Marketers lament data’s ability to measure effectiveness
A quarter of marketers who responded to Marketing Week’s Language of Effectiveness Survey say a lack of data capacity is holding back their effectiveness efforts.
When it comes to marketing effectiveness versus advertising effectiveness, the lines can sometimes be blurred. How do marketers make the distinction and what features would make their life easier?
According to an exclusive study by Marketing Week’s Language of Effectiveness survey, when asked to define the difference, marketers in many cases see advertising efficiency as relating to campaign-level metrics, while marketing efficiency covers the 4Ps (product, place, price and promotion).
Others classify advertising effectiveness as being related to the “promotion” element of the 4Ps, while marketing effectiveness is the measure of the overall marketing plan, including advertising.
When it comes to measuring marketing effectiveness specifically, a quarter (24%) of the 1,610 brand-side marketers surveyed say their brand needs to develop its data and analytics capability.
Meanwhile, 14% feel there is a need to develop or expand their performance marketing capabilities, and a further 14% say there is an overreliance on ROI as a measure of performance. marketing effectiveness.
Marketers are almost twice as likely to focus solely on brand rather than performance
What is the place of measuring the effectiveness of marketing and advertising in the overall strategy? While effectiveness is measured, for some marketers there needs to be a clearer and more consistent approach to collating results with actionable insights.
Some 8% of respondents say the marketing function is either underestimated or insufficiently understood, while 7% say the benefits of brand marketing are not understood within their company, with too much emphasis on the performance marketing.
Therefore, while marketers largely agree on the different roles of marketing and advertising effectiveness, the polarization of responses on how the former should be measured suggests there is still some way to go. on the journey to efficiency.
Marketing Week will explore the differences between marketing and advertising effectiveness in an upcoming feature, while looking at who within the company receives effectiveness analysis.
To read our content on the language of efficiency so far, click here