Measuring Success: Digital Marketing Metrics and ROI - Management Assignment Help

Assignment Task:

Task:

Hi there. I'm excited to bring you a new module that focuses on measuring success, digital marketing metrics and ROI. There are five broad areas that we will explore in this series of videos.

The first area we will discuss is the framework of digital marketing measurements and metrics. This includes subtopics like mapping key success metrics to the marketing funnel, understanding digital marketing performance benchmarks and how to calculate returns on investments or ROI. Next, we will explore different measuring tools in digital marketing including web analytics tools, search engine reports, display advertising reports and socialmedia marketing reports. This will be followed by a discussion on experiments and testing in digital marketing campaigns. Here we will cover subtopics such as conversion tracking on ad platforms, conducting A/B tests and multivariate tests. Following that, we will look at the overview of multi-attribution tracking, how to set up campaign tracking and the different multi- attribution models in digital marketing. The last part of this series of video explores customer journey analysis and, in particular, how to calculate acquisition costs and customer lifetime value.
After you have completed this module, you'll have a good grasp of how to measure success in digital marketing, choosing the right metrics of measurements and calculating the digital ROI. Let's proceed to the first topic.

Video 2: Understanding What to Measure
In this video, we will examine different frameworks on digital marketing measurement and metrics. We will also look at how digital marketing metrics map to the marketing funnel. I would like to start with a famous quote in our advertising world. John Wanamaker said that half the money I spend on advertising is wasted, but the trouble is I don't know which half. If you cannot measure success, you wouldn't know how the money you have spent on marketing and advertising has worked to help your business. Fortunately, in today's world, all parts of digital marketing are highly measurable. The bigger challenge is that digital marketers are inundated with too much data and reports from their marketing activities, so we need to be clever about what to measure and how to choose the right data.

Video 3: Key Measures of TOFU MOFU BOFU Model
In this video, let us recall the TOFU, MOFU BOFU marketing funnel and how we can use this model to help us select the appropriate metrics to measure success.
TOFU stands for the top of the funnel. At this stage, your prospects have not heard of your brand and will not buy. Obviously, if you conduct a sales promotion at this stage, it will not succeed, as the prospects are at a stage where they have not heard of and trust your brand or product. The right campaign goal for marketing is to create brand awareness. Your campaign aims to achieve reach, brand exposure and awareness.

Video 4: TOFU, MOFU, BOFU Metrics and Useful Benchmarks
Let us explore the key measures of success and the different phase of the TOFU, MOFU and BOFU marketing funnel. Starting at the top of the funnel, the key measure is brand recall. Brand recall is a measure of the proportion of consumers who can recollect your brand. Your audience's ability to remember your brand is determined by a number of factors. Such as, whether they've been exposed to your ads or whether your brand has distinguishing features that linger in your audience's memory. As brand recall is an attitudinal measure, surveys must be conducted among your target audience to obtain brand recall results. Not all companies can afford to commission brand recall surveys and therefore other proxy measures of awareness are used. The two most common ones are reach and impressions. Reach estimates the number of potential customers who saw your ad or specific campaigns. On the other hand, impressions measure how many times your ad was displayed, regardless of whether it was clicked or not. Reach and impressions are easily obtained from the paid advertising platforms where you're running your marketing campaigns.

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