It's summertime, and G5 has been quiet on the blog-front...but busy on the other side of things. However, a scintillating piece of research on eMarketer has caused us to brush the proverbial dust off the proverbial pen of our blog.
And it's to talk about measurement - and where, exactly, branding falls into that.
eMarketer labels it as two basic components:
1. How successfully and efficiently did I reach my intended target consumer?
2. Did my advertising campaign influence the consumer's attitudes, perceptions or behaviors associated with the brand?
And what is the difference there?
"One question is about ad effectiveness, and the other is the currency that is bought and sold,” said Young-Bean Song, senior director of analytics at the Atlas Institute for Microsoft Advertising.
In a poll of 37 markeitng professionals, eMarketer asked:
"Other than the economy, brand measurement is the single biggest obstacle holding back the growth of online advertising."
In that poll, less than half (43.2%) pointed to measurement of brand as the problem - making it clear that in 2009, it's all about ROI.
This need for ROI was backed up by JupiterResearch and Verse Group. Measureable ROI was definitely No. 1, with the integration of an online and traditional media advertising effort a close second.
And then eMarketer gives a five prong approach to success. And here's the funny thing. It took a lot of research. It took a lot of effort and a lot of time. It develops a handy toolkit of sorts to use. And it looks an awful lot like what our CEO, Dan Hobin, has been saying for years.
Here are the five poi
1. The first critical step for marketers when developing any measurement programs must be to identify their brand’s top marketing objectives.
2. Keep in mind that there is no single measurement system that does it all, nor will there be a silver bullet in the future.
3. A hybrid of traditional and digital approaches will be necessary, which will require a dramatic reinvention of measurement as we know it.
4. The Internet must be rolled up within existing media mix models. There is a clarion call for the traditional metrics of reach, frequency and GRPs to be integrated with the Web—but this will only be the starting point, not the end game.
5. Connecting all the dots requires collaboration. Key industry stakeholders will need to work closely together to create seamless databases that talk to each other. One top priority: continuously refining attribution models that assign mathematical weights to the various digital footprints captured along the consumer buying cycle.
This is real similar to what we've been saying, it's important to blend your efforts and keep it consistent with what's working, where your company is. If you're in a smallish town (like Bend, where we're based) it might be worth it to continue to advertise in the yellow pages and newspaper - maybe less than before, but enough to still have a presence. Spread your dollars out. Diversify.
The point is, however, that the measurement must be done across every channel that you're advertising in. And that your measurement metrics, and what success means, must be well defined - be in brand awareness or business growth - knowing what you're looking for, is key.
You can download the eMarketer report, in it's entirety, here.