Are Your Analytics Accountable?
A recent survey of senior marketing executives by Forbes Insights and MarketShare Partners said nearly seven in ten used analytics to measure the effectiveness behind their campaign efforts.
Marketers with large budgets seemed to be significantly more likely to measure their efforts, as compared to those spending less than a million; however many planned to adopt analytics at some point in the future.
This study is interesting, however it does leave the door open for some skepticism. It’s fair to say that if I have a $1 million + budget invested in a marketing program, I am surely going to want to understand the results of my investment. But then again, if I only have a small amount of budget to invest, (and I am not saying under a $1 million dollars is at any time small), I would certainly think a company would want to have proper measurement tools in place to ensure the campaign is drawing proper exposure for the brand and meeting any set KPIs. Naturally, when your budget is even smaller, chances are you are going to become more intensely immersed in your campaign – expecting great results.
The report also focused on how measurement is approached, internal vs. external parties taking on the responsibility. A high percentage of these marketers surveyed said they relied on internal parties to take on the measurement responsibilities. I understand this from a budget perspective, but I also question the authenticity of a campaign when internal teams are relied on, as sometimes numbers can be skewed, favoritism might play a role, and lack of objective expertise might factor in the final results. Bringing in a 3rd party to enforce your campaign’s results could offer stronger, and more exact results based on the type of system used, and of course, a bit more objectivity.
In the end, the study said more executives were happier with internal measurement programs than with external entities. However, they also claimed that most of them did not have a sufficient way to share campaign results with their fellow executives because a lack of process, continuity, and orderly way to present information.
All the more reason to consider a more processed and organized system that will measure your campaign results, and ensure that you are tracking EVERYTHING within your campaign. And these are more likely to be found within a 3rd party setting.
