Establishing and maintaining a strong connection with one’s target audience is essential to a company’s success in today’s market, which is marked by a proliferation of options, fickle customer allegiance, and an ever-more-scattered media landscape.
Not only should marketers concentrate on techniques that provide them access into channel- or platform-specific look-ins, but also on those that give them visibility into all interactions, in order to acquire a better and more comprehensive understanding of customers. The north star for marketers should be reliable and precise data that evaluates, optimises, and verifies ROI. This is necessary for understanding and engaging customers, as well as for measurement and attribution that allows the maximum possible ROI.
According to the findings of Nielsen’s 2022 Annual Marketing Report, advertisers in the Asia-Pacific region want to dramatically increase the amount of money they spend on digital media platforms over the course of the next year. For instance, advertising spending on social media will grow by up to 70 percent, closely followed by spending on online and mobile display (68 percent), and then spending on online and mobile video (68 percent) (67 percent).
In spite of these ambitious goals for increased advertising presence across paid digital channels, the results of the survey indicated a marked lack of trust among marketers in the Asia Pacific region about their capacity to appropriately analyse efficacy and, ultimately, ROI.
Only 55 percent of marketers surveyed in the Asia-Pacific region say they are confident in measuring ROI across social media, which is significantly lower than the global benchmark of 64 percent. Furthermore, only 42 percent of marketers are confident in measuring ROI across the entire marketing funnel (compared with 54 percent of global marketers).
Surprisingly, though, 77 percent of marketers in the Asia-Pacific region reported contentment with the tools they had at their disposal to assess the effectiveness of their marketing initiatives. Because there is a gap between trust in measuring ROI throughout the whole marketing funnel and overall happiness with martech, there is an opportunity for suppliers to give assurance in measurement capabilities where confidence is lacking.
The fact that traditional industry solutions do not often take into consideration both upper- and lower-funnel marketing activities may be the root cause of the lower level of full-funnel ROI confidence among marketers. In order for marketers to solve this problem, they may run Marketing Mix Models, also known as MMMs, to optimise channel mix for short-term sales. After that, they can optimise channel mix for awareness or other upper-funnel metrics. The conclusions drawn from these models may be factored into one another to produce a strategy that is better able to cater to both immediate need and more far-reaching goals.
Data is, and always has been, the compass that points the way for marketers. However, this information should be incorporated into scalable marketing solutions that companies of all sizes can use to approach choices with accuracy and arrive at results that are dependable and growth-driving.
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