Leading marketers are evolving their approach to measurement and prioritizing the long-term value of customers. Matt Lawson, director of performance ads marketing at Google, explains how three simple mindset shifts can help marketers drive sustainable growth.
The beauty of digital has always been the ability to measure outcomes. For a long time, digital measurement was relatively straightforward. But mobile changed all that. Measurement today is more complicated, more nuanced, and more important than ever. Because of mobile, digital is now a part of our daily routines. It informs the businesses we frequent and the purchases we make—online and offline. Mobile fractured the customer journey, and our ability to measure its impact at every step of that journey hasn’t kept up.
Individual sales are great, but the real value lies in understanding what an individual customer, or group of customers, is worth.
In a previous era, when the consumer journey was linear—or limited to a single channel—it was possible for marketers to take a more narrow view of measurement. But in today's cross-channel world, these metrics fall short. They fail to communicate the real results that marketing dollars drive for businesses.
Marketers are now beginning to put their dollars behind long-term, customer-centric metrics, like Customer Lifetime Value (CLV). By recognizing and embracing those metrics, marketers can shift their measurement philosophies and allocate their investments wisely.