best for your business.

Embracing a Holistic Test-and-Learn Approach

Running experiments across your marketing strategies helps validate best practices and identify which strategies truly generate results. Allocate a budget for experimentation and quickly adopt a test-and-learn approach with media and creative variations. Determine the winner of each test based on a KPI from your overall measurement framework, ensuring consistency.

Continuous Calibration of Measurements

Use different measurement types to calibrate results continuously. For example, measuring incrementality and participating in a Brand Lift study with one partner can provide deep audience insights. At the same time, a long-term brand health study can help calibrate these learnings across various sources. Once this system is in place, different measurement types can explain each other, identifying discrepancies and resulting in a more accurate overall view.

Conclusion

Navigating the proliferation of marketing channels requires a holistic and integrated measurement approach. Measurement 360 offers a structured framework to help businesses align their strategies with business goals, build advanced analytics, and continuously refine their measurement tactics. By embracing a test-and-learn mentality and prioritising first-party data, businesses can gain a comprehensive understanding of their marketing performance and make more informed decisions.

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