What’s the common quip about advertising and marketing? “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”
To tell you how long troubles of measuring marketing’s ROI have been around, that quote has been attributed to John Wanamaker (1838-1922) , a marketing pioneer who “opened one of the first department stores in the United States, which grew to 16 stores and eventually became part of Macy’s.”
A new report was issued earlier this summer by Nielsen, which examines some of the challenges marketing leaders are having measuring success in such a fragmented media marketplace. “Across nearly all business verticals,” says the report summary, “marketers reported large shifts in how they evaluate, measure and budget across media channels … it’s not more data they’re looking for, rather better insight.” Only one in four marketers are highly confident they can quantify ROI from their efforts at all.
Download the entire report here. A few bullets from the summary:
- 79% of CMOs expect to invest more in marketing analytics and attribution over the next year.
- 74% of CMOs have little to now confidence they have the right technology in place to achieve their marketing goals
- 82% of CMOs ranked reach and frequency measurement as their most important capability