There are positive signs of recovery in the global advertising industry, with the World Federation of Advertisers (WFA) reporting rising optimism and a resumption of deferred campaigns. But with actual ad spend still far lower than expected this year, marketers have had to do more with less, which means a greater reliance on effective measurement.The need to measure marketing efforts is widely understood, but millions of dollars are still wasted each year when marketers rely on incomplete data to make decisions around cross-media strategies, or invest budgets without knowing whether they are achieving their core objectives. Only one in four CMOs feels confident in effectively measuring ROI, and many still rely on rudimentary metrics such as click-through rates and page views, rather than measuring actual marketing performance and outcomes.
Now, with the pandemic continuing to constrain budgets, there is no room for waste or inefficiency, so marketers urgently need to measure real outcomes to maximize ROI. As discussed in Nielsen’s ROI Elevated report, marketers must focus on three key attributes: standardization, holistic measurement and adaptability.
Standardized metrics and data
A lack of standardized measurement metrics across the advertising industry is causing marketers to value their efforts according to different benchmarks—a particular concern for those attempting to scale their efforts across multiple countries and brands. Truly effective outcomes measurement requires normative standards that encompass all critical elements of marketing campaigns such as brands, pricing, promotions and media platforms, delivering a common measurement language that all advertisers and agencies can relate to, regardless of their