Holistic measurement can power sustainable marketing structures

Holistic measurement enables brands to make data-driven decisions to improve business performance, but brands need more than just data to establish a long-lasting measurement strategy – they also need unified metrics.

Why it matters

Unified metrics can help determine key scenarios, such as: Are marginal dollars best invested in paid search budgets or in product reformulation to make a product smaller and less costly to ship? 

Additionally, they can help identify which campaigns or channels are delivering the best ROI, allowing businesses to allocate resources more effectively.

As brands evaluate goals for reorganization, they need to recognize that the mastery of data and analytics is a core competency. If brands can’t implement a measurement strategy, they can’t properly evaluate their strengths and weaknesses.

Takeaways

• Success with retail media networks requires tight alignment across all departments; for this alignment to be possible, organizations must eliminate silos.
• Holistic measurement often comes down to a balance between investing in performance media to deliver immediate results, in marriage with more longer-term equity growth further down the line.
• Retailers may choose to use metrics such as ‘share of digital shelf’ to get a holistic picture of a company’s performance on the organic and paid search level.
• Advertising Cost of Sales and Return on Ad Spend tied as the most important KPIs to measure retail media success (according to 84% of respondents in a report from omnichannel marketing platform Skai).

Key quote

“The ease of access to performance metrics when contrasted against the relative difficulty and expensive measuring brand marketing means our management efforts and therefore spend are becoming skewed towards performance” – James Hurman, Founding Partner, Previously Unavailable.

Read more here: How retail media is disrupting marketing structures