Modern marketers are under increasing pressure to optimize every dollar spent, measure every touchpoint, and prove ROI of each channel. Given this laser focus on understanding the impact of every tweet, blog, or email, does it surprise you to learn that 33 percent of B2B marketers don’t measure marketing ROI?
Surprised? No. Rather this stat proves what we know—effective marketing measurement and optimization is hard, and without the right tools, it is nearly impossible.
Inspired? Yes. The measurement gap can be closed with the right MarTech tools so that marketers can move from intuition-based decisions to making informed business choices with an in-depth understanding of the optimal channel mix for your particular audience.
What is the best way to move from trial and error to effective and reliable measurement? Technology. The data is there, you simply need a tool to turn them from ones and zeroes to actionable insights and information. By leveling up your tech stack to measure your marketing, you can develop marketing campaigns, measure them effectively, learn from the results, and iterate based on those findings.
More advanced and intelligent use of data is what we’re dedicated to at Lityx.
Our software and experienced team of data scientists enables business and technical users to easily leverage the power of machine learning to get the full value out of their business and marketing investments.
Lityx has been recognized by Forrester through its inclusion in the report, Now Tech: Marketing Measurement And Optimization Solutions, Q3 2019. This report makes up the Tools And Technology section of The Marketing Measurement And Insights Playbook and is authored by analysts Tina Moffett and Jim Nail
With marketing measurement becoming increasingly critical to business success, a Forrester survey shows that “21% of B2C marketing decision-makers say that their firm is lacking the capability to measure marketing results.”
Additionally, the report states that “C-level executives expect all functions to be accountable for results and no longer accept ‘soft’ metrics like gross rating points (GRPs), impressions, or increases in awareness that don’t connect to the firm’s financial performance. Marketers need a solution that can answer executives’ questions about ROI, return on advertising spend (ROAS), or other financially grounded KPIs.
According to the report, “knowing how the last campaign performed helps marketers justify their budgets, but today’s marketing environment demands more. Modern marketing measurement approaches enable marketing teams to predict the financial results of different budget levels and channel mixes.”
In response to the demands from leadership that Forrester cites, marketers are seeking ways to improve their measurement. We thought it might be helpful for our readers, to see examples of machine learning and performance measurement in action.
Here are a few of our client stories to provide some ideas of how enhancing your data technology can positively impact your work.