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In a recent marketing and media survey by Datran Media marketers was asked to address their toughest challenges in this increasingly difficult economy. Survey results showed a definitive move toward leveraging online marketing measurement tools, and a focus on emerging digital and social channels for reaching target audiences.

However accuracy topped the list of marketers’ biggest challenges around measurement - the lack of ability to take action on data and lack of standards are also key barriers. So the next natural question has to be “What are the marketers then measuring effectively?”;

According to the survey, clicks are reported to be the most prevalent metric collected by survey respondents; however, clicks do not tell the whole story. Clicks might give marketers an idea of the route taken by a customer, but they do not show the finish line. A click is just one step, a single chapter in the audience measurement story. Further down the funnel, marketers are measuring conversions, transactions, and impressions, and 40.2 percent are now measuring audience too. Survey respondents ranked conversions (89.3 percent), click-throughs (59.8 percent), and unique views (42.9 percent) as most important. This is good news as, in general, marketers have at least agreed upon baseline metrics for measuring the digital channel from a direct conversion perspective.

During the last ½ year there has been a lot of talk about attribution weighting, sales funnels etc. and you can’t overlook the value of a banner impression or any interaction with a banner. I believe that interaction rates, dwell time etc. will become dominant measures of online ad effectiveness in the future; or at least it will for those who understand what they’re doing online…

What do you think?

Sources: iMedia Connection

Thought I should share some of the lastest analytics news/tools I found…

Microsoft Excel-Google Analytics integration

Through one of my LinkedIn groups I found this new tool - it’s a free, open source, plug-in for Microsoft Excel that let’s you import, store, and manipulate data from Google Analytics.

The add-on is available for free download and use at: excellentanalytics.com - go check it out.

Tracking mobile applications

With all the mobile app stores that have sprung up in the past year, developers and brands have a wide range of new ways to reach mobile users. As is so often true, however, opportunity brings new challenges, and in this case it’s monitoring sales and performance across all those platforms.

Distimo, a Dutch startup has the solution, tracking prices and download activity on all the major app stores. It covers Apple, Android, Blackberry, Nokia and Palm app stores, among others and functions as a sort of Google Analytics for mobile applications, monitoring and reporting on the details of each application’s performance across platforms.

The free Distimo Monitor program (in beta) offers a central place to monitor one’s apps in all app stores. Updated daily, the Monitor program provides an analytics page that also includes information on the competition, such as which channels they’re doing best in and how price changes are affecting their download numbers.

In addition to a free monthly report focusing on Apple’s App Store, the company also offers custom reports for the Apple and Android markets that provide data specific to a client’s applications, including those of the competition.

As the world embraces all things mobile, there are opportunities aplenty not just for developers, but also for those who can help support them.

ROI

When you have all the measurement codes etc. in place, next step is to really have a closer look at your digital marketing investment ROI - some of the key metrics you should be looking at/discussing are:

• Total campaign cost
• Total cost per sold item
• Redemption cost
• Total revenue
• Total profit
• Prospect acquisition
• Customer acquisition
• Click rate
• Response rate
• Conversion rate
• Risk assesment
• Breakeven point
• Prospect asset value
• Life time customer value
• Customer satisfaction
• Long term programme value

A couple of weeks back, Radian6 rolled out some new great features:

The new release will provide powerful new capabilities with features developed on the platform API and Social Metrics Framework for integrating third-party data. Basicly Radian6 has rolled out a next-generation listening platform that includes the integration of social media monitoring and analysis with social customer relationship management (CRM) and web analytics.

By layering the richness of social media metrics atop referrer web analytic data, brands can see - independent of media type or source - not just what content is generating buzz across the web, but what content is generating website traffic, conversions, and sales (Much like RazorFish tool). And with new integration for the SalesForce.com service cloud, Radian6 users can see at a glance which content is coming from their customers and prospects, and add new contacts, cases and leads with a single click. Now, Radian6 brings you the power of social metrics, CRM, and web analytics…combined. A bit more about the new features in detail:

Social CRM

Radian6 now brings users a social CRM solution to integrate with the SalesForce.com service cloud. Social media, customer support, and sales teams can use these capabilities to associate and cross-reference social web content with customer and prospect information.

Web Analytics Integration

Radian6 now brings together valuable web analytics and social media metrics and measurement, enabling communications and customer support professionals to view their website activity and performance through the lens of social media.

Read more over at Radian6.