2024 is shaping up to be a record year for the advertising industry as the boost driven by political advertising and the Olympics collides with the influx of new ad platforms like Amazon Prime. And, while ad holding companies are forecasting upwards of $750B in US ad spend for the year, the shadow of economic uncertainty remains, as revealed by our recent Consumer Trends report. In this context, marketers face increasing pressure to prove how their campaigns are performing.
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Comparing ad effectiveness with ad industry benchmarks
2. Goal setting and evaluation
5. Optimization and improvement
8. Accountability and reporting
9. Budget allocation and defense
While ad effectiveness studies are one piece of the puzzle to developing that understanding, it is imperative to also know how results compare to industry norms. Here, we explore why marketers should benchmark their results in the multiple channels they include in their marketing mix.
1. Strategic planning: Benchmarks aid in strategic planning by providing insights into industry trends and standards. Advertisers can align their strategies with what works in the industry and anticipate changes in consumer behavior or market dynamics.
2. Goal setting and evaluation: Benchmarks help in setting realistic and achievable goals for advertising campaigns. By comparing campaign performance against industry benchmarks, advertisers can first set realistic objectives and then evaluate whether they are meeting, exceeding, or falling short.
3. Performance measurement: Benchmarks provide a quantitative and qualitative means to measure the performance of advertising campaigns. Advertisers need to know how well their campaigns are doing in terms of reach, engagement, conversion rates, and other key performance indicators (KPIs).
4. Resource efficiency: Understanding benchmarks helps brands avoid unnecessary spending on strategies or channels that may not yield optimal results. This efficiency is crucial for achieving a better return on investment (ROI) and maximizing the impact of advertising budgets.
5. Optimization and improvement: Benchmarks provide a basis for optimization. Marketers can identify underperforming areas and make data-driven adjustments to improve campaign effectiveness. This iterative process of optimization is crucial for achieving better results over time.
6. Keeping pace with media trends: The dynamic nature of the advertising landscape requires continuous improvement. Benchmarks serve as a feedback loop, guiding advertisers to adapt to changing market conditions, emerging technologies, and evolving consumer preferences.
7. Competitive analysis: Benchmarks enable advertisers to compare their performance with industry averages. This helps in understanding how well a campaign is positioned in the market and what improvements or changes might be necessary to stay competitive.
8. Accountability and reporting: Benchmarks provide a basis for accountability. Marketers can demonstrate the impact and effectiveness of their campaigns to stakeholders, clients, or internal teams by comparing results against established benchmarks.
9. Budget allocation and defense: Brands often have limited budgets that are constantly under threat of cuts. As the saying goes, “Marketing is always the first to get cut when times are tough.” Communicating campaign results in the context of relative performance against industry norms can help maintain and grow marketing budgets across high-performing channels.
DISQO industry benchmarks
DISQO provides clients and the industry with unparalleled benchmark data for traditional brand lift metrics like awareness and purchase intent, in addition to outcomes metrics like website visits, searches, and ecommerce activity. And we’re able to do this across media, even siloed platforms like social.
DISQO’s industry benchmarks are based on one of the fastest-growing ad measurement solutions in the marketplace today, allowing advertisers to compare their performance against a large repository of recent campaigns. This provides a distinct advantage over legacy assessments that rely on outdated campaigns and legacy technology.
Our Brand Lift and Outcomes Lift products are built upon opt-in data from millions of fully consented adults, fueling over one billion data points monthly on digital behavior across site visits, search, and purchase behaviors. First, we assess ad exposure and resulting digital behaviors across a wide array of digital locations. From there, our digital meters measure search, site visits, and e-commerce actions, allowing the insight advertisers need for confident attribution.
Measure and compare your campaign performance with DISQO
DISQO’s industry benchmarks provide a new level of standardized and objective performance evaluation, allowing our clients to effectively set goals, optimize strategies, and stay competitive in a dynamic and data-driven environment. Contact us today to find out how you can demonstrate the overall effectiveness, efficiency, and success of your advertising campaigns with DISQO.
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