A Guide to Future-Proofing Media Measurement
In June, Google announced a U-turn on cookie deprecation, you can read our view on this here. Even with this change of heart, there is an opportunity to ensure measurement is future-proofed. The advertising landscape will only become more privacy compliant, and therefore advertisers need to have more than one single measurement system in place to assess the impact of marketing activity accurately.
Digital advertising impact & opportunity
To remain competitive, advertisers must shift to new tracking and measurement methods and this is an opportunity to update best practices and drive change. Advertisers must modernize their measurement strategies and adopt an approach that reflects the drive for consumer privacy while providing a holistic view of overall media impact.
By embracing new methods, leveraging emerging technologies, and initiating testing promptly, advertisers can preserve effective targeting and measurement without third-party data and enhance their overall media optimization and growth as data signals vanish.
To help advertisers prepare for these changes, we have developed a wealth of materials, such as;
Blogs:
- Future-Proofing Measurement: Marketing Opportunities
- Future-Proofing Measurement: Preparing for a Signal Loss
- Future-Proofing Measurement: Three steps to prepare for signal loss
- Future-Proofing Measurement: Media Mix Model Myth Busting
Future Proofing Measurement Video series:
- What is the Measurement Trifecta?
- How Attribution fits into a Measurement Framework
- What is Incrementality Testing
- Attribution & Incrementality Testing, what is the difference?
- The Importance of Media Mix Modeling
- The Importance of a Unified Measurement Framework
- Key Measurement Takeaways
Downloadable Materials:
Early preparation for data signal loss
Advertisers should take advantage of the additional time since the cookie deprecation U-turn to get serious about preparation.
An excellent place to start is by reassessing the KPI hierarchy. Now is the time to define clear measurement objectives and identify key metrics. For more on setting a solid foundation, consult our Media Measurement 101 Guide.
The next step involves implementing structures to test, measure, and optimize against these new KPIs. The current transition period offers a unique opportunity to compare new and existing measurement techniques side-by-side, effectively providing a safety net as advertisers adapt to the new data signals.
This is an ideal time to establish new benchmarks, set realistic future forecasts, and communicate with internal stakeholders about the implications of cookie deprecation on your overall business goals and strategy.
Remember, all measurement approaches require time and effort to succeed. Early testing, adjustment, and education are the best ways to future-proof measurement.
Learn more about taking the first steps in blog; Preparing for Signal Loss
How to build a privacy-compliant measurement framework
Building a new measurement framework can feel daunting. However, preparing for a seamless transition through cookie deprecation comes down to three simple steps: assess, prepare, and optimize.
Assess: Evaluate the existing tech, data, and measurement stacks to identify and address gaps.
- Conduct a self-audit for advanced measurement capabilities, first-party data, media and budgets, and the current tech stack.
- Run a measurement health check to ensure the right techniques are in place for measuring media impact without user identifiers.
Prepare: Begin building a new framework.
- Define clear measurement objectives and metrics that will be accessible after cutting out cookies.
- Embrace new channels, platforms, and testing structures.
- Build a Measurement Trifecta consisting of attribution, incrementality, and media mix modeling.
Optimize: Make informed decisions about budget allocation and channel optimization.
- Continually measure and apply new learnings to the measurement framework.
- Educate and align with team members and key stakeholders.
- Consider working with a partner to unify data and improve ongoing analysis and optimization. Reach out to M&C Saatchi Performance for assistance.
The Measurement Trifecta
When building a cookieless measurement framework, each advertiser will have a unique blend of strategies tailored to their KPIs and business objectives. However, every measurement framework should include three core components: attribution, incrementality, and media mix modeling.
Integrating these three methodologies can significantly enhance result validation and ensure accuracy – particularly in a cookieless environment.
- Attribution Modeling: While multi-touch attribution (MTA) will no longer be available cross-channel, in-channel attribution can still help advertisers determine the contribution of each touchpoint in the customer journey to conversion.
- Incrementality Testing: This measures the incremental impact of marketing activities by comparing groups that were and were not exposed to marketing campaigns, making it essential in isolating correlation and causation.
- Media Mix Modeling (MMM): Media mix models are crucial in a privacy-centric world. These models analyze aggregated data across channels to provide a strategic approach for setting media budgets and optimizing the overall media mix to maximize KPIs. Learn more about media mix models in our guide to MMM.
