When building a marketing program, there are so many moving pieces and so much money at stake that analytics deserves to be conducted by an unbiased, neutral party assessing what worked and what didn’t.
- No channel bias: We all want to know what actually worked the best, but the challenge is that the media that garnered the greatest spend, or was the most efficient to buy, may influence the outcome of the recommendations. A neutral party isn’t afraid to tell the truth, regardless of channel.
- Tell the bad with the good to drive improvement: No one likes to be the bearer of bad news, but a neutral party is there to confirm effectiveness and encourage improvement, not validate wrong assumptions. As the old adage states: we learn from our mistakes.
- Reaffirm credibility for a program: Neutral parties by their very nature drive credibility with senior management. Need confidence you are making the right decisions with the millions of dollars spent on media? A third party drives credibility and reinforces analytic adoption.
- Expertise beyond media: Media centricity can lead to inaccurate models. MMM today includes data like weather, operational info on store activities, economics and other datapoints that do not come from media. A third-party analytics firm delivers the expertise in how to work with non-media data.
- Deliver deep value: Neutral parties like Analytic Partners actually offer on average a 30% bump in effectiveness. You’ll learn not only what did and didn’t work, but real-world optimizations that increase ROI.
I think we would all acknowledge that a system of healthy checks and balances leads to better governance. Within the advertising world, billions of dollars change hands and it’s worth paying for a neutral party to assess what worked, what didn’t, and where you should invest next. How can marketers ensure they are getting the most out of their media plans? Hire an analytics partner that will tell you the truth.