Marketers, You Need Better Measurement — Two Companies Can Show You The Light
Marketers, need inspiration to get started with advancing your marketing performance measurement strategy? Look no further! In our latest report, “Case Study: Advanced Measurement Transforms Marketing,” we profile two companies — a retail bank and a global prestige beauty brand — about their implementation and management of their advanced measurement strategy. They both took very different journeys; the retail bank has access to boatloads of customer data, while the global beauty brand uses a disintermediated selling model. With different business models and challenges, they took two different approaches to marketing performance measurement but reached the same outcome: better insights for optimized marketing performance.
- ANZ Bank complements its marketing mix models with attribution. The bank uses marketing mix modeling to determine the right balance of digital and always-on programs, folding in attribution models from its partner and digital measurement tools to measure digital marketing performance and make smarter channel spend decisions. It found that machine-learning-based attribution models fall short in explaining the rationale behind their recommendations, so the bank is exploring how to strike the right balance between attribution, last-click, and econometric insights to best optimize its digital program.
- The Estée Lauder Companies uses multistage modeling to better understand customer journeys. With incomplete customer data, The Estée Lauder Companies developed models for each stage of its customer life cycle to understand what drives customers along their path to purchase. With advanced marketing measurement, it can now home in on the channels and tactics that work most effectively for each life-cycle stage. As a result, it’s been able to invest in channels that it knows can deliver and quantitatively track experiments in new and emerging channels.
Read the full case study for a deep dive into how each company built business cases, educated stakeholders (both marketers and non-marketers), piloted early measurement models, and got results. Questions? Comments? Don’t hesitate to reach out.