As we know, big data is a big deal. And it’s challenging too. Hence, we turn to a big data challenge: measuring marketing ROI.
If you have followed Evans on Marketing, you aware that we have reported regularly on big data. So, take a look at these examples:
- State of Big Data in 2017.
- When Are Small Data Best Used?
- And GE Goes Bigger with Big Data.
- Managing Big Data Is Difficult.
- For Marketers: Big Data Marches On.
- Yes, Better Pricing Decisions with Big Data.
- Big Insights and Big $ via Big Data.
Big Data Challenge: Measuring Marketing ROI
Even today, measuring marketing is hard. And this is with the availability of big data.
With that in mind, Malinda Wilkinson, writing for Business Group asks this question. “Marketing ROI: Big Bucks Or A Total Bust?” Consider these observations:
“Are your campaigns driving big bucks or a total bust? That’s the most important question we have as marketers. To determine this, you have to connect the dots. And unlock the value of the data. However, depending on the current state of your data, you may not even know where to start. When it comes to your metrics, most marketers likely fall into one of these three categories.”
“You don’t track anything. People fall into this category because they don’t know what to track or how to track it. Also, they also may not have the right tools to best monitor and report metrics. Unfortunately, when you’re not tracking anything, it is hard to determine what’s working well. And if your marketing investments are worth it.”
“You track the wrong things. You might track some metrics. But the real question is – are they the right metrics to track? To answer, be sure data are relevant, meaningful, and unbiased. The goal of metrics is to enable better decisions and improvements that drive your business forward.”
“You track everything but are overwhelmed by the amount of data. Do you have so much data that you can’t make heads or tails of it? That is information overload. In this case, you track all the data. But you don’t know how to isolate key information and focus on what will move the needle.”
Tips to Measure Marketing ROI
Click the image for further discussion of the tips.