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Brands are closing the effectiveness gap
Long-term vs short-term effectiveness
Challenges to data collection practices are combining with advances in artificial intelligence to bring hitherto disconnected short- and long-term effectiveness measures closer together; WARC’s Marketer's Toolkit 2022 goes deeper.
Trend in a nutshell
From Google’s decision to phase out third-party cookies to the suspension of Nielsen’s accreditation by the Media Rating Council, advertising measurement is in a state of unprecedented flux. For marketers, this will mean taking a less myopic view of campaign performance, and being more proactive in the measurement of long-term effectiveness.
How are brands responding
Among respondents to WARC’s Marketer’s Toolkit 2022 survey, 39% believe that developing first- or zero-party data assets is their best response to the demise of the third-party cookie.
However, not all brands will find it possible to build large first-party data pools: 85% of those surveyed by WARC expect their business to be impacted by data privacy restrictions.
Over half (52%) said they are looking to find “new measures of effectiveness”, while 42% acknowledge the need to invest in new technologies to measure audiences.
Thanks to developments in machine learning, marketing mix modelling (MMM) can be run every few weeks, rather than quarterly or annually, and can also explore future scenarios through “war gaming”.
Reckitt Benckiser worked with The Agency to create centralised tools to share access to insights and data across its teams globally, boosting revenues by 14%.
“We have a new method for measuring long-term marketing effectiveness, alongside a suite of tools to measure things that are more short-term. You need to look at that whole thing holistically” – Zaid Al-Qassab, chief marketing officer and inclusion and diversity director at Channel 4.