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Digital Marketing ROI: Which Half of My Digital Is Working?
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Digital Marketing ROI: Which Half of My Digital Is Working?

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Amidst a slew of data from new digital tools, even successful marketers find it hard to know "which half of my marketing is working?" – or to explain to the CFO where they should next invest in ...

Amidst a slew of data from new digital tools, even successful marketers find it hard to know "which half of my marketing is working?" – or to explain to the CFO where they should next invest in digital and why. Instead of searching for a universal ROI solution, marketers need to think strategically about their own customers' path to purchase. By linking audience, engagement, and financial impact to their key business objectives, they can build a model that ensures marketing will matter for their business in the digital age.

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Digital Marketing ROI: Which Half of My Digital Is Working? Digital Marketing ROI: Which Half of My Digital Is Working? Presentation Transcript

  • Which Half of My Digital Marketing Is Working? @David_Rogers Author, “The Network Is Your Customer”Faculty director, Digital Marketing Strategy,  Columbia Business School AMA Research and Strategy Summit 2012 Leading Research Transformation
  • 2
  • Companies worked with
  • from IF to HOW to WHY
  • Linking digital to business objectives
  • “Half the money I spend onadvertising is wasted.The trouble is I dont knowwhich half.”- John Wanamaker, 19th century department-storemagnate and father of advertising 6
  • Swimming in data
  • “Marketing ROI in the Era of Big Data” • Use of data • Use of digital channels • Measurement across digital & traditional • ROI best practices
  • 100% of CMOs agree thatsuccessful brands use customer data to drive marketing decisions but 39% of marketers say they can’tturn their data into actionable insight
  • Speaking differentlanguages
  • When asked to define “marketing ROI”, 37% of marketers make no mention of financial outcomes
  • ROI is…( Return Investment -1 ) x 100%
  • 57% are not basingtheir marketing budgets on any ROI analysis
  • Looking for thesilver bullet
  • 70% of CMOs are looking for a“cross-platform model formeasuring marketing spend andtying it to ROI”
  • Comparing apples& oranges
  • Engagementis not engagement
  • Engagement is NOT a metric … it is a class of metrics
  • Subscribers Likes Followers DownloadsViews Shares Retweets Time on appTop Videos Wall posts Klout Data gained
  • Which half of my digital isworking?
  • Agile marketing modeling Objectives 4 Kinds of first Metrics Focus on Build your KPIs own model
  • Start with objectives
  • TECHNOLOGY FIRST??
  • Brand building?Customer service?Sales / direct marketing?“Influencer” relations?Social responsibility?Lead generation?
  • Once you know your objectives……the data are no longer overwhelming
  • 4 kinds of metrics
  • 1. Audience metrics
  • 1. Audience metricsFrequencyReachFans / followersViewsMonthly uniques
  • 2. Channel engagement metrics
  • 2. Channel engagement metricsRetweets (Twitter)Comments (Facebook)Time on site (website)Votes cast (forum)Click-throughs (brand banner ad)
  • Channel-specific metrics are more common in digital
  • 3. Universal engagement metrics
  • 3. Universal engagement metricsBrand awarenessBrand sentimentPurchase intentCustomer satisfactionNet Promoter Score (word-of-mouth)
  • 4. Financial metrics
  • 4. Financial metricsRevenueMarket shareCustomer acquisitionCustomer retentionR.O.I.
  • Audience Channel engagementFinancial Universal engagement
  • Build your own model
  • 3.5m YouTube views2.7m Twitter impressions38% pre-launch awarenessin target audience100k+ test drives
  • Channel UniversalAudience Financial engagement engagement Pre- Social Social launch Sales media media aware views inter- ness action Test Savings drives on mkg (lead spend gen)
  • Marketing funnel & customer networks Broadcast Customer Networks TV, radio, out-of-door Search, buzz, blogs , Direct mail, brochure Online research, user reviewsProduct test, comparison Social networks, YouTube, local search In-store purchase Group discounts, purchase on-line/in-store/mobile Reward points “Friending” (FB, Twitter, email), customized up-selling Reviews, links, “likes,” social buzz 42
  • Brand X new product introduction
  • Model for diagnosis Bad SEO70-90% of Shaped by Amazonmkg spend Display: coupon only Etail + retail Very little advocacy
  • Model for planning New CMS Partner w/Amazon Promote 3rd party reviews Encouraged advocacy
  • Focus on KPIs
  • Audience Channel engagementFinancial Universal engagement
  • KPIs achieved • Top-seller in category on Amazon • Best performer for the company in retail stores
  • Customer segment: Cross-border travelers (US to Mexico) KPI: Increase share of wallet vs. cash
  • Marketing plan based on KPI Visa online Hotel/site websites media plan Airport ATMs (arrival) Onsite Visa calls-to- Tourist sites action
  • 7 Habits of agilemarketing modelers
  • 7 Habits of the agile marketing modeler1. Make it everyone’s job Not “dept of big metrics”2. Be iterative Don’t wait for the annual survey3. Be skeptical Don’t accept just any metric4. Be data-driven Not just hunches & feels-good5. Be customer-centric Don’t lose yourself in the data6. Be imperfect Don’t wait for perfection7. Be decision-driven Never measure just to measure
  • Objectives 4 Kinds of first Metrics Focus on Build your KPIs own model
  • Thank you! contact@davidrogers.bizEmail me for:• Slides• Research study