What if we were to say to you that we know where the average American spends more than half of their day, we know what they’re looking at, we just can’t really tell you what they’re doing. That’s essentially the challenge of media measurement today.
With more tools than ever before, it feels like we know less than ever but, compelled ever forwards to connect with consumers, advertisers are spending blindly in the hope that some messages land. It’s estimated that between 40% and 60% of digital ad spend is wasted. Given you wouldn’t walk into the CFO’s office and set fire to half your budget in front of them, why do it via a spreadsheet instead?
In the latest Impact Report from Marketing Beat in association with media measurement experts, Cint, we reveal the missteps, myths and missed opportunities from the world of media measurement.
Funnel Vision
The report demonstrates why a funnel approach to media measurement is lacking – not obsolete, but certainly not comprehensive. Instead of focusing ad format by ad format, purchase intention or journey moment, advertisers need to move to a more holistic, cross-platform model. One that can look into behaviour, intent, consideration, favourability and more and feed it into brand lift to understand what’s having an impact, where and how.
Habit-forming
Getting media measurement right means dealing with a few sacred cows. Those cherished marketing departments are going to have to go – or at least the barriers between them are. Siloes are the nemesis of cross-platform measurement. They hamper insight, throttle data and narrow vision. Instead, establish goals and work backwards, involving anyone that makes sense. Be ready to change and be ready to be wrong. Media measurement is one sector where two wrongs really can make a right.
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Myth-busting
The advertising industry is often all too keen to hang onto outdated ideas. Or ones that are just plain wrong. Partly because the sector has moved on and some metrics are no longer fit for purpose, partly because the groundwork needed to get a truly comprehensive framework can seem just too daunting. It doesn’t have to be.
Looking to mix metrics intelligently to build a more nuanced picture of consumer behaviour is just the start. It’s not enough to say ‘data regulation won’t let us play’ – there are ways and means. Partnering with organisations with the relevant data or skills is a positive step towards greater understanding, accuracy and a more cordial relationship with the CFO. No fire extinguishers needed.
Preparation is perspiration
Finally, there’s no getting round it. Successful media measurement is all in the groundwork. Almost all the work around measurement happens before you measure a pixel. From briefing campaign teams to auditing current ads and other media, understanding today’s consumer behaviour and how it might change in the future, these are the foundations on which you can build a gleaming tower of measured media that finds the consumer where they want to be – and where you want them to see.
For more information on the ideal process flow for media measurement, more on measurement myths and the fastest download of metrics and tactics you’ll find this year. Click here to get your copy.
