With the advancement of measurement and analytics, the pressure on marketers to demonstrate return on investment also advances. According to McKinsey & Company, an integrated marketing approach is essential to uncover meaningful insights and drive growth. Integrated measurement reduces biases in any one measurement method and enables leaders to identify which activities produce the best return. Standout measurement approaches include: • Marketing mix modeling. Marketing mix models quantify the sales impact of various marketing activities and determine the effectiveness and ROI for each.
• Media measurement. Marketers can measure the reach, cost and quality of components to assess performance — more specifically, the number of target consumers reached, the cost per unique touch and the quality of engagement and/or media placement.
• Attribution modeling. Attribution modeling, or crediting converting traffic to online touch points, has become increasingly important for media buying and marketing execution.
In order to boost marketing ROI companies use:
• Marketing mix modeling to track how well each activity generates audiences;
• Attribution modeling to pinpoint which activities within the marketing mix generate the most conversions (such as search vs. display marketing in digital)
• Media measurement to monitor marketing activities via print, which will help it capture a new audience and generate more revenue.
Although some companies rely on one analytical technique, organizations that use an integrated measurement approach will see the optimal ROI.
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