Despite a robust economy and the mountains of consumer data at their fingertips, nearly three quarters (72 percent) of senior marketing executives in a new survey cited a business growth rate of less than 10 percent last year—confirming that efficient measurement is about more than just tracking campaign results. According to new research from The CMO Club, there is an urgent business imperative to do so.
The org’s new report, The REAL Drivers of Brand Growth in a Digital World, in partnership with Catalina Marketing, offers insights into the importance of marketers establishing a unified approach to measuring the efficiency and effectiveness of their multi-touch digital and traditional media efforts.
“The biggest opportunity marketers can leverage when it comes to driving growth is effective data measurement,” said Pete Krainik, CEO and founder of The CMO Club, in a news release. “By getting a better handle on the results their online and offline marketing efforts achieve, they should be able to adjust their targeting and messaging accordingly to achieve stronger results. This study shows how CMOs are making strides in developing new, more effective methods in achieving higher growth in multi-touch attribution.”
Among the study’s findings:
- 76 percent of the companies surveyed believe their digital efforts best drive growth, yet the majority (59 percent) say they would use a mix of digital and traditional media if budget was not an issue.
- 45 percent admit to not having a unified approach to measuring their offline and online marketing activity.
- Those that do have a unified measurement approach are more than twice as likely to report growth greater than 10 percent.
- 78 percent of respondents plan to make changes to their marketing mix within the next 12-18 months. Most expressed the pressing need to get a better handle on what’s working and what’s not.
In assessing the current measurement landscape, the majority of senior marketers expressed skepticism that the widely-used Marketing Mix Attribution model is still relevant, even while still being heavily reliant on it. Hence, the second half of the Survey is devoted to “Finding the Best Attribution Model.”
“It’s important to close the attribution gaps between online and offline data, and to measure across all types of digital media,” said Marta Cyhan, CMO at Catalina, in the release. “Multi-touch attribution that’s tied to a shopper ID’s purchase history allows brands to build customer profiles that deliver hyper-targeted media—and even to measure the effectiveness of marketing campaigns inflight to optimize sales performance in a much more meaningful way. It’s great to have all this data, but it needs to be used to its full advantage.”
What’s standing in the way of effective unified measurement?
This CMO Club Solution Guide study is the result of an in-depth study conducted by The CMO Club in thought leadership with Catalina. Seventy Chief Marketing Officers across a wide range of Business-to-Business and Business-to-Consumer companies were surveyed and in-depth interviews were conducted with CMOs from such leading companies as Daisy Brands, Illy Caffe, Mars Pet Nutrition, Molson Coors, and Pearle Vision.