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https://deloitte.wsj.com/cmo/how-brands-can-connect-marketing-kpis-to-business-objectives-01666637452
1. DATA AND ANALYTICS
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2. ADVERTISING
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3. MEDIA
HOW BRANDS CAN CONNECT MARKETING KPIS TO BUSINESS OBJECTIVES
DIGITAL MARKETING MEASUREMENT IS UNDERGOING A SIGNIFICANT TRANSFORMATION AS
METHODS, TOOLS, AND SKILLS EVOLVE
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Over the past two decades—as digital has become the primary medium for lead
generation and customer engagement—brands have increasingly adopted new
measurement methods to track the effectiveness of their marketing programs. Some
of these methods, such as multitouch attribution models that track ad exposures
and user interactions at an individual level, have helped usher in an era of
experience personalization. Customers now expect brands to provide relevant,
intuitive engagement at every touch point.
Moreover, marketing teams are increasingly expected to contribute to business
growth by leveraging the right media channels at the right time to drive
customer conversion and increase revenue. Making smarter decisions and faster
adjustments requires marketing leaders to execute effective measurement and
optimization in the moments that matter.
However, recent changes at the device, browser, and regulatory levels have
diminished both the volume and availability of third-party customer and media
performance data that helps marketers activate, measure, and improve
performance. At the same time, marketing science teams are increasingly focused
on factoring both online and offline media into measurement models to improve
attribution capabilities.
To gauge the current state of advertising performance measurement during this
time of transformation, Deloitte Digital surveyed more than 800 marketing
measurement leaders at U.S.-based marketing agencies and consumer businesses.
According to the research, brands with the most advanced marketing measurement
capabilities—dubbed “measurement front-runners”—are deepening customer
engagement and loyalty, driving faster sales, and beating revenue goals for
their businesses.
Business-Critical KPIs
Many brands and traditional marketing agencies are failing to measure
performance in ways that align with core business objectives, the research
finds. For example, only about one-third of companies surveyed use revenue-based
metrics to gauge marketing performance.
Measurement front-runners, by comparison, are 1.4 times more likely to use
revenue and 2.5 times more likely to use total sales as KPIs than companies with
low measurement maturity. This stronger focus on business-critical metrics is
reflected in the overall number of KPIs organizations track: Measurement
front-runners use 27% more KPIs than do low-maturity organizations to assess
their marketing performance, according to the research.
Meanwhile, traditional marketing agencies are less than half as likely as the
internal marketing departments of measurement front-runners to track total sales
as a KPI for measuring marketing performance. They are also less likely to track
other business-critical metrics such as revenue and return on ad spend—likely
because traditional marketing agencies typically do not have access to the
first-party data required to connect campaign performance to business results.
Customer Experience KPIs
Nearly nine in 10 consumer companies surveyed say they track customer experience
(CX) KPIs such as customer lifetime value and customer retention. Today, most
internal marketing organizations can capture and assess CX-related performance
of owned media—website interactions, for example—and internally managed
advertising and marketing campaigns.
In contrast, outside agencies rarely have access to a brand’s customer data,
making it very difficult for them to measure and optimize campaigns against
customer-focused KPIs. As a result, paid media campaigns managed by outside
agency partners often cannot measure campaign performance in ways that connect
specifically to CX objectives. For example, agencies working on behalf of their
clients are less likely to track customer lifetime value than even consumer
companies with low measurement maturity.
This disconnect between agency and brand measurement capabilities makes it
difficult for many brand marketing organizations to fully integrate paid-media
campaign measurement with owned-media marketing campaigns—a capability that is
increasingly important as customers seek cohesive brand messaging.
Going forward, brand marketers should reimagine transparency, ownership, and
management of campaign data and measurement capabilities.
Marketing Analytics Framework
The most successful companies strike a balance between business and customer
value—and between immediate success and long-term sustainability. Marketing
performance measurement should ultimately support this balance through the right
mix of KPIs. As customer expectations, data availability, and marketing
analytics continue to evolve, marketing leaders should continually reassess what
and how they measure.
They can begin by considering the following approaches:
* Define essential business objectives and designate relevant, channel-specific
KPIs that link back to those objectives—for specific campaigns as well as for
channel-specific goals.
* Develop a marketing analytics framework that includes strategic and
operational KPIs, supported by diagnostic metrics in order to ensure
connection between day-to-day activities and long-term goals.
* Create intentional links between strategic, operational, and diagnostic
metrics to ensure that what is measured connects to the core of what matters
most for the business and its customers.
Source: Deloitte Digital Measurement Survey, September 2022
Once this framework is established, organizations should create an effective
reporting structure and set benchmarks to assess how different budgetary
allocations, channel tactics, and creative approaches impact performance.
Data is an essential component of marketing measurement effectiveness. Today’s
measurement front-runners distinguish themselves, in part, by being realistic
about the types, quality, and freshness of available data. They are also
proactive in collecting, connecting, and activating data in ways that enable
customer insights and support critical measurement use cases. Front-runners
understand the strengths and limitations of various measurement models
available, as well as the operational capabilities needed to support such
models.
--------------------------------------------------------------------------------
Marketing organizations are increasingly expected to show tangible impact on
revenue and business growth. Those that excel at marketing measurement are
rethinking KPIs to better align with core business goals and customer values.
They are also developing a marketing analytics framework to help strike a
balance between short- and long-term goals.
This is the first article in a series focused on marketing measurement. Next up:
a closer look at how companies can improve their marketing metrics.
—by Ken Nelson, managing director, and Kathleen Ollen, senior manager, both with
Deloitte Digital, Deloitte Consulting LLP
Published on Oct 24, 2022, 9:00 AM
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private
company limited by guarantee (“DTTL”), its network of member firms, and their
related entities. DTTL and each of its member firms are legally separate and
independent entities. DTTL (also referred to as “Deloitte Global”) does not
provide services to clients. In the United States, Deloitte refers to one or
more of the US member firms of DTTL, their related entities that operate using
the “Deloitte” name in the United States and their respective affiliates.
Certain services may not be available to attest clients under the rules and
regulations of public accounting. Please see to learn more about our global
network of member firms.
This publication contains general information only and Deloitte is not, by means
of this publication, rendering accounting, business, financial, investment,
legal, tax, or other professional advice or services. This publication is not a
substitute for such professional advice or services, nor should it be used as a
basis for any decision or action that may affect your business. Before making
any decision or taking any action that may affect your business, you should
consult a qualified professional advisor. Deloitte shall not be responsible for
any loss sustained by any person who relies on this publication.
Copyright © 2022 Deloitte Development LLC. All rights reserved.
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