ROI measures need to be customized for each digital media channel used, after all, how success is measured in content that you earned is much different from success measurements for bought content. Between your collective, paid, earned and owned digital media traffic, how do we know which digital media elements are driving the most value?
Paid, earned and owned media are so different. For example, many social-media measures are concerned with the number of fans and likes where as search measures are concerned with click-through rates and keyword attribution. Therefore, even if you are focused solely on social performance, measuring this channel alone does not tell the whole story. Marketers know that the most effective digital communication plans seamlessly integrate content across paid, earned and owned media.
So how do we measure the return on investment of our marketing campaign to embody the paid, earned and owned media as a whole?
Here are 4 easy steps to get that accurate measurement needed to stay on top.
1. Define what success is.
It can be improved customer retention, understanding loyalty, fine tuning messages or increased sales online and offline.
2. Collect all of your paid, earned, and owned metrics into a single data repository.
It can look something like this chart but may vary depending on the objectives of your marketing campaign.
|Visits||Online Advertising Views||SEO|
|Page Views||Online Advertising Click Throughs||Google+|
3. Choose the right technology platform for measurement.
The right measurement platform extracts data frequently from channel sources and has a smooth interface with other analytic providers like Google Analytics. It should also have a transparent database system for storage of cross-channel data and a customizable dashboard that allows you to view the results according to your definition of success.
4. Dig into this new connection between earned, owned and paid media to determine what is working for consumers and where you can improve.
Of course this is just the basic starter pack for effectively measuring ROI across your media channels. However, it is important to realize the business value to be gained by actively measuring an INTEGRATED digital media campaign as a whole with earned, owned and paid media.
Read the full article here.