Navigating the Measurement Maze - Providing ROI in a MultiChannel World

The eighth edition of Adgully’s flagship event – DIGIXX Summit and Awards 2024 – saw an interesting panel discussion on ‘The Measurement Maze: Navigating Metrics and Proving ROI in a MultiChannel World’. The session was chaired by Vishal Singh, Country Head - India, Xapads Media, and the distinguished panellists included:

Akhil Nair, Founder & CEO, Big Trunk Communications

Ashish Tiwari, Chief Marketing Officer, Homecredit

Govind Sharma, CMO - Marcom Head, KEI Industries

Sahiba Sachdev, VP - Media Planning & Buying, Interactive Avenues

The session commenced with Vishal Singh sharing his thoughts on how the marketers have evolved over the years. He mentioned, “A decade and a half ago, when we began our marketing careers, it was simpler. We launched campaigns with 90 or 60-second ads, focusing on traditional media. Digital was limited to platforms like Meta and Google, with discussions revolving around likes, shares, and basic search metrics. However, consumer behavior has evolved significantly. Consumers are now active across multiple platforms and screens, leading marketers to adapt and evolve. This shift has made marketing both interesting and challenging today.”

Further he coined a question to the panelists, “When we talk about multi-channel marketing and measurement, the first thing I want to understand is why do we want to measure?”

Ashish Tiwari from Homecredit acknowledged that in business, profit is the only language that matters. He said, “If you are not in business to make a profit, then it's charity. Anyone saying otherwise is not being realistic. Profit is achieved by investing and expecting returns, and the only way to calculate that is through measurement; it's not guesswork. Trust in Jesus, but everyone else comes with numbers, as they say, and that's the eternal truth.”

Continuing further, he said, “Now, why multi-channel marketing? It's because of how consumer behavior has changed. Remember cyber cafes? They used to offer an hour of undivided attention for a fee, but now, with the internet on mobiles, that's a distant memory. The evolution of technology has transformed how consumers interact with brands, making multi-channel marketing essential in today's dynamic landscape.”

Govind Sharma shared his insights, saying, “Measurement is crucial to substantiate your arguments. It's like planning to reach a venue in the morning without knowing where it is, what time to go, or what to wear. Similarly, in business, you must provide data-driven insights to convince stakeholders. However, the challenge lies in technological advancements outpacing many business owners' understanding.”

According to him, as a marketer, the struggle is real when presenting data to busy business owners who may not be familiar with or invested in the latest technologies, leading to misconceptions about the relevance of certain platforms like Instagram.

When asked what exactly they measured in a multi-platform world, Sahiba Sachdev replied, “Measurement varies significantly across different categories. For some clients, the upper funnel drives the lower funnel, with views on platforms like YouTube influencing conversions. Auto clients prioritize lead generation through platforms like Google, Facebook, and affiliate channels. Others focus on impactful properties tailored to their brand's needs, assessing likability and fit before measuring post-campaign impact. Marketers often emphasize lower-funnel metrics, but holistic measurement considers brand awareness, consideration, and user experience, recognizing that lead generation strategies must align with consumer behaviour for optimal results.”

Akhil Nair, Founder & CEO, Big Trunk Communications, added here, “A crucial aspect of any campaign is defining what you want to measure before going live. Setting up the backend analytics correctly is essential to understand the impact of your spending. It's crucial to determine upfront what metrics matter and how they will be measured. Google Analytics is a widely used tool for this purpose, offering insights into campaign performance across multiple channels. Other analytics platforms like Adobe Analytics also exist, but starting with a familiar tool like GA4 simplifies measurement and analysis.”