Look at this li’l bit of brilliance from Google:
The first 60 seconds of this video for the new Multi-Channel Funnels service in Google Analytics is all you need to know about why it’s historically been so hard for marketers in general (and PR pros in particular) to speak knowledgeably about Return-On-Investment. The chain of events that lead to a sale are fractured and confusing, and only as EVERYTHING moves online is it becoming possible to measure the relative impact of each marketing initiative.
Even with innovations such as Multi-Channel Funnels, the scenario is still imperfect. If you watch the video closely, you’ll note that the channels being measured are primarily “owned” or “paid,” not “earned,” i.e., it’s unclear (and unlikely) Google will track the value gained from, say, “mentions in external news sites.” But that’s worth playing around to discover (which I intend to do)! The Holy Grail is still a ways off in the distance but grows ever more approachable.
Hat-tip: Christopher Penn.
Posted on: October 3, 2011 at 11:13 am By Todd Defren