Every marketer and agency alike are asking the same question right now. How effective are these new media channels and how can we measure that effectiveness and the associated ROI? Carol’s perspective is quite simply – “If you are going to shift money from one pot to the other, you certainly want to make sure it’s going to be equally effective.”
In a recently published interview with Carol Kruse on eMarketer Carol shared some great insights that can be effectively leveraged by agencies looking for new business opportunities:
“I think before you have ROI you have to really understand how social media is driving your business”
Traditional sales funnel types of companies find it easier to directly attribute incremental sales to each initiative. However, for companies like Coke, she suggests focusing on measuring the business value of the different types of media/channels. Coke considers aspects like brand health or brand love and its affect on overall purchase intent.
“Measurement around mobile is difficult right now, and social media measurement is even more difficult.”
There are currently lots of engagement metrics like how many participated, time spent etc. Coke is looking to take those metrics to the next level, which for them is all about driving brand value. It’s about bringing incremental increases in brand love, purchase intent and actual purchase. Carol pints out that there is not one pat answer of what they are looking to measure because it depends on the brand and the business objectives.
“You have to be careful how you go about the measurement because you might undo all the goodwill you have built.”
Carol points out that while measurement is important, for mobile and social media marketing you have to do it in a way that is acceptable to consumers. The last thing you want to do is disrupt the consumer experience, when your overall objective is to enhance it.
The final question posed to Carol was – “What do you see as the most pressing issue for digital marketing?” Her response was that search marketing is underutilized by both packaged goods and other brand companies, and that search should not be relegated to direct marketers.