Advertising Media

 Cross media measurement

 

 

 

Food industry businesses owners will face many challenges when advertising their brands, the focus this week is the challenges businesses face with how digital advertisements are measured, IAB created a survey in 2018 which showed that ‘’83% of brands found cross media measurement is one of their biggest challenges,’’.(Measuring digital advertising in a multimedia context, 2021 IAB)

 

 

While they are challenging metrics to measure, the key benefits of strong cross media advertising outweigh these issues as gaining the knowledge and ability to measure their campaigns more effectively, will have a direct reduction on pragmatic advertising. (Corcoran, 2019)

 

The issues around this matter are continually growing and becoming more complex for brands to follow, the introduction of first party permission data, has helped define the best media mix for specific businesses.  This introduction now allows advertisers the ability to identify top media channels 

 

The Advertising Agency PHD global  chose to use first party permission data. Their objective was to ‘’drive consideration and preference  for a large tech company,’’ looking to assess how each channel preformed digitally. This camping ran across different European markets. (Corcoran, 2019)

It found that their key metrics which were  ‘’brand awareness, purchase  consideration preference and likelihood to purchase’’ enabled the agency to truly understand the impact of their advertising from each channel.

 

Mr Rose argues that the most beneficial and important metrics you can measure across channels  are , Conversion rates, sales,  qualified leads and customer lifetime value, due to the fact that they produce strong data and figures that inform the agency about their customers journey across channels.  (Rose, 2019)

 

 IAB have since created a guide on best practice’s when it comes to cross channel measurement, they have formulated a tool kit to help businesses create their own measurement strategy.

 

When using a cross channel approach you must ensure you set specific objectives unique to your campaign and business, this includes choosing each role and the objective of each media channel. This will help lay a clear foundation that will allow KPIs to be set for each part of a campaign. You can then clearly set your metrics accordingly.

 

When setting your campaign objectives, be clear on what you would like to achieve, keeping in mind your target audience, who is it you would like to reach?

 

A key Consideration is how your data will need to be organised as ‘’meaningful results  depend on data  accuracy and comparisons’’ 

(Measuring digital advertising in a multimedia context, 2021 IAB)

 

 

IAB’s guide covers four key tools, which your brand could consider including in the measurement process, the following tools are:

 

Brand studies: Which will measure how your marketing activities and channels are reviewed by consumers, and what their brand perception is.

Econometrics:Will measure the effect of your marketing mix on sales.

Attribution: Will show how different touch points will affect the sales. 

Controlled  experiments: these are randomly assigned tests, which will assess the impact of media changes.

 

When using these tools it is vital that you ensure that your measurement approach will consider all steps in the customer life cycle.  

Have a look at the table below to see how these tools which can be used within multiple time frames and how they consider the customers journey.

 

If you choose to start using the above new measurement tools for your cross channel advertising, it is important to consider their limitations and if they are suited to your own objectives.

 

Remember to set clear objectives and carefully consider your metrics,  there is more than just a click to rate out there on multiple channels and don’t forget to organise any data from your campaign.

 

#crossmediameasurement #marketingstrategy #advertisngagency #marketingobjectives

#progmaticadvertising #metrics #measurmenttools #Attribution #customerlifecycle #customerjourney

 

Author Deirbhile

 

References:

 

Corcoran, L. (2019) ‘Revolutionising cross-media measurement’, Marketing Week, 29 August. Available at: https://www.marketingweek.com/revolutionising-cross-media-measurement/ (Accessed: 4 March 2021).

Rose, J. (2019) Cross-channel marketing: Best practices for success, The Future of Customer Engagement and Experience. Available at: https://www.the-future-of-commerce.com/2019/06/14/cross-channel-marketing/ (Accessed: 4 March 2021).

 

(Measuring digital advertising in a multimedia context, 2021 IAB)