The marketing landscape has rapidly transformed over recent years with the introduction and popularisation of new channels, technologies and data sources. Marketers must now adopt people-based marketing strategies to operate across all of these new channels and touchpoints to ensure they’re effectively communicating with their target consumers in the right way. However, as marketers embrace this people-based approach, how can they effectively measure the success of their marketing campaigns?
People-based measurement is the process of measuring the impact of online, multi-channel marketing campaigns on your brand efforts and sales impact, both online and offline. Essentially, this allows you to review your campaigns and map the engagement from a particular marketing investment back to the core business objective behind it.
As with people-based marketing, people-based measurement is made possible by identity resolution, which allows marketers to connect the dots and resolve the person behind the click in a privacy-safe way.
Where are we at with people-based measurement today?
According to a LiveRamp and Wakefield Research study, 94% of marketers agree that you cannot accurately measure ROI without people-based measurement. Additionally, while 96% percent of respondents claim that identity resolution will be their company’s most important asset in the next three years, there are roadblocks in the way of beginning the journey towards people-based measurement.
In fact, almost 80% of executives surveyed are not yet ready to get started. Some of the biggest roadblocks include the inability to bring data together for analysis (49%), missing identity resolution capabilities (48%), limitations with regards to online sales data (42%), and simply not knowing how to get started (42%).
The study has found that marketers see people-based measurement and identity resolution as not only the starting point for effectively measuring the impact of campaigns, but also understanding the omnichannel consumer journey.
Look to those already on their way
With one in five survey respondents reporting already implementing people-based measurement, there’s a roadmap to guide you if you’re feeling lost. A good place to start is with smart technology investments. Early people-based measurement adopters have access to, use, own or possess a Data Measurement Platform (DMP), data analytics and visualisations tools, ad verification and viewability technology, and, of course, an identity resolution solution. Investing in such technologies and channels is fundamental to developing an effective people-based measurement practice.
It’s also worth noting that many of the ‘trailblazers’ of people-based measurement are focused on growing sales, both online and offline. As a result, they’re more likely to be measuring the success of digital marketing across multiple channels and touchpoints, in order to gauge the value it is delivering to their business. They understand that identity resolution will not only improve targeting and real-time optimisation, but also customer insight, customer experience, and ultimately help them understand the customer journey.
Where to go from here
While there are roadblocks to overcome when looking to implement people-based measurement, it’s crucial for marketers to do so to ensure they’re effectively measuring the impact and ROI of campaigns. With 69% of marketers planning to start down the path of people-based measurement in the next few years, taking small steps like investing in technologies such as identity resolution is a great place to start.
To learn more about the state of people-based measurement and how you can start your engines, read our study findings here.