By Phylicia on September 5, 2012
In my last post, we took a look at how to evaluate which channels your marketing resources should be invested in. After you’ve invested in a new channel, you have to prove the value of your efforts.
This can be tricky. There is no one specific method for calculating effectiveness in every channel. Neither is there any specific set of methods that works for all companies. There are, however, three important pieces to proving value.
- Accurate Tracking
Accurately calculating value requires accurate media tracking and measurement. Most traditional tracking solutions capture data with a significant degree of breakage. The measurable success of your campaigns shouldn’t be limited by tracking, but rather enhanced through tracking.
- Attribution Reporting
For multi-channel marketers, incorporating attribution reporting in your calculations will allow you to gain a deeper understanding of how your channels are working together.
- The Right Metrics
Metrics should be reflective of the goals you defined while evaluating channels. From Cost Per Action (CPA) to Return on Ad Spend (ROAS), there are a number of metrics you may utilize.
Using our very own multi-channel media tracking, tag management and attribution solutions, we track how people interact with our brand via different marketing channels.
For remarketing, the tracking process is really built into the channel itself – you have to tag site visitors with a cookie and track their journey for remarketing to work. Our remarketing campaigns show a solid ROAS and contribute to our goals, making it a valuable component to our marketing mix.
Demonstrating the value of our social media efforts requires attribution reporting. By tracking the interactions between customers and social media, we see which of those outlets are most likely to produce leads. Even in instances where the interactions with social media itself doesn’t directly result in a lead, through attribution, we have noticed that social media does deserve some of the credit for lead generation.
With our multi-channel tracking and attribution reporting, we see how each of our marketing channels, including social media, contribute to generating leads. While remarketing might result in more customers returning to our site and converting, often times they will have landed on our site the first time through an email or a link in a tweet. Without this first interaction, the customer may have never made it to our site in the first place.
Once we have gathered all tracking, attribution, and conversion information, we use those numbers to confidently calculate the metrics which reflect our goals and the channels in the marketing mix. From here, we compare the metrics and are prepared to demonstrate the value of each channel.
To learn more about Impact Radius’ media management and advanced tag management solution, Foundation, drop us a note.