While content is king and engagement is everything, marketers continue to struggle with the many ways to evaluate success of individual programs. Although the ultimate success measurement is ROI, it may take time to understand the implications of performance metrics, as there are many ways to slice the data.
One of the building blocks for creating an ongoing, direct relationship with the customer is a sound analytics approach that helps interpret the various metrics around his/her behaviors. Knowledge of what to measure—and why—is the key in this process. With that understanding, as more data is acquired and analyzed, new pathways to program success may be uncovered.
It is important to have the understanding that success may be slightly different for the various constituents in an organization. As not all data is available in the early stages of a program, our process organizes the data into short-, mid- and long-term buckets that can help prove ROI over the tenure of a program.
SHORT TERM: Benefits of Response Metrics
The power of short-term data is that this quick snapshot allows predictions that enable quick adjustments based on factors such as email response rates, click-through, geography reports and customer segmenting. Such immediate results can also help calm the anxious marketer. Response metrics can also be overlaid with call data files to measure multi-channel touch points to provide an early indicator on how to reset expectations if the results are not in line with the projections.
MID TERM: A View of Physician Behavior
As programs mature, the mid-term data becomes more relevant and measurable. You can see how the programs are affecting physician behavior and prescribing habits, and as more information is generated, the response metrics deliver 1:1 insights. For example, you can identify the responders versus non-responders, understand channel preference via multi-channel reports and learn who prefers mobile versus desktop. You can measure content impact and your learnings to optimize messages as well as personalize delivery based on attitudinal and behavioral information—strengthening ROI.
LONG TERM: Optimizing the Promotional and Marketing Mix
As programs move into longer-term maintenance modes, we continue to measure and improve ROI by optimizing the promotional and marketing mix through a solid understanding of what is working and why.
For example, sales force data sharing enables more effective sales calls as frequency and content can be analyzed. Then on the marketing side, we have seen powerful results with multi-channel programs that you can measure, analyze and adapt. In fact, an independent review evaluating 24 multi-channel e-detailing campaigns showed that on average, they achieved a 7:1 ROI.
Similar to how adaptive clinical trials revolutionized clinical development, analytics and metrics are transforming how sales and marketing integrate to create value more quickly and efficiently. As computing power increases, so too, will our ability to track our spend, measure our return, and reach programmatic and strategic goals more quickly, effectively and efficiently.