Campaign Analytics and Evaluation
In order to perform a relevant analysis of your campaign data, you will have to look at the key indicators we discussed at the very beginning, especially metrics like purchasing behaviour and customer engagement as well as geographical data. This is important because the pricing and consumer behaviour of a customer sitting in new York will be very different from that of a customer sitting in Mumbai.
You need to look at key performance indicators and identify the important ones based on your campaign. The important thing to remember is that you need to measure success both on a macro level as well as micro level. You need to look at everything from a particular creative to the entire campaign trajectory using both data from the publisher as well as the agency ad server if available. A few of the metrics you should be measuring in all of your campaigns are covered below:
Number of active users (daily and monthly)
You can ask the media agency for statistics on how many active users are listening/watching/interacting with your advertising content in daily as well as monthly basis. This will give you a rough idea of the size of your audience base.
For online, radio, TV or any other trackable media, you might be able to get data such as, how long did a particular customer interact with your advertisement? If available, you might want to look into how this interaction impacted their purchasing behaviour. e.g. How many people looked at a highway hoarding for a restaurant and ended up going to the restaurant located off the next exit?
What is your user journey across the entire purchasing process both offline and online? How can it be improved?
How many customers return to you for repeat business? Out of the customers that do return, why do they keep coming back and can your advertising campaigns help speed that process along?
Life time value
How much is a particular user expected to spend on your product or service over the course of their customer relationship lifecycle with your brand?
Asking both general and more specific questions about your campaigns and scrutinising the performance of every creative advertisement or campaign that you put out will help you make intelligent decisions during budget allocation.
An insider tip: for advertising media like radio and television, the station should able to give you an affidavit of performance that is normally included with your invoice. Often, if your ad had aired in the wrong spot, or at the wrong time, you can request to re-air the spot free of charge. More recently, best practices in digital media have ushered in a change in the way and complexity of the analytics we measure.
In the past couple of decades, digital advertising was more of a direct sales venture, where advertisers purchased premium inventory from publishers to suit their audience needs. Over time, digital analytics has become a complex beast and with the rise of big data, more and more media distributors are starting to rely on programmatic or automated buying to allow for real-time bidding. This leads to a much more streamlined RFP process. More importantly, it allows for greater scope in bringing analytics in at both the very minute level and the overall macro level.
Such analytical thinking has also percolated to other media such as radio, TV, transit, outdoor and digital hoardings. So, both the publisher as well as the media agency will be able to give you very specific data on how many people interact with your advertising messages and how they interact with the information.