“Big data” has really become “actionable data”. Because calculating marketing ROI is one of the biggest business challenges today, many businesses are turning to technology for perspective, insight, and performance metrics to determine the overall effectiveness and reach of their marketing efforts and ad campaigns.
Data affects all branches of marketing, including the digital display space. As a result, many businesses have reached to many pieces of marketing automation software in order to gauge the overall impact level of their digital ads. The power and access of actionable data is what businesses use for their own decision making today.
But how do they do this?
Avoid Information Overload
We all know by now that analyzing data is important, but this has led to information overload. We can all agree that there is just too much noise out there. Information overload can lead to increased errors, overspending, and just poor campaign results.
As a result, marketers and teams shifted their focus on analyzing the right data. In fact, information overload is actually one of the biggest marketing project risks. So after looking at “all that data”, what are you supposed to do with it?
Where to Start
Firstly, marketers should begin each ad campaign with set goals and objectives, which should be measurable, scaleable, and achievable, and should be tied to overall organizational goals. After setting goals, those goals should be measured by establishing KPIs or performance metrics that measure the campaign’s overall success and ROI.
How to Measure Success
In the world of digital advertising, using data analytics software to track your digital ad spending and to determine which display location is seeing more positive results that are aligned with marketing and organizational goals and performance metrics is the best possible way to measure marketing project and ad campaign success. The key point here is measuring the right data; data that is pertinent to campaign goals and objectives.
In addition, another way to save money on ad spending, content creation, and also boost marketing ROI is to use data analytics software set up specifically for digital display locations. This way users and marketers can effectively determine which content and ad packages are working best at specific locations. To break it down further, users can then determine which content formats and ads are yielding the highest level of conversions and engagement at different times of the day and week.
The overall success of an ad campaign and the integration of digital display advertising as a whole can be tracked down to the minute detail by tracking and monitoring data, and how businesses use that data to make more informed decisions, and take action by focusing on the right data that is aligned with campaign goals and that can truly impact the success of an organization.