How effective is our advertising? A question asked in board rooms the world over and yet very often no one has a complete answer. This is hardly surprising since any given business or advertising campaign can be quite complex. Marketing across multiple channels, regions and markets can make it very difficult to determine what is working effectively.
At the end of any advertising campaign you need to know what your ROI (return on investment) is. How else can you determine if the campaign was worthwhile or if you should consider running a similar one again in the future?
The irony is that we live in an age of data. We have never had access to so much data through so many channels and yet many business owners say harnessing it is one of their biggest challenges. While we can probably all agree that "big data" has almost limitless potential and will continue to provide new innovations in information and solutions, it can be difficult to keep up with changes and technology.
How does this apply to my ad campaigns?
Any marketing agency will tell you that the largest portion of your budget is spent on the "testing phase" of your advertising. Split testing and trialling of copy, creative, channels and more is all very important. Generally, this phase is completed and the "most effective" ad is chosen and deployed. Then you sit back and look forward to the results. This is where it gets complicated, many companies choose one or two metrics to track in order to determine the impact or success of an ad campaign.
You have various options you can consider. Changes in sales, requests for quotations, higher call volumes, more foot fall if you have a retail presence, traffic volumes on your website or an influx of new customers. All of these in isolation can tell you something about your business and indeed the ad campaign you are running. By only using one or two you are not seeing the broader picture. Is there a way to gain a deeper insight without battling an endless database of spreadsheets and hiring a dedicated in house team to try and keep up to date?
Let's look at web traffic as an example
If you are advertising online you can use analytical tools to measure how many visits your website has, what pages are viewed, what customers are buying and in what quantities. Even geographical info and demographics can be analysed.
That all sounds great but let's say you track the number of visits and total purchases. Both are great things to know about your customers, however if you didn't track the pages they viewed and how long they stayed on each page you are missing out. Finding out what worked for those customers can show you what areas of your website are most effective and which ones need improving.
Combining this with the geo location and other data suddenly builds an incredibly detailed picture of your ideal customer and their behaviours. This can then be used to re-market or on your next ad campaign, improve your advertising effectiveness and boost your ROI.
As you can see with this example there is a lot that can be done and this is just a single channel, in this case a website. What about tracking across other channels and combining that data? When it comes down to it measuring the effectiveness of your advertising is the missing link in your advertising chain. It is the only way of determining the performance of your advertising in the marketplace.
The only question that remains is how to go about harnessing the data and filtering it into easy to understand reports that you are your stakeholders can share and use to grow the business.
Do you need to measure the statistics and metrics of your advertising effectiveness? We can help you to find out if your time and talents are worth what you’re investing. We specialise in extracting and merging data from multiple systems to provide a business wide view. This data is then combined to provide you with real time reports you can use in your business. By showing you where your money is best spent, how to better segment your audience and decide who you should target with your promotional efforts.
At Ddaas we help your businesses grow using your own data, helping you to improve your return on their marketing investment.