Today’s Wall Street Journal ran an article entitled, “Econometrics Buzzes Ad World As a Way of Measuring Results”. The article discussed a new statistical measuring model announced by WPP Group that promises to measure the effectiveness of ads. This “econometrics” is being touted by the leading ad agency as “the Holy Grail” of advertising.
While the article was short on details about the new measuring model--undoubtedly due to its proprietary nature—the news is encouraging none-the-less because it shows that marketers are finally waking up to the reality that marketing and advertising Dollars must show measurable ROI in order for campaigns to be accepted in today’s boardrooms as wise investments. Ad agencies are finally responding to the demand for new metrics to show advertising effectiveness.
Nick Wreden, author of “Fusion Branding” will undoubtedly be pleased since he recently pointed out that branding’s dirty little secret is that it doesn’t know how to count and old measures such as awareness and image are no longer sufficient to justify marketing investments.
I’m happy to hear that marketing has taken such a step forward in providing metrics that demonstrate measurable results. I hope to hear much more about this new marketing accountability in the future. It will help us all raise the stature of the marketing function in our organizations.
No comments:
Post a Comment