Channel Effectiveness is critical for evaluating marketing channel performance, guiding Product Managers in optimising strategies, resource allocation, and maximising return-on-investment (ROI). It enables identifying top channels for engagement and conversion, supporting a data-driven, adaptable approach for enhancing visibility, customer acquisition, and ensuring sustainable growth with competitive advantage.
Methodology:
- Define clear objectives for each channel,
- Comprehensive tracking setup,
- Calculate Channel Effectiveness,
- Data analysis,
- Optimise through testing.
Benefits:
- Resource allocation efficiency,
- Tailored marketing strategies,
- Data-driven decision making.
Limitations:
- Complexity in multi-channel attribution
- Rapidly changing digital ecosystem,
- Qualitative factors and brand impact.