By: Dwayne W. Waite Jr.
One of the biggest obstacles marketing professionals face is figuring out the proper way to measure and track data. This is not a new issue. It seems that most of the issues in advertising aren't new; the arguments change according to the newest tools that are out, or if groups are simply tired about arguing something else.
With the online and digital tools now at our fingertips, one could imagine that tracking and measuring results would be much simpler. We can count hits, look at traffic, measure engagement, bounce rate, CTR, open rates, views, and more. But there are plenty questions that surround all of those techniques. First, are these the methods that the client wants? Second, are these the best methods that will show the client the results they are looking for? And finally, does the client actually know what results they are looking for?
These are the concerns that were talked about during the OMMA Metrics and Measurement conference earlier this week.
One corporate marketer brought up that even though he loves data, there is a chance that they can drown in it. And it's true, with so much information out there, "analysis paralysis" is no longer a conidtion found in the executive suite, the marketing department can choke on too much information. Along the same line, in order to avoid such condition, others talked about "data-savvy" marketers and the need for the embracing of predictive modeling.
WIth predictive modeling, brand tracking becomes so much easier, since it is based on the movements of the targeted consumer. But is that where the future of advertising is headed? Hopefully not. The CEO of Rubinson Partners said that brand tracking needs to be completely reinvented, so everyone can be back on the same page.
So naturally, no real solution was put forward. But the article did bring to light the 3MS, Making Mesaurement Make Sense, an intiative between the usual suspects, the IAB, ANA and the 4As.
And the most surprising thing is, the principles of the effort makes a lot of sense. It makes the subject of online measurement really easy for marketers to understand. The five Guiding Principles of Digital Measurement, as 3MS defines it, are:
Are we wrong to be so surprised at the simplicity that this group came up with?
Principle #1. Move to a “viewable impressions” standard and count real exposures online.
Principle #2. Online advertising must migrate to a currency based on audience impressions, not gross ad impressions.
Principle #3. Because all ad units are not created equal, we must create a transparent classification system.
Principle #4. Determine interactivity “metrics that matter” for brand marketers, so that marketers can better evaluate online’s contribution to brand building.
Principle #5. Digital media measurement must become increasingly comparable and integrated with other media.
At least it's a start.
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