A potential recession, data privacy concerns, and an ever-changing media landscape are just some of the many current issues marketers face when planning media spending.

The industry is rapidly evolving, and marketers must evolve their measurement strategy to keep up. Adopting an analytics platform like Ovative’s unified measurement tool, Map, allows near real-time performance results so marketers can ensure they are pivoting during uncertain market conditions this year. 

A Looming Economic Crisis: 

At the start of the year, many economists warned consumers about an impending recession. This prediction is now up in the air, with some sources saying that a recession will hit later in the year.¹ 

Economic downturns can be unexpected, but a brand’s marketing strategy should be prepared regardless. As Ovative CEO Dale Nitschke says: “A good measurement strategy matters the most when budgets are tight.” Why? Because it is more important to ensure that media spend is efficient when the economy is down. An effective marketing measurement tool can identify which media investments are driving bottom-line results and which are costing more money than they are worth. That is what Map does for brands.  

Map provides in-depth reporting and analytics so clients can act on findings in real time. If there are sudden changes in the economy, marketers can feel assured that Map will provide a comprehensive guide to spending their budgets effectively. 

Beyond the Duopoly: 

Meta and Google are no longer the only players in the media game. TikTok and Amazon are continuing to grow and adding new functionality for marketers. However, more ad capabilities mean more questions about their efficacy. New media platforms will not always follow the legacy access to data or tracking.  A nimble measurement strategy is crucial to understanding the impact on marketing budgets.  

When the experts at Ovative set up Map, they knew they needed to build a technology that had the flexibility to measure different media investments, even media platforms that do not exist today! Map is not constrained by a certain vendor or publisher list and can provide insights from any media platform. This flexibility will be important to effectively measure new media and to be able to compare performance to other media platforms. Map measures performance with a unified measurement metric, Enterprise Marketing Return (EMR), to accurately compare one channel’s performance to the next. With Map, marketers can contextualize new media performance compared to their previous tactics. 

Data Privacy Concerns: 

Last year, data privacy efforts continued to restrict data flows for one-dimensional marketing measurement technologies, specifically only Multi-Touch Attribution (MTA) tools. MTA continues to have fewer data inputs and is receiving negative sentiment in the marketplace. With the demise of the third-party cookie and the declining effectiveness of MTA, marketers should be hesitant to rely on only one source to understand their marketing performance.  

Map was built differently. It is a unified MMM + MTA solution created specifically to offset individual tool limitations.  Map uses both solutions to determine the value of each marketing touchpoint along a consumer’s path to purchase. This includes separating the base business and market influence from incremental marketing impact.  

Campaign Consolidation:

From Meta’s ASC to Google’s Performance Max, many media platforms are developing campaign consolidation tools for marketers to leverage automation to enhance media performance. While these tools are proving to be successful in performance, it is getting harder to pinpoint the true marketing value of each channel when tactics are bundled together.  

To help with this issue, Incrementality Testing is used to correctly attribute performance to the proper channels. However, these results are not useful if they aren’t incorporated quickly for immediate action. Ovative has introduced Integrated Testing through Map, which allows marketers to update their measurement models with inputs from testing in near real-time. With this testing, marketers have fresh insights at their fingertips for improved decision-making to drive better business outcomes. 

Another approach to understanding media performance in a consolidated world is Geo Mix modeling. Map’s Geo Mix Model allows marketers to understand channel and subchannel marketing performance in designated market areas (DMA). Marketers can use this type of model to test different tactics in different regions and better understand how consumers are responding to those strategies. 

How To Level-Up Marketing Measurement:  

Using Ovative’s AI-driven measurement tool, Map, marketers can feel confident that they can weather any economic or marketplace uncertainty. Map clients see a 15% increase in their marketing return; money that is incredibly useful when budgets are tight. 

Powered by Ovative’s holistic marketing metric, Enterprise Marketing Return, Map helps marketers understand the true value of their marketing investments across consumer touchpoints with a full team of measurement experts to help clients take meaningful action on the tool’s insights. 

Contact our team today to learn how Map can future-proof your marketing. 

Source: 

1 AP News