New Marketing Measurement Cycles Seen Speeding Up
Coremetrics calls its new study “The Face of the New Marketer”. The title calls attention to the fact that more companies are shifting resources to online marketing. As this shift occurs, marketers can’t be sure if their efforts are paying off or if they could be more successful with their online strategies. It’s an important topic to consider as marketers continue to face a difficult marketplace.
The study authors note that “[o]nline marketing’s greatest strength is its ever-increasing measurement capability” but that “half of marketers (62%) claim they are not confident they are tracking the right metrics for online marketing performance”. Here’s what marketers call their biggest challenges:
- Integrated view of customers across all online touch points 45%
- Understanding marketing influence beyond acquisition/conversion 45%
- Interpreting data to make business decisions 41%
To get to the details of online effectiveness, study participants indicate they are using the following methods:
- Individual online marketing campaign performance 77%
- Online customer behavior per visit/session 76%
- Display advertising – measuring impressions 69%
Study analysts note that senior management may be accustomed to reviewing the effectiveness of an offline marketing campaign on a monthly or quarterly basis. The new marketer, with a growing emphasis on online campaigns, should be monitoring performance on a daily basis. Those who do typically outperform those who don’t.
According to results measured in this study, 30% of revenue comes from online marketing efforts while 60% comes from offline marketing. As online marketing continues to influence purchase decisions, look for more senior managers to refine measurement metrics and to quickly shift their campaigns as they review effectiveness on an ongoing basis.[Source: From Survival to Success: Online Marketing Measurement, Businessweek Research Services, 2010]