Marketers Would Increase Spending if Better Tools Existed to Prove ROI Measurement
BOSTON, MA — The number one challenge for brands, media and agencies continues to be measuring or proving ROI, according to a new study released by Millward Brown Digital. The majority of marketers lack confidence in their ability to maintain an understanding of consumer behavior and are uncertain that they are using the right media mix in reaching them.
Fifty-five percent of marketers aren’t confident in their organization’s understanding of the consumer journey. Knowing when and where to reach consumers is crucial to marketing success and these results indicate there’s much room for improvement in understanding consumer behaviors.
Marketers’ confidence that they are using the right media mix increased slightly. While the percentage of marketers who said they were confident that they have the optimal media mix between traditional and digital grew slightly since last year, the percentage of those expressing doubt saw even greater growth.
Brands’ confidence in use of Big Data increased since our last study. However, confidence amongst brands is still low, with 41% of confident in their organization’s use of Big Data, compared to 59% of media and 60% of agency respondents.
Seventy-four percent of marketers would increase spend on digital if there were an increased ability to track ROI. Seventy one percent would increase spend cross-channels and 43% in traditional channels.
Getting Digital Right, the third annual look at the state of marketing in a connected world by Millward Brown Digital, is based on input from more than 300 senior U.S. marketers spanning brands, media companies, and agencies. It shows the industry still has opportunities to integrate approaches across engagements and unlock behaviors on the path to mastering ROI.
“This year’s study shows promising improvement in a few metrics, but highlights that our industry has work to do to maximize opportunities to better understand consumer behaviors and the moments where marketers can best engage,” said Stephen DiMarco, President, Millward Brown Digital.
Free Trend Report: Why Location Is the New Currency of Marketing
Finding effective ways to deliver branded messages in today’s complex media environment is one of the biggest challenges facing advertisers. Traditional methods of advertising have become less effective as consumers spend less time in places where marketers have traditionally had an advantage in reaching them. In addition, consumer attention has fragmented across multiple channels as media options and device platforms increasingly diversify.
Active consumers spend money, and while they are going about their daily routine, they are also actively looking for information. According to Google, more than 50% of all mobile searches have local intent, and 17% of search happens while consumers are on the go.
Digital Out-of-Home (DOOH) advertising, also known as Digital Place-based (DPb) media, utilizes strategically placed, networked digital signage displays to reach on-the-go consumers while they are outside of their home with highly targeted messages. Location-based mobile and digital out-of-home media are part of a larger multiscreen ecosystem that effectively amplifies brand messages to create a deeper level of engagement with active consumers.
Why Location Is the New Currency of Marketing is aimed at CMOs, media buyers and strategists and provides insight into why marketers are increasingly shifting their advertising dollars to these rapidly emerging media platforms.
Highlights from Why Location Is the New Currency of Marketing include:
- The Connected Consumer
- Leveraging the Moment
- Multiscreen Campaign Planning
- Amplifying Reach With DOOH Media