The challenges of measuring the effectiveness of a brand’s marketing are well known. Only one in four marketers reports being highly confident in their ability to quantify the ROI of their trade marketing, traditional and digital media.
To help Canadian companies navigate this increasingly complex terrain, Nielsen hosted its first Marketing Strategy Summit. Hosted by Google at its Toronto, Ontario headquarters, the summit was attended by senior executives at Canada’s leading manufacturers including 3M, Parmalat, Jamieson, Danone, Nestle, L’Oréal and Mondelez as well as leading retailers Loblaw and Metro.
The right approach to marketing effectiveness brings disparate worlds together, allowing teams to understand how all of their tactics combine to deliver business results.
Evolving for the Digital Era
The current state of the Canadian marketplace makes it more difficult than ever to know where brands should invest their dollars. Marketers face an increasing number of ways to reach their audiences and rapidly shifting markets that stretch budgets to the limit. At the same time, the pace of change means marketers are expected to make decisions with increasing speed.
In Canada, demand for digital marketing expertise is high. With increased internet penetration and the proliferation of digital content, marketers in the country have put more focus on digital platforms in recent years. Digital ad spend in Canada will reach approximately CAD $7.2 billion by 2019, surpassing 40% of total ad spend this year.
The Summit gathered experts from within Nielsen to share how brands are navigating trends and deploying new tools along the path to purchase. Sessions covered a range of pressing topics including connected consumers, data science, marketing performance, cloud opportunities, neuroscience and the sports sponsorship landscape.
Google also took the stage to share best practices and case studies about storytelling in the age of personalization. Attendees gained insights into current strategies and how they can move forward in an increasingly competitive marketplace.
New Channels Require New Measurement
One of the most engaging sessions was led by Matt Krepsik, Global Head of MROI Product Leadership, Nielsen, who presented “Driving Business Outcomes Using an Audience-Centric View of Marketing Performance.” The session focused on how marketing measurement can solve some of the most pressing performance challenges facing marketers today.
Matt described how marketers are forced to make sense of many worlds — TV, print, outdoor, display, social, search, email, incentives, and many others. Each of these ecosystems has its own language, customs, and ways to measure success. What brings these worlds together is the need to deliver marketing and advertising at the right moment, across mediums, channels and devices, to turn key audiences into customers and customers into advocates.
Current approaches to performance measurement, including marketing mix modeling and multi-touch attribution, will play an increasing role in the future of every successful marketer. This is in part because the right approach to marketing effectiveness brings disparate worlds together, allowing teams to understand how all of their tactics combine to deliver business results.
Matt shared key points including:
- how the fragmented landscape makes effective marketing more difficult
- why person-based, audience-centric marketing measurement is so critical to success
- the role marketing mix and multi-touch attribution approaches play in a modern performance measurement strategy
- how to know if an organization is ready for a comprehensive approach to marketing effectiveness measurement
Matt described how end-to-end MROI solutions allow marketers to simultaneously evaluate the performance of both strategic and tactical marketing initiatives. This provides an understanding of performance against overall strategy and where adjustments are needed. If done correctly, marketers can achieve an audience-centric view of performance that tells them what works best with the consumer segments that matter most to their company.
Tackling Today's Marketing Challenges
The Marketing Strategy Summit brought together forward-looking marketers with the best of Nielsen and provided attendees with new possibilities for day-to-day decision-making. Nielsen looks forward to future opportunities to help Canadian marketing teams navigate the digital era and grow their businesses.
To learn how to connect your best-performing marketing with the people who matter most, download our ebrief: Reaching the Consumers Who Matter Most: A Q&A with Forrester’s Susan Bidel
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