Skip to main content

Can you achieve the business outcomes without the right measurement?


You can’t achieve the business outcomes without the right measurement.
Today market is number  market. If you can’t measure it, you can’t do it. So, some years back, when people started talking about organizing their brand around the customer, I thought, “Yeah, but what does that 
actually look like?” Fast forward to today: We’ve turned that jargon into a reality.

Below are the questions put on the path to better measurement:
A Better Strategy for Measurement

 Is your company set up to give you an aggregate view of the customer journey? If your answer is the latter, I can guarantee you’re getting a ripped understanding of your customer, and you’re not set up to measure for growth.
At the top level of your company, your business goals are to attract new customers _ engage them for long term relationships and delighting strategies ensure customers are happy, satisfied, and supported long after they make a purchase. Rather than individual channel teams, now you have two marketing teams — a customer acquisition team and a customer retention team.
Acquisition is about profitably investing for the future. For us, that means having a curated point of view on what’s next and how we can reach a new generation of customers. Retention is all about growing the lifetime value of current customers by increasing trips and spend.

 Measurement Signals to Lead the Way

 The state of marketing today is too complex to rely on one, single measurement solution. That’s why the path to a better measurement strategy involves multiple solutions and customer signals. This gives you an aggregate view of the customer and helps you better understand the effect of incremental marketing.
We fell into a trap many brands do by measuring marketing effectiveness solely through last-click return on ad spend. That skews investment to existing high-spend customers and sometimes even our own employees.But these signals don’t provide the prescriptive answer of how exactly to move forward.
This is where the expertise of your team comes in. They can use their judgement to determine what actions to take to drive growth based on the business outcomes you’ve all agreed to pursue. Judgment becomes even more important when we consider the shifting landscape around things such as cookies and their impact on our ability to collect a complete picture of marketing activity.With potentially tens of millions of customers and prospective customers, it’s important to know what really drives customer lifetime value beyond the obvious trips and spend. 
Perhaps it’s introducing the customer to a new category or new brand or encouraging the customer to try a Buy Online-Pickup in Store feature, engage with a stylist, enroll in a loyalty club or even download your app. Being able to assess the value of each of these potential actions will help drive not just your marketing campaigns but also how much you’re willing to pay for any one of those actions.
By reorganizing around the customer, we have moved from a mindset of last-click return on ad spend to one of incremental marketing. As a result, we’ve bent the curve on our marketing model. Expenses are now in line with sales, efficiency has increased, and our rate of acquisition has gone up.

  Source: 
https://www.thinkwithgoogle.com/


Labels:

Comments

Post a Comment

Popular posts from this blog

Achieve the goal with automated marketing

As a business, you know how hard it is to keep up with customers today. People have become research obsessed for most purchases and expect brands to assist them in a personally relevant way at every stage of their purchase journey.   Machine learning is one automation tool that can boost your efforts to meet people’s high expectations. Machine learning can help to create automated marketing campaigns, at scale, that place the right message in front of the right customer at the right time at the right price, delighting people and delivering the business results marketers want. We talked  with top brands decision makers who have adopted machine learning to improve their marketing, we’ve found that the top-performing brands are applying these below rules and asking themselves these questions to achieve goal with automated marketing: Optimize your campaigns for growth : Machine learning is only as good as what you ask it to optimize. Top perfor...
Post a Comment
Read more

Facebook reported planning to launch smart video calling on your TV and anywhere in your home

Facebook could be working on a new streaming TV device that could set out to rival the likes of Apple TV and Fire TV. A new report suggests that an upcoming device will be part of the company’s Portal lineup. It’s said to come equipped with a camera for video-calling and far-field microphones to detect audio. Variety  reported  that Facebook is also in talks with streaming services such as Disney, Netflix and other media companies to develop exclusive content on the platform. The device will run on a modified version of its mobile app rather than running on Android TV. The device is meant to be placed on the top of the TV which means its design could be in the form of an attachment to the top edge. Apart from the camera and microphones, the device may pack a speaker system as well. Since video calling is going to be a focus with the device, it would be preferable not to rely on the built-in speakers of the TV or external ones if it wants good quality echo ...
Post a Comment
Read more

Reducing Business Costs by knowing your customers

Know your customer behavior is the biggest challenge in current market.  If you know your audience your 70% task will be done & you already save cost spending on you campaigns. Now the question is how you know your audience or customer behavior. Keywords Conversion. User experience  What do all of these words and phrases have in common? They all relate to how you will attract, engage, and convert your target audience. The crux of any good digital marketing campaign is to identify the specific characteristics of your ideal customers, including geographic, demographic, and behavior variables. The more you know about your audience, the more powerful your digital marketing efforts will become. What this really means: it isn’t enough to know the demographics and location of your prospects. You have to know  as much as possible about them , including their: Personality traits. Interests. Values. Opinions. Knowing all of this will help you:...
Post a Comment
Read more