How do you know whether or not you’re ready for closed-loop measurement?
It can be a daunting project to consider, particularly if you’re starting from scratch. Here are five common objections that we’ve heard from marketers who want to start with closed-loop measurement, but they (or their bosses) aren’t sure they’re ready…
Is Closed-Loop Measurement right for me?
Closed-loop measurement isn’t for everyone. Let’s start with the objective measures that would make you a prime candidate and then move to the more subjective ones.
You must have something to measure. If you’re running any type of digital marketing campaigns, you already have online data, so there’s a good start. Plus, if you’re working with offline transaction data from your physical stores, CRM data or customer loyalty data, you can also get started here.
Is my data good enough, and do I have enough of it?
This is a real catch-22: on the one hand, you may not feel ready because your data isn’t good enough, but then how can you improve your data if you can’t measure its effectiveness?
The best solution is to get started with what you have now. Before you know it, you’ll be improving your data set and collecting the requisite data after you begin.
Is my technology stack sophisticated enough?
Even if you’re working with a single platform, you still need to close the loop between online marketing and offline sales. SEO, display, and social are great places to start. If you’re running campaigns in any of those channels, then you’re ready for closed-loop measurement.
Does my team have the skills required?
Not all teams are equipped with a data scientist rearing to get access to more data for analysis. Thankfully, the marketing ecosystem is full of platforms and agencies ready to provide these capabilities for you. Check out our partners page for a list of measurement partners to get you started.
Is now the right time?
Not to be philosophical, but as with some of the best things in life, there’s never a right time – there’s only now. By not taking the first step now, you’re missing out on opportunities to improve your quality of ad spend. It’s never too early to innovate.
Hopefully you’re now thinking that you’re that much more capable and ready for closed-loop measurement. Check out our latest ebook to learn more about Attribution Modelling.