4 Critical Keys to Measuring Omnichannel Performance
As marketers brave the new world of increasingly complex targeting, cookieless attribution, and analysis strategies, the need for an all-encompassing measurement method is increasingly apparent.
This is where omnichannel measurement comes in.
Unlike traditional siloed measurement methods, which offer visibility over only one marketing channel at a time, omnichannel measurement provides a holistic view of an organization’s entire marketing strategy at once. Modern marketers are now able to make more accurate and informed decisions about not only their next marketing tactic but their entire marketing strategy as a whole with granular prescriptive insights.
The Growing Use of Omnichannel Measurement & Challenges Ahead
This past January, 90% of consumers surveyed demanded an omnichannel experience from the organizations they buy from. This is both good and bad news for forward-thinking marketers aiming to create a state-of-the-art marketing strategy.
On the one hand, this metric reflects the surging popularity of all-encompassing brand experiences spanning not only platforms but also channels and devices.
On the other hand, it signals an era in which it is no longer acceptable to analyze and measure results from each marketing campaign channel by channel. In short, omnichannel measurement is no longer a trendy “optional” technique - it’s a strategy that is rapidly becoming indispensable to all organizations.
This creates its own challenges, as any marketer already using an omnichannel measurement strategy already knows. While an efficient analysis strategy may be relatively simple to set up with the right omnichannel marketing tools on hand, the question of effectiveness remains. Many marketers face overwhelm when digging into their data and find themselves unsure of how to use the insights it provides effectively. Others struggle to bring together analysis results from multiple sources due to an ineffective omnichannel measurement platform. As we dig into some of the most important keys to effectively measuring omnichannel performance, we’ll discover how the right measurement platform can solve all these challenges and more, even before they appear.
4 Critical Keys to Measuring Omnichannel Performance
Every omnichannel measurement strategy needs to start off on the right foot using a few essential techniques. The 4 keys we’ll explore below not only optimize the effectiveness of every step in the marketing funnel but also ensure data from all channels is accurately collected, measured, and analyzed.
1. Run Test Measurement Experiments
Don’t just guess at which marketing tactics will serve you best - experiment with them painlessly and risk-free.
One of the key techniques marketers can use to ensure their entire marketing strategy is working cohesively and deploying optimally is running test marketing scenarios using Marketing Evolution’s Scenario Planner. This innovative approach allows marketers to take a peek into the possible future of their marketing tactics and choose the best ones to combine into a holistic marketing strategy.
2. Look Closely at Attribution Models
While every marketer is likely aware of the critical role accurate attribution plays in developing an effective marketing strategy, many are still using outdated approaches such as last-touch attribution. Also, the focus is on ‘attribution’ when in fact, ‘contribution’ takes into account the lag effects advertising exposure has on consumer choice.
By examining an organization’s attribution models and updating to more effective methods, marketers help ensure the accuracy of their marketing data by acknowledging the role every customer interaction plays in conversion.
3. Add Omnichannel Metrics to Routine Analytics Reporting
Don’t let all that valuable omnichannel data go underutilized! When building out your analytics reporting metrics, be sure to incorporate the specific KPIs you’ll be tracking in your omnichannel measurement strategy. This may sound like a no-brainer, but a simple mismatch in labeling or definitions when measuring marketing data can create an apples-to-oranges comparison scenario in which vital pieces of information get lost, which is the opposite effect you want your omnichannel strategy to have.
4. Analyze Overall Performance Using Aggregate Data
This may be the most important omnichannel measurement key of all: using aggregate data to analyze overall performance is possible at the person level with AI/machine learning-based techniques.
There is no scenario in omnichannel measurement in which each marketing channel should be analyzed independently. Instead, every step in the funnel and every customer interaction should be aggregated and analyzed together.
Only by ensuring that every data point is combined effectively at the end of the omnichannel measurement process can a truly holistic overview of a marketing strategy take shape.
Proven advances in AI/machine learning for marketing are available to ensure a holistic understanding of the synergistic effects of advertising exposure across media channels on consumer and customer choice.
9 KPIs to Use When Measuring Omnichannel Performance
While each industry demands its own unique set of data points to create a holistic omnichannel measurement strategy, there are a few unifying data points that every optimized marketing plan includes.
Effectively analyzing these 9 KPIs will ensure your marketing strategy is optimally efficient from the first touch to ultimate conversion.
1. Membership Enrollments
2. Social Media Engagement
3. Website Engagement
4. Content Page Engagement
5. Customer Conversion
6. New Customer Registration
7. Customer Satisfaction Score (CSAT)
8. Net Promotor Score (NPS)
9. Purchase Consideration
How to Organize Omnichannel Performance Measurement
Now that you know what to measure and how to analyze the data you glean, how do you get started?
One of the most important things to remember when starting up or running an effective omnichannel performance measurement strategy is to break down silos around data channels. This means bringing channel managers and department heads together to aggregate every bit of relevant information in one place before starting analysis or decisioning.
Without this key step, marketers are likely to end up with an incomplete and inaccurate picture of their marketing strategy. But when done correctly, eliminating silos creates a holistic and actionable view of an organization’s marketing landscape, creating a foundation from which to build successful future marketing campaigns with more conversions at lower costs.
How Marketing Evolution Can Help with Omnichannel Performance Measurement
A great omnichannel performance measurement strategy starts with a great measurement and analysis tool. When your data is accurate, relevant, and aggregated across all your marketing channels, you can be confident that every marketing decision you make is not only correctly prioritized but also perfectly timed.
Marketing Evolution has the solution. From aggregate data that fuels your cookieless marketing strategy to state-of-the-art attribution models to omnichannel measurement solutions, Marketing Evolution has your back. Check out a free demo of our flagship solution, Mevo, and discover how easy and effective omnichannel measurement can be today.
