Here at Coegi, measurement is at the center of everything we do. We listen to our clients’ challenges, objectives, and aspirations to understand what success looks like and build a media measurement framework that can help us better understand how we are progressing toward achieving those goals. Sometimes this is as simple as defining KPIs and optimization points based on media metrics; however, there are some instances where media metrics alone won’t be able to answer the brand’s questions. In these instances, it may be necessary to consider other advanced measurement strategies.
When Should You Consider Advanced Measurement?
If your client’s goals are not able to be answered by traditional media metrics, then it is important to consider advanced measurement opportunities. Some examples of these questions include:
- Did my brand have an increase in unaided brand awareness?
- Did my retail locations gain incremental visits from the campaign?
- Has my brand had an increase in market share as a result of the media running?
In these situations, reporting back on metrics such as reach and frequency, cost per click, and video completion rate won’t offer the business intel the client is looking for.
Are There Barriers to Entry with Advanced Measurement?
It’s important to consider campaign budgets when deciding whether advanced measurement studies are the best solution. Each measurement partner has a unique pricing structure that may at times be cost prohibitive. Additionally, some measurement partners require impression volume or retail location minimums in order to run the study and ensure feasibility or statistical significance. Advanced measurement studies also tend to take several weeks to get up and running, which may cause concerns when there is a timeliness factor to the campaign. It’s important to set expectations and plan early when advanced measurement is likely to come into play. Finally, it’s important to identify which channels you are wanting to analyze, and keep in mind that walled gardens like Facebook and Google will require different solutions than other programmatic DSPs that allow for cross-channel measurement.
What Kinds of Advanced Measurement Studies are Common?
When selecting advanced measurement studies, it is important to once again think back to the client’s desired business outcomes. For those who are looking to understand growth in higher level outcomes such as awareness and consideration, a brand lift study likely makes the most sense. When wanting to understand incremental store visitation for large scale retail brands, a foot traffic study can help reinforce directional success. If sales and understanding of growth to the company’s bottom line are critical, then a sales lift study will likely be identified as a solution.
When strategizing media campaigns, it’s important to measure what matters to your client. In situations where front-facing media metrics aren’t enough, it’s important to weigh your options to understand your campaign impact on meaningful business outcomes.If you are interested in running a campaign with advanced measurement solutions, reach out to your partners at Coegi.
By: Elise Stieferman, Director of Marketing and Business Strategy