Valuing Digital Media Expenditure
In the modern digital landscape, CMOs face a far more daunting task in determining ROI for media expenditures. Additionally, they are tasked with investing in technology, then measuring real ROI from their organization’s digital footprint.
A comprehensive study conducted by Nielsen revealed some interesting insights into the concerns that CMOs share in this fast-changing media landscape. According to the in-depth study, titled the Nielsen CMO Report 2018, the top-of-mind concern among CMOs across the board is how to effectively quantify expenditures. The CMOs participating in the study consistently reported that the digital landscape was transforming in such a way that their organizations needed to increasingly quantify their technology investments. Repeatedly, CMOs placed search and media channels as the most important in getting their message across.
The respondents report that digital media has surpassed spending over traditional media as 60% of their percentage of total ad dollars spent. In fact 82% of CMOs plan on increasing their digital media budget over the next 12 months. Yet, only 1 in 4 CMOs felt confident about their ability to effectively measure overall ROI. Not surprisingly, 79% plan on increasing spending on market-centric analytics in the next 12 months.
An important point made among many CMOs is that, as the digital landscape continues to evolve at a rapid pace, everyone is still riding on the learning curve. A big concern among the respondents is how to effectively evaluate where ineffective digital is bleeding the budget. Much of that concern is centred around campaign waste such as non-viewable impressions, fraudulent traffic, and advertising that presents a potential hazard to their brands. Advertisers are worried that they may be losing as much as 60% of their impressions. But advertisers are fighting back. 58% of respondents report that they are focusing their efforts on digital media that can be proven to be a safe environment for their brands.
How can CMOs ensure that they are achieving the necessary ROI to achieve their objectives? The barriers described above are just some of the challenges that prevent quality content from reaching and connecting with your audience. Marketers need the right tools to ensure their success and ensure that they can accurately report on that success.
The right content management system can make all the difference. Is your content scattered across your digital footprint? A CMS like Drupal can help you bring it all into one place, controlling where your assets are used, and accurately reporting on them across all channels. Is your search engine ranking suboptimal? Using Drupal’s granular metadata tools, you can track each page’s performance, and constantly make tweaks to improve SEO. Another valuable tool for marketers operating in the international space is automated translation tools that allow you to author content in many languages at once.
The toolset that Drupal brings to the table not only allows you to improve your content’s performance, but it ensures that you are able to track the ROI of your expenditures across your organization’s entire online presence. Tracking this performance will help you spend the budget in the areas that bring you the most value.