Question: Is measuring my commerce marketing activity really worth the effort?
Short answer: Only if you consider a 21% increase in the performance of your commerce marketing worth it.
Whether or not business icon Peter Drucker ever actually said, “If you can’t measure it, you can’t improve it,” the idea behind the legendary quote is still true.
So then why are there so many commerce marketers who don’t properly measure their activity? Simply because it’s very difficult to do efficiently and effectively — and, as Homer Simpson definitely once said, “If something’s hard to do, then it’s not worth doing.”
All joking aside, measuring the impact of commerce marketing is most certainly worth doing — and in quantifiable ways. In fact, brands that have measured their activity by leveraging the Commerce Marketing Mix Modeling available through our Marilyn martech platform have realized an average 21% increase in the sales attributed to their commerce marketing programs.
With so much money being invested, and with shopper behavior evolving in so many ways, it’s incredibly important for your long-term business growth to clearly understand what is and isn’t driving results in the commerce marketing space.
Marilyn’s machine learning solution isolates the impact of commerce marketing activity on sales while controlling for other areas of the marketing budget, trade spend, seasonality and many other variables. This gives brands full transparency into the incremental impact of their efforts.
And the analysis is conducted at the granular level, so brands not only understand the impact of their commerce spend overall but can drill down to the brand, retailer, campaign and even tactic level to identify exactly what elements are driving growth — or wasting their money, as the case may be.
This allows brands to prove out their budget, but then also to make decisions at those granular levels to improve the efficiency and effectiveness of every future dollar spent. And it does so in a way that eliminates the daunting work that’s been keeping commerce marketers from measuring their activity all along.
In the end, would you rather listen to Peter Drucker or Homer Simpson? To us, the choice seems like a real no-brainer.
Marilyn® lets marketers streamline their data, optimize spending, plan strategy and measure results — all in one platform. The Marilyn® platform helps clients optimize performance by providing a single source of truth for all omnichannel marketing activity, ROI analysis and attribution, and scenario planning. To learn more, contact [email protected].