Marketing departments no longer get a free pass; they need to deliver measurable results.
New technology, new business models, and new expectations have given rise to the discipline of performance marketing, and for each dollar they spend marketers must now show corresponding results.
Performance marketing demands objective ways to evaluate what's working and what's not in relation to vendors, channels, media, and creative. Marketers need granular metrics like CTR, CPC, and CPA, as well as high-level indicators like ROAS (return on ad spend), that demonstrate how particular strategies and tactics affect the bottom line, profit margins, and cost efficiency.
Today, that means omnichannel measurement. Tracking how one channel functions in isolation no longer works. Marketers not only need to understand how channels work together but also to drill down into the nuances that provide actionable insight.
A successful performance marketing program marries the detailed metrics with the business KPIs, using the former to drive the latter.
With that in mind, here are nine advanced optimization techniques that can help you cut the fat from your performance marketing programs.
1. Identify low-contribution channels
Cross-channel measurement programs typically look at which channels led to an eventual conversion. That's great, but not all touchpoints are created equal. It's critical to learn which channels actually contributed to the action, not only which ones were somehow involved.