My live Target Marketing Group Webinar yesterday, “How to Tell if Your Marketing Works,” deals with my favorite topic: measuring the results of direct marketing beyond traditional response rate metrics. If you missed it, you can access it on-demand here.
Direct Marketers are their own worst enemy when it comes to measurement. They often don’t know what’s working and what’s not, because their real ROI is hidden inside their data.
Analyzing direct marketing campaigns was a lot easier before the advent of the multichannel consumer. Sure, there were a certain number of orders that we couldn’t attribute to a specific promotion, but for the most part response rates ruled. Now, people check out products in stores and then buy online to get a better deal (think flat screen TVs). Or they shop online, decide what they want based on features and product reviews, and then buy in-person (think cars).
And they do all of this on multiple devices: their home computers, their work computers and their mobile phones and tablets. So it’s hard to track them.
Even though consumers engage with brands on their own terms across multiple platforms, many marketers are stuck measuring the results of individual tactics rather than taking a holistic view of measurement. So when a single email or display ad fails to achieve the target level of attributable sales within a specific period of time, then they consider it a failure. Even though the communication has made an impact on those who didn’t respond, they can’t measure it, so they don’t count it. And while many direct marketing practitioners now embrace the idea that their advertising has a cumulative effect of building a brand over time, most fall short of being able to quantify that ROI with meaningful metrics.
This webinar examines four ways to uncover hidden ROI from your direct marketing promotions:
- Using your database to look beyond response rates
- Benchmarking your brand awareness and tying increases in awareness to sales
- Creating an engagement score to measure the cumulative effect of various promotions over time
- Measuring the value of your social media
If you’re interested, check it out here.