How do you compare marketing channel performance?

In modern digital age, marketing channels have evolved from simple linear routes to intricate webs of interactions. Each channel, be it social media, email, physical storefronts, or online marketplaces, doesn’t just deliver a product but also an experience, a narrative, a brand promise. The choice of a channel reflects not just where the consumers are, but how a brand wants to communicate its value. It's akin to a musician choosing an instrument, understanding that each produces not just a note but a distinct emotion. Brands must not just be present across channels, but they must harmonize their messages across them. Only then can they produce a symphony that resonates with their audience and stands out in the cacophony of today’s market.

The channels also differ in terms of the attention the consumer can give the brand and the impact the channel can deliver. In some channels the consumer is laid back and is in a "receiving" mode, while in others the consumer is "active". The message, the tone and style and the objective should fit the channel to maximize budget. The KPIs differ from channel to channel and should fit the general marketing goal.

1/ Understand that building a full funnel measurement is key --> do you have infrastructure set up to capture all consumer touch points? 2/ Evaluate the durability of the setup --> have you assessed the existing and future conversion gaps due to changing tech and/or data limitations? 3/ Appreciate that marketing is a balance of science and arts --> have you assigned a suitable metric to gauge the effectiveness of each channel and how it works with each other? 4/ Identify the methods of measuring impact --> can you outline the use cases among attribution, incrementality and media mix modeling, and which option and/or combination makes more sense to your business? 5/ Embrace the spirit of experimenting --> do you have a feedback loop?

Any medium that lets you “talk” to your customers is a marketing channel. Choice of channel and messaging are the key for a campaign’s success. There are plenty of channels already and it constantly evolves. Some broader categories of channels include 1. Online - Display ads, Social Media ads, Search ads, influencer targeting etc. 2. Offline - TV ads, Print, Billboards, Radio etc. 3. Affiliates - Other sites generating traffic & sales for you. Example is review sites having links to products sold elsewhere 4. Brand Ads - Partnering brands marketing for us; An example to this is, Flipkart marketing Axis bank cards on their platform 5. Others - Word of Mouth(Ratings & Reviews, polls, surveys can be the tools here), Referral program, Offers.

The primary purpose of marketing channels is to efficiently deliver products or services to the target market while optimizing the availability, accessibility, and visibility of the offerings to consumers. These channels play a crucial role in a company's marketing strategy, influencing pricing, promotion, and the overall customer experience.

If you have historical data, use it to help you set realistic goals. Especially when you want to set stretch goals, historical data can guide you to it. If you have no data at all, I would say spend some time gathering it... it may mean a test budget for things like ads but it's important to invest in it and set you up for success.

When setting goals for each channel, I align with its strength. On social media, I prioritize engagement, measuring comments, shares, and likes. For email, I focus on open rates and click-throughs, ensuring content resonates. In physical storefronts, the experience is king, so I gauge foot traffic and sales conversions. On online marketplaces, I analyze page views, conversion rates, and reviews. The essence is understanding each platform's nature, setting specific metrics for success, and ensuring they cohesively contribute to the brand's broader vision.

Top 3 things you need to do.... 1. Implement an attribution model to understand how different channels contribute to conversions. 2. Segment your audience to analyze channel performance for different customer groups. 3. Calculate the cost associated with each marketing channel, including advertising spend, content creation, and personnel costs. Compare this with the revenue generated from each channel to determine the ROI.

SMART goals for each channel: 1. Identify Your Marketing Channels 2. Understand Your Business Objectives 3. Define Specific Goals for Each Channel 4. Choose Relevant Metrics 5. Set Benchmark Data 6. Prioritize Goals 7. Allocate Resources 8. Develop Action Plans 9. Monitor Progress and Adjust

well, marketing channels aren’t just static platforms. They’re like musical notes that resonate with different audience segments at different times. We call these ‘consonant zones’ - specific moments when a particular channel is most in tune with a user’s current activity or mindset. Think of it like an ecosystem, where everything is connected and interdependent. For example, a podcast might be the perfect way to reach a professional during their morning commute, while a social media ad might be more effective during a mid-afternoon break. It’s all about understanding when and how your audience is most receptive, and making sure your messages are not only well-targeted but also well-timed...

Here are a few key takeaways: - KPI Clarity: It's essential to zone in on relevant KPIs. Avoid the clutter of unnecessary metrics. - Google Analytics 4: The latest version is a game-changer for tracking website and mobile campaigns. If you aren't using it yet, now's the time. - Data Centralization: Google Data Studio is a lifesaver. Combining data from platforms like Search Console, Analytics, Ads, and offline data via Google Sheets gives a comprehensive overview. - OKR is Gold: A clear OKR ensures you never lose sight of the bigger picture. Having a defined objective with trackable KPIs ensures our marketing efforts are on point. Cheers to staying on the right path!🤩

To gauge media channel performance, start with clear goals and metrics. Gather and analyze data from each channel using tools like Google Analytics, Facebook Insights, email platforms, or custom dashboards. Track and report key performance indicators aligned with your objectives, illustrating how each channel impacts your overall marketing outcomes. Continuously monitor and adapt campaigns based on data and feedback from each channel to optimize strategies and achieve desired results.

When it comes to performance measurement, we need to have three kinds of metrics tracked separately 1. Business KPIs - This indicates the impact of campaign on our core business KPIs like Visits, Sale leads, Conversions etc 2. Customer Engagement Metrics - This measures how customers have interacted with our ads. Some of the include Number of impressions, clicks, CTR, VTR for video ads, TRP for tv ads etc. 3. Campaign Operational metrics - #Customer Reach (unique customers reached), avg impressions per customer, Return on ads, Cost for conversion etc. There are various tools used by orgs to measure each of the above class of metrics. It’s important to have goals in all 3 aspects before we launch any campaign

Here are some practical tips: - create customized dashboards that amalgamate data from various sources. Tools like Google Data Studio allow you to visualize channel performance comprehensively. - implement a robust attribution model to track how different channels contribute to conversions (yes, i will repeat that all the time ))) ). - KPI's should directly reflect your channel-specific goals. For a social media campaign, engagement metrics might be vital, while for SEO, organic traffic and conversion rates could be more pertinent.

In my 10 years exp, measuring channel performance boils down to a few key steps: Set Relevant KPIs: Identify metrics that align with your business goals. Avoid vanity metrics that don’t contribute to your objectives. Create Custom Dashboards: Consolidate metrics from different channels in one place for a holistic view of your performance. Analyze and Adjust: Regularly review your data. Look for trends and anomalies, then refine your strategies based on your findings. Continual Testing: Always be A/B testing to find out what’s working and what’s not. Make data-backed decisions to optimize your campaigns. Remember, the aim is to understand how each channel contributes to your goals and adjust your strategies accordingly.

Sometimes, relying solely on digital data may not provide the complete picture. Consider implementing surveys as part of your customer journey. After a conversion event (e.g., a purchase or sign-up), send out a survey asking customers about their journey. Inquire which channels or touchpoints influenced their decision the most.

For B2Bs it's essential to understand that the customer journey isn't a linear path of single-user and single-session outcomes. It will be a weave of multiple stakeholders engaging across multiple channels over a long period of time before they get to the point of identifying themselves to you (e.g. submitting a form on your website). Using multi-touch attribution will allow you to assign value to all trackable channels influencing the journey towards your defined business outcome or KPI. Consider supplementing this with self-reported attribution to potentially capture the engagement, which your untracked channels are generating (word-of-mouth, communities, referral, etc.)

Marketer’s relationship with attribution continues to evolve due to changes to consumer privacy expectations, platform policies, & regulations - in turn decreasing reliance on the user level precision historically tied to 3P cookie attribution. Modern marketing measurement employs a combination of consented 1P data & aggregate modeling. Approaches vary, but most include - 1.) Marketing Mix Modeling: high level channel valuation over a set time (monthly or longer, ideally includes digital & offline) 2.) Attribution: approximates in flight user level behavior (site/app analytics, ad servers, self attributing platforms, etc. usually modeled to some extent with known blind spots) 3.) Experiments: gauge incrementality (A/B, lift studies, etc.)

Channel attribution is always complicated due to the complex web of interactions that customers have with the brand. A customer might not respond directly to a mailer, but they may hang onto that mailer and log onto the website to engage with the brand much later than the original distribution date. Compiling member/customer-centric data is critical to forming an understanding of how many times a person had been interacted with. That means tight integration between systems and skilled analysts pulling disparate data sets together. With a good data model and governance process however, this can lead to a great understanding of channel performance and the ability to improve it.

Prior to assigning value to a channel, it is crucial to determine where each channel fits within the marketing funnel. Many marketing platforms primarily employ last-touch attribution, which tends to make Top of Funnel marketing channels appear less effective in terms of ROI when compared to Bottom of Funnel marketing channels. ML powered data driven attribution models are proving to highly effective in attributing value to each channel.

Optimizing channel performance is like fine-tuning a musical instrument - it takes precision and practice. Start by identifying your star performers - the channels that consistently deliver results. Allocate a significant portion of your budget to these winners, but don't rest on your laurels. Continuously experiment with new strategies and tactics in other channels. Keep a close eye on your analytics, and when you spot an underperforming channel, don't hesitate to make adjustments. Remember, the marketing landscape is dynamic, and what works today may not work tomorrow. Stay agile, adapt to changes, and keep refining your channel mix to stay ahead in the game.

Optimizing your marketing channels is more like planning a journey. You need to map out the most effective route, or the ‘critical path of effectiveness’. This path shows the sequence of touchpoints and actions that lead to your desired outcome. To optimize, you need to understand your audience’s journey. Where do they start? Where do they go next? Look for bottlenecks or roadblocks where they might stall or drop off, and work to eliminate them. Regularly review your route to make sure it’s still the best one. And don’t forget to engage with others in your industry to learn about new routes and shortcuts. By following the critical path of effectiveness, you can guide your audience smoothly and efficiently towards your ultimate goal

how to optimize channel performance based on your insights and learnings: 1. Analyze Performance Data 2. Set Clear Goals 3. Allocate Resources Wisely 4. Experiment and Test 5. Content Optimization 6. SEO and SEM Optimization 7. Email Marketing Optimization 8. Social Media Optimization 9. Paid Advertising Optimization 10. Landing Page Optimization 11. Mobile Optimization 12. Monitor Competitors 13. Regularly Review and Refine 14. Scaling Successful Strategies 15. Stay Informed and Adapt 16. Test New Channels 17. Customer Feedback and Insights 18. Collaborate Across Teams 19. Review Budget Allocation

Optimising channel performance requires a lot of patience and study. As they say 'practise makes perfect'. I like to let ads run for 2-3 weeks before I make any changes or tweaks - I believe that's enough time to gather data and make strong decisions.

Optimizing channel performance requires an intimate understanding of each medium's dynamics. For me, it's not just about being present, but about mastering the art of delivery. On social media, I focus on creating authentic, shareable content, always adapting to the platform's evolving algorithms. With email, I segment my audience, tailoring messages for resonance and personal relevance. In physical stores, I prioritize ambiance, ensuring every detail, from lighting to layout, enhances customer experience. On digital platforms, continuous A/B testing guides my refinements. Above all, I stay vigilant, measuring, iterating, and always listening to the subtle feedback each channel whispers, ensuring I'm not just speaking, but truly connecting.

The most effective strategy to explain a given channel's performance is to consider how that channel contributes to your marketing objectives and business outcomes in the short and long term. We miss out on the broader long-term impact if we only look at immediate outcomes or are overly performance driven.

Use visual aids like charts and graphs to make complex data easily digestible. Remember, your audience might not be data experts, so keep it simple and focus on the most relevant KPIs. Highlight not just the successes but also the challenges and opportunities.

In my experience I’ve found that it’s important to communicate the performance across channels periodically and sometimes even daily, especially to sales. Some channels such as referrals/ sign ups at events events are sales dependent so getting buy in from sales and then appropriate follow up is critical for that channel performance.

Communicating on the long-term impact most times are not well accepted by stakeholders, especially those who are sales focus in the immediate. It may not be realistic enough . Sometimes , related success stories from another organization may help.

This is more related to the company values and culture but as a general practice it should follow the story of the "critical path of effectiveness", with all the "adventures" involved: successes, challenges, surprises final gains and future thoughts. In fact it's about adding an experience to "the ever-evolving book of our marketing journey".

In general I believe that a good marketer combines a few different channels, each with it's own goals, measurements and design. All the channels should support and deliver the same message but with the right call for action and the accurate tone and style.

Using data to develop user-personas and using it as a framework to present results helps business folks easily relate to the overall story & insights

Every marketing professional in every industry solves very similar problems, especially for awareness and attribution. Consider exploring different channels, and different media formats as applicable to the channels. Patience is the most important character that marketers should have. We need to learn and relearn what works best for each brand and product - especially when working in a new industry or product line.

Comparing marketing channel performance is a valuable process for optimizing your strategies, but it's important not to get lost in endless comparisons and contrasts. While identifying the most effective channels can be enlightening, remember that the marketing landscape is dynamic. An omnichannel approach remains essential because it offers serendipitous benefits—such as increased reach, improved customer experiences, and adaptability to evolving consumer behaviors—that go beyond the confines of isolated channel effectiveness. Therefore, continue to explore and adapt your marketing mix, ensuring that your strategy remains agile and customer-centric to harness the full potential of omnichannel marketing.

Practicing consistency that is relevant to problem-solving, and solution-rendering capability is the key to any marketing growth. Also, focusing on Funnels and adapting to real-time potential is vital for the progress. For Eg: Analyzing and strategizing based on our current position in the Funnel, can bring us clarity on where to target the audience with how much to spend based on the data available through the previous consistent efforts.