In a world of ever-increasing choice, fickle loyalty, and media fragmentation, the necessity of building and strengthening a brand’s relationship with its customers cannot be overstated.
To obtain a better, more complete perspective of customers, marketers should focus on techniques that allow them insight into all engagements, not just channel- or platform-specific look-ins. Marketers’ north star for understanding and engaging consumers and measurement and attribution that allows the best ROI must be robust and reliable data that measures, optimises, and verifies ROI.
Asia-Pacific marketers aim to dramatically increase their ad expenditure on digital media platforms during the next year, according to Nielsen’s 2022 Annual Marketing Report. Budgets for social media ads, for example, will rise by up to 70%, followed by online and mobile display (68%) and online and mobile video (68%). (67 per cent).
Despite these ambitious aspirations for increased advertising visibility across paid digital platforms, the survey found that Asia Pacific marketers lack confidence in their capacity to accurately analyse the efficacy and, ultimately, ROI.
Only 55 per cent of marketers in Asia-Pacific are confident in measuring ROI across social media, compared to 64 per cent globally, and only two in five (42 per cent) are confident in evaluating full-funnel ROI (compared with 54 per cent of global marketers).
Surprisingly, 77 percent of Asia-Pacific marketers said they were satisfied with the tools they use to track their marketing efforts. The disparity between overall martech satisfaction and trust in full-funnel ROI measurement allows suppliers to assure measurement capabilities where confidence is lacking.
Standard industry solutions do not often account for both upper- and lower-funnel marketing activities, which may lead to poorer full-funnel ROI confidence among marketers. Marketers may use Marketing Mix Models (MMMs) to optimise channel mix for short-term sales, then adjust channel mix for awareness or other upper-funnel metrics to address this issue. The outcomes of these models may be combined to build a more balanced strategy that addresses both short- and long-term goals.
Data is, and has always been, a marketer’s guiding light. However, that data should be integrated into scalable marketing solutions that allow businesses of all sizes to make informed decisions and achieve predictable, growth-oriented outcomes.
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