Measuring effectiveness for a campaign and tracking returns from the efforts (both monetary and resource) are the most important KPI to understand performance. The reach and penetration for traditional media (Print , Outdoor, Television etc.) has always been on a larger scale, but measuring effectiveness has been a real challenge for marketers. Over the years they have relied on data (TRP, TAM reports etc.) provided by Market research agency and authority bodies or boards to derive understanding of reach for their TG.
With technology taking the center stage, measuring performance has improved to greater extent. Online as a medium (search engine) has given advertisers the power to measure effectiveness of a campaign via effective tracking through cookie. Today advertisers have access to a huge consumer data - from the sheer number of visits to time spent in the website to actions taken the sources of their arrival and more..
But data on itself is only a handful of numbers clubbed under different heads. Advertisers can draw vital information by understanding each parameters of data and combining them with others - develop key metrics to derive a logical inference which provides marketers with valuable insights on consumer behaviour related to -
- Product Perception,
- Purchase behavior,
- Customization and preferences
- Pricing
- Offers (response)
- & more..
Setting Up Metrics
Every Metrics is skewed towards a particular goal or objective.