The advertising and marketing ecosystem is in a neck-and-neck race to keep up with ever-changing consumer trends, an explosion of new marketing channels, and a plethora of new Internet-connected devices.
To swiftly respond to the rapidly shifting landscape and drive return on investment (ROI), enterprise marketers can no longer view marketing performance merely by channel-specific metrics. In a world where consumers move seamlessly across a myriad channels and devices, successful marketers must understand the interplay of each element in the mix, how each channel and ad contributes to the entire funnel, and how they combine to contribute to the bottom line.
Only 35% of marketing executives say they can calculate the ROI of their marketing spend most or all of the time, according to a survey by B2B Marketing. The rest of those surveyed admitted that they can calculate ROI some of the time, rarely, or not at all.
So how do you maximize the financial effectiveness of marketing and generate customer engagement?
The answer is twofold: You need to avoid common measurement errors to extract the most actionable data while simultaneously measuring all touchpoints throughout the purchase funnel. The two processes go hand in hand. With those metrics, you can build an agile marketing strategy that can adapt to the pace of technology change and consumer behavior.
Three Common Measurement Mistakes
With the availability of nearly unlimited data, numerous marketing metrics can be considered. All metrics will measure some kind of value, but you have to decipher which processes will most clearly reveal true ROI.
Below are three common measurement mistakes to avoid so that you focus on the most relevant metrics leading directly to the bottom line.