Measuring digital is hot right now and it was standing room only at the Media Boot Camp Power Session: Defining the New Media Currency – How to bring traditional media metrics online.
David Smith, CEO Mediasmith
Jon Gibs VP Media Analytics, Nielson Online
Erin Hunter Executive VP, comScore
Young-Bean Song Director of Analytics & Atlas Institute, Microsoft
Scott Ernst President, Compete
Todd Teresi, Chief Revenue Officer, Quantcast
There is a pretty big delta between the amount of time, energy and engagement that people have online and the amount of money that marketers are spending online. One of the barriers is understanding how to track and measure online spending to show results.
So what are some options for measuring?
Virtual Panel – Create a virtual panel to assess the effectiveness of your online campaign. Use survey methods similar to traditional methods used for measuring the impact of TV and print.
Split Testing – Serve different ads to different people and measure the effectiveness of each ad in driving action from your target. Rotate ads and creative to optimize your spending.
Search Data – Analyze search data to find out what people are searching for online. Are you seeing an increase in searches for your brand or terms related to your brand? Are there searches related to your campaign? Search is a great real-time way to understand what is actually going on in the space.
Online Buzz – Measure online buzz – use services to track the number of mentions and sentiment of mentions about your brand. Online buzz gives you an immediate read on whether or not your campaign is inspiring conversations. You can get results quicker and cheaper than traditional methods and make adjustments as needed.
Target - Evaluate whether or not you are connecting with the right target. Poor results may stem from reaching the wrong audience online. Understand who you are trying to reach and where they are online.
So what should I measure?
The first generation of measure was click-through. The second generation was action taken directly related to the ad – how many people took a specific action after clicking on an ad? The third is attribution measurement; looking at the meaning and importance of the integrated campaign – how does each portion of the campaign help lead to purchase.
The base question is “Can you reach the right people and get them to do something?”
Ask yourself, “Does my campaign create awareness in a new way that I can measure online?” Ask the same questions that you do offline – measure persuasiveness of the campaign via surveys, DynamicLogic, InsideExpress. Leverage the web for what it is good at – are people buzzing/talking about your brand, are they searching for your brand, are they visiting your website? Leverage social media to look for conversations about your brand – these measures can be more powerful than traditional measures.
Just because you Can doesn’t mean you Should
Select measures that are relevant to the actions that you are trying to drive online. Be sure that your measures tie back to the objectives of your campaign. Look for ways to measure the impact of integrating digital into the rest of your marketing mix.