Revolutionize Marketing Accountability with Collaborative Social Advertising
Marketing accountability has transformed thanks to tech advancements, shifting business priorities, and the demand for improved ROI tracking. In earlier times, marketers honed in on surface-level metrics like impressions and reach, which failed to truly show a campaign’s effect on profits. But times have changed. A Capgemini study discovered that over 75% of CMOs are accountable for business growth, making it crucial for them to link their efforts to revenue or profit.
Measuring the success of channel partner programs is particularly tricky for CMOs in this current environment. These programs are vital for broadening a brand’s influence and boosting sales, yet keeping tabs on their performance and ROI can be complex, especially in light of the following complexities:
Marketers may have limited access to information about their partners’ marketing and sales efforts, making it difficult to assess the effectiveness of their strategies and provide appropriate support or guidance.
Examining data from multiple local partners and their individual vendors can feel impossible. Each will have varying degrees of sophistication and data accessibility, complicating consolidating and comparing metrics across your channel ecosystem. This creates hurdles and can result in inaccurate or incomplete data. Manually collecting data from these diverse sources only adds to the difficulty, increasing the likelihood of errors and inefficiencies.
Lack of Standardized Metrics
Without a clear set of standardized performance indicators, it can be difficult to compare the effectiveness of individual channel partners’ activities or identify best practices. This can result in an inability to optimize the channel partner program or make data-driven decisions.
It can be tough to determine which specific marketing activities or channel partner efforts are driving sales, especially when customers interact with multiple touchpoints before making a purchase. This makes it hard to evaluate specific partners’ marketing initiatives accurately.
Solving These Challenges with Collaborative Advertising
Digital marketing has played a significant role enabling campaign measurement success. Collaborative social advertising solves many of the above challenges, with the right AdTech capabilities.
Opt for collaborative social AdTech with interactive reporting dashboards to streamline fragmented data. These dashboards enable marketers to merge and visualize local social campaign data instantly, compare campaigns, and filter data based on time frame, campaign objective, attributes, or location. They also save time by cutting out manual collection and consolidation of reports from various partners, agencies, or locations.
To allocate spending for maximum impact, marketers must decipher their data. Collaborative social AdTech equips marketers with the ability to utilize local campaign data for thorough analysis, driving considerable enhancements in conversion rates and ROI by unifying data typically dispersed across multiple sources.
Unified dashboards are crucial for visualizing and analyzing trends in partners’ social advertising campaigns, allowing users to examine data deeply by cross-filtering it using different criteria. This capability enables marketers to make data-driven decisions and fine-tune their strategies for the best results.
Collaborative social advertising offers a solution to challenges facing marketers measuring the success of channel partner programs. By embracing collaborative AdTech, marketers can drive business growth, make data-driven decisions, and demonstrate how their efforts contribute to the bottom line.