|Embrace analytics. Analytics requires senior management buy-in to start with|
|Don’t wait for the perfect dataset. While ideal to have the perfect dataset, it is never a reality. Starting with what is available can make a big difference to your decisions. In time with the right efforts, data quality is bound to improve|
|Start small. Choose an area to pilot, co-opt stake holders. Analytics is an involved process|
|Test findings. Analytics is a combination of art and science. It is prudent to test before deployment in large scale|
|Discard. Have the courage to discard what does not work and invest behind inputs that produce better ROI|
|Implement the findings. The best validation is in implementing and seeing the results|
|Measure results. There is no substitute for measurement. Measurement allows the quantification of results for the naysayers|
Unlike other areas of a business, the attribution of impact from a marketing investment calls for statistical methods.
For example, allocating cost of raw material to a finished product can be achieved with Mathematics, but not for how many additional sales a mass media campaign generated.
To take another case, how does one quantify the effect of a TV campaign input on Brand Awareness and how it impacted SEM (Search Engine Marketing) click through rates and cost per conversion. The experienced marketer would appreciate that the fact that the outcome of a TV campaign impact another input (SE’s cost per conversion) and also the final outcome i.e. conversion.
Meritus, with experience in both mass marketing and customer marketing analytics, helps answer questions on ROI and accountability.
As a Marketing Head or a CEO, you would want to know, more precisely than ever, what financial return you can expect from the marketing investments made on your brands. Your quest ends with Meritus. Speak to us and we will help you achieve a minimum increase of 20% in the ROI from your marketing investments.