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A detailed guide to assessing the effectiveness of advertising campaigns in terms of brand recognition, audience reach and conversions.
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This guide will help you obtain valuable analytical information and will evaluate the effectiveness of the advertising campaign in all ways accessible to specialists.
Rules and categories of performance evaluation
A universal solution “for all occasions” does not exist.
In research, a number of tools are used to obtain data of a different nature. They, in turn, provide answers to questions relating to different aspects of doing business. There are several important questions you should definitely ask yourself:
- How does a combination of advertising tools increase sales and brand value?
- How can I change this set of tools to increase the effectiveness of advertising?
- How can I use targeting, creative, frequency of advertising, etc. to further improve performance?
- Looking for the right answer to each of these questions, you are faced with the need to make a choice.
There are always compromises – the need to give up one in favor of the other.
Cost versus accuracy. This is one of the main compromise options. Regardless of which methodology you use to evaluate the effectiveness of advertising, the degree of accuracy of the data on the influence of media on campaign results will be the higher, the more money has been spent on display advertising. For specialists, this factor can be the most annoying, because in this case the exchange of money for knowledge is most obvious.
Develop a phased and measurable plan for promoting my project
Time versus commercial demand: This trade-off is related to the phenomenon of “digital signal bias.” Most signals that can be quickly measured are less closely related to business results than those that take time. You can easily track short-term conversions made on the Internet, and quickly get all the data you need about them. But they may or, conversely, may not be related to a much larger number of sales made offline. Similarly, an online brand-specific survey can quickly show you how a brand affects campaign success. But it will take time to see if this leads to a more serious change in consumer behavior.
Cost / time versus study complexity: Finding out what effect the combination of two or more channels will have will take longer and require more media. But the signal that the study will receive from several channels will be better than the signal generated by only one channel.
Past versus Future: Each study, in principle, provides an analysis of the current situation, but it is necessary to make marketing decisions with a view to the future. The best thing a marketer can do is test new ideas and experimentally validate previous knowledge. The ever-growing amount of information and the basics of specialized knowledge obtained in the past and applied with common sense are the best way to predict what will work in the future.
Use a multiple approach to convey your message to consumers.
To get a general idea of the effectiveness of advertising, we recommend a three-tier approach. For example:Choose a set of advertising media that can give an answer to the question: “how did the whole complex of advertising media work in general?” You will receive detailed data that will come from many channels.
Create a schedule of studies focused on obtaining data about users or their geolocation, in which you can change the complex of advertising tools during medium-sized experiments. This deliberate action will make it possible to vary the composition of your media, and this will help to assess the situation at the macro level. You will also know for sure whether you can improve the situation if you change the set of advertising media.
Add a few detailed studies that are not expensive in terms of time and money, which will show you whether you have chosen the right frequency of advertising or targeting, how unique and creative your advertisement is, etc.Make a research plan with the expectation of the final result. Ideally, you should get a hint about how you can improve your media plan in the future. For example, after a series of very successful studies, you can get this result:
“This model of a set of advertising media shows that the efficiency of watching video from a PC is inferior to the efficiency of watching video on mobile devices. This confirms the testing. We recommend adding TV ads in the regions so that these three channels begin to work more efficiently. In addition, displaying video on a PC may be underestimated. Tests have shown that when optimizing indicators such as ad frequency, targeting and creative component, desktop video can increase its efficiency by 40%, positively affecting the degree of brand recognition. ”
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