Mumbai: Boston Consulting Group (BCG), in collaboration withMeta, has launched a report titled, “Measure To Grow: Drive double-digit growth by measuring marketing right.” that brings together for the first time in India, an industry consensus on optimal marketing measurement for marketing spends. The study provides a comprehensive view on the best-in-class marketing measurement practices that can unlock exponential business growth for businesses, small and large.
For the purpose of this study, BCG and Meta collaborated with leading marketing measurement specialists including Adobe, Analytic Edge, AppsFlyer, Cartesian Consulting, Nielsen, and RainMan Consulting as well as 18 digital-first organizations from India across five key industries (Financial Services, EdTech, E-commerce, Travel, Media/OTT) to present this view.
The report findings highlight that there has been a 3x increase in the share of digital marketing spends over the last five years by India Inc. However, despite its significant growth, the measurement practices have not kept pace. As a result, organizations are leaving significant value on the table.
“Measurement in India is largely at a nascent stage, and most organizations are still in the early stages of the journey” said Shaveen Garg, Managing Director and Partner, BCG. “While there do exist pockets of measurement excellence across industries, a lot of ground remains to be covered before organizations can accelerate their measurement journey to unlock unlimited potential and growth within the purview of digital marketing.”
Said Pratham Hegde, Director and Head of Measurement at Facebook India, “Digital is the new mainstream, and in order to unlock growth, there is a growing need for businesses to measure the true impact of marketing on business outcomes. The industry consensus is that there is no single measurement method or metric that will address all measurement requirements. The core recommendation for advertisers is to have an incrementality based approach at the centre of their measurement philosophy.”
“Organizations today need to make multiple marketing decisions – defining media mix, budget allocation, campaign optimizations… However, in a complex measurement ecosystem, with multiple stakeholders (app measurement, web analytics, platform-driven campaign performance reports…), with divergent recommendations, they often find it difficult to identify the right measurement approach.” Said Pallavi Malani, Managing Director and Partner, BCG“Our studies show that while leading global companies are significantly ahead on the measurement journeys (deploying Marketing mix models and statistical Multi-touch-attribution), most Indian organizations have just started their journeys towards measurement maturity – with encouraging, yet limited, pockets of measurement excellence, primarily in Financial services, eCommerce, Education technology and media.”