The Drum reported last year that 66% of marketers found the issue around media measurement very challenging. 53% said they were looking for alternative measurement solutions.
The media measurement world has become more complex and technical than ever. How we measure our media performance has changed in the fragmented world of multi-devices and multi-channels impacting our ability to track the end-to-end user journey. With the increase in number of platforms, which is influencing the simplicity of tracking and measuring channel performance. This is making it harder to measure the effects of each one. Platforms are now operating in silo and they have their own measurement model; you cannot compare a video view from Facebook to YouTube for example.
If media is seen as a growth driver for brands, then being able to tell the right data story is critical with so many data points that a brand can collect. It is fundamental that the data story can be linked back to the business challenges and objectives. The biggest hurdle is being able to make sense of the data and ignoring the noise so the data story can be articulated.
Having a data and ad-tech strategy at the heart of a media strategy is key to driving better overall performance. Tag management is the most critical tech in the strategy as it ensures all tracking and measurement is aligned, allowing integration with all ad-tech partners and ensuring there is a consistency in measurement across the board. Having a defined data strategy should not be under-valued, as it will underpin the strategy and allow insights, optimisation and segmentation.
The constant conversation that last click model is dead is over-hyped without really understanding the limitations and implications. As a base we need to understand our measurement and optimisation using the last click model of each platform as it is an option if used in the right way will help us determine a channel’s value and how we should be quantifying its impact.
We need to stop focusing on a singular platform as the source of truth and for on-going measurement and optimisation. It can restrict effectiveness and hinder the ability to maximise each channel’s impact at adding true value to the business. We need to take into consideration each platform’s contextual environment, understand how to best connect with its users, and then review the measurement requirements, verify the results and prove the most beneficial way to report, attribute and assess each channel’s performance.
For this reason, Marketing Mix Modelling (MMM) and in-platform Multi Touch Attribution (MTA) are paramount to truly understanding the impact of media in this chaotic landscape and for media to become a key driver in business growth. They provide a holistic view of data that can be used for strategic and tactical decisions while also providing a source of truth from a micro and macro level.
There is no one size fits all it is all very much a tailored strategy on the business model of the brand. The objectives and challenges of the brand needs to be mapped to the importance of media and the value it is given. It requires agility and flexibility between brand stakeholders and partners who are supporting the media strategy.