A key trend that continues well into 2019 is the importance of data-driven decisions. Marketers are constantly being pushed to prove the value they are creating. Steering on KPIs helps marketers track their performance.
Among our clients, the most common objectives are increasing revenue, increasing sales/orders and increasing brand value. Of course, companies rarely focus on just one goal over time, and the main business objective also differs between departments. So how do you align data-driven decision making with business objectives?
Choose a KPI that Matches your Objective
If your main objective is to increase brand awareness, you don’t want to measure your performance according to the amount of new acquisitions. Reach would be a more appropriate metric. The most important thing is to choose a measurable metric that matches your main objective.
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Measuring your KPIs
How do you measure and track these KPIs? To accurately measure performance you need to understand your customer journeys and what every touchpoint contributes to your KPI. The unified model does this, consolidating all your online and offline data and giving you a holistic view of the effectiveness of all your marketing activities. Advertisers often rely on last click models, which are simply not sophisticated enough to reflect customer journeys.
In conclusion, it is important to start with your business objective. Choose a KPI to match this objective, and then model it correctly. This will enable you to make data-driven decisions and lets you know exactly what your marketing delivers.