Few CMOs report using sophisticated multi-channel attribution methods, impacting their abilities to measure the effectiveness of their campaigns and optimize their strategies, according to a new report from the CMO Club and Visual IQ. Indeed, only 1 in 5 believe that they are good at quantifying the impact of one channel’s performance on another, and roughly 1 in 4 feel confident in their abilities to quantify the impact of offline and online channels on each other. Not surprisingly, few feel good about their ability to find the optimal mix of marketing touches.
The survey asked respondents to assume that there is an optimal mix of marketing touches (channels, campaigns, and tactics) for converting specific audience segments, questioning them on their ability to measure which combination of touches would generate the greatest performance from each segment. Just 1 in 4 described their ability as very good (6.7%) or good (19.7%); a majority 55.3% felt their abilities are “fair.” In terms of tailoring their combination of touches to specific audiences, even fewer described themselves as at least good (19.7%), with most (55.8%) feeling that they are only fairly good at doing so. Read the rest at MarketingCharts.