A GUIDE FOR DRIVING GLOBAL MARKETING OUTCOMES IN THE NEW NORMAL
Organizations have been pressuring marketers to holistically measure and validate their efforts for years, but COVID-19 has certainly amplified the urgency. With advertising and budgets off track this year, marketers and CMOs have more at stake because there’s literally no room for waste or inefficiency.
Marketing has a single purpose: inspire an action. That has always been the case, and it likely always will be. Whether marketers want to raise awareness about a new product, stir emotions over an environmental issue, entice a sale through a direct-to-consumer (DTC) campaign or any other myriad cases, they’re driving consumers to do something after they’ve been exposed to a campaign message. But that’s only half the battle. The other half is knowing if the marketing initiative worked. Inherently, all marketing initiatives are decked against driving revenue, but that doesn’t mean that every campaign or initiative is tasked with a bottom-funnel outcome. Before a brand has an opportunity to initiate a sales activation, for example, consumers need to be aware of a product or service, understand its merits and believe it’s worth the cost. So in that way, a marketer’s return on investment (ROI) will vary depending on what outcome they want to inspire.
By identifying and understanding how measurement and outcomes can work together, marketing organizations can create real ROI analyses that deliver trusted and actionable insights. To do that, they need to focus on three key attributes: standardization, holistic measurement and adaptability.