To improve performance, optimize spend, and enhance the consumer experience, marketers must inject data and analytics into every phase of their marketing and advertising process. And thanks to ever-evolving digital device types, platforms, and technologies, marketers now have access to more audience and performance data than ever before, so they can make smarter decisions that drive meaningful business results.
Although more data is certainly a “check” in the plus column, it can pose challenges for optimizing marketing and advertising performance: To guide decision-making, the data must be consolidated, processed, and interpreted correctly; in that process, mistakes are common.
The good news is that those mistakes can be avoided.
Here are five common pitfalls when measuring marketing and media performance, along with best-practices for how to avoid those pitfalls.
Pitfall 1: Not Defining Clear Business Goals and Key Performance Indicators (KPIs)