With so much time, effort and money invested into your marketing strategy, having metrics in place to measure the return on this investment (ROI) is crucial. Although many marketers have metrics in place to measure key performance indicators (KPIs) like website traffic, conversions and bounce rates, these are not always the best option for measuring your marketing across multiple channels. Crafting a measurement strategy that is tailor-made for each channel could be a more effective way of ensuring you have the optimal ROI and are gaining the insights you need to push forwards.
Here are a few examples of how to use tailor-made measurements to monitor your marketing.
1. Use technology to measure in-store engagement
Marketing Week recently wrote about Unilever’s foray into facial recognition technology in their latest bid to better measure the impact of in-store product displays. According to the article, the technology ‘measures shoppers’ engagement with on-shelf displays’ by
‘plac[ing] discreet cameras on shelves to analyse shoppers’ facial expressions as they approached its product displays, calculating the basic demographic profile of the individual along with the ‘noticeability’ of the display, and the levels of attention and engagement given to it.’
According to Unilever’s vice-president of consumer and market insight, BV Pradeep, the ‘trial is intended to correct the lack of effort that goes into measuring the effectiveness of below-the-line marketing investment, which […] is currently being neglected.’ Likening the neglect of measuring in-store marketing to ‘the syndrome of a drunkard who is searching for his lost key under a lamp post just because there is light,’ Pradeep believes brands must capitalise upon new technologies to address this problem. Although only in its early stages, given the challenges of engaging increasingly-distracted consumers the technology could provide more concrete ways of measuring in-store ROI in the future.
2. Develop your own metrics for word-of-mouth
Given that, as Salzman points out, ‘84 percent of consumers [trust] recommendations from influencers, friends, family members and peer networks above all other kinds of marketing,’ this reluctance to engage with word-of-mouth or influencer marketing is problematic for brands. He also highlights that this goes beyond social media influencers, reminding readers that influencers existed long before the internet and should still be seen as a valuable source for building brand reputation and loyalty.
Salzman therefore suggests that marketers must build their own metrics to measure word-of-mouth marketing, particularly in an offline context. He argues that brands should ‘rat[e] the value of a relationship based on key factors like breadth of social circle, expertise, authority, thought leadership [and] social impact,’ as this allows marketers to predict and later credit successes. Salzman explains that ‘this level of control allows for the same kind of valuable measurement that marketers leverage in all other forms of marketing’ and can begin to build a comprehensive strategy for measuring influencer marketing.
3. Treat experiential as a holistic customer journey
Another tricky marketing tool to measure is experiential, as like word-of-mouth it often takes place away from the digital sphere and lacks an obvious KPI. Yet since experiential remains a fast-growing sector of the industry and is receiving increasingly large investment by brands, failing to measure it properly could cause problems for strategy in the coming years.
According to an article by CampaignLive, ‘in order for experience marketing measurement to be effective, we need to look at it through a broader lens—a way that connects it to the full consumer journey, not just as what happens physically, such as in-store, event or activation.’ The article emphasises that, when it comes to experiential, how this feeds in to the broader customer journey is generally non-linear. This means that a customer may come across a product online, experience it via a pop-up a week later, yet only visit the store after several weeks when the time is better for them to buy. Because of this, Campaign Live explains the whole customer journey must be considered experiential, rather than simply the pop-up or live demo your brand may have used to capture the customer’s attention.
With this in mind, the article argues that conventional metrics used to measure experiential such as ‘social media shares, branded event attendance and email sign-ups’ are the wrong metrics to use. These do not measure the true impact of the experience, and so ‘experience impact needs to be measured in a model akin to a full attribution funnel currently used in digital advertising, tracking each part of the consumer journey from awareness to the final decision.’
Noting that ‘ultimately this will lead to brands creating experiences that are more connected and effective for them and much more remarkable and interesting for their users,’ it is clear that bespoke measurement is a must, not only for experiential, but also for word-of-mouth and in-store experiences which cannot rely simply on the metrics available for digital-dominant channels.