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Bringing Science to the Art of Marketing #4Aswebinar
www.visionedgemarketing.com 1
Analytics and Metrics: Bringing Science to the Art of
Marketing #4AsWebinars
Laura Patterson President & Author laurap@visionedgemarketing.com Twitter:@LauraVEM Facebook:
https://www.facebook.com/VEMarketing
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. All rights reserved. Not for reproduction or redistribution without written permission. 2
Welcome and Today’s Focus
“Need the math behind the creativity,” John Seifert, ChairmanCEO
of Ogilvy & Mather North America
Bringing Science to the Art of Marketing #4Aswebinar
www.visionedgemarketing.com 2
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 3
A Lot of Ground to Cover Marketing’s Metrics and Analytics
Conundrum The Agency as Hero
Taking on the Data Challenge Actionable Analytics
Balancing Data with Insights The Data Hierarchy Models Every Marketers and
Agency Must Master Four Keys to Success
Clarifying the Business Outcomes
Measuring the Right Things The Creative Brief Performance Reporting
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 4
The Burning Question
If you or your clients had to prove how marketing programs impact
share price, revenue, market share, customer value
could you do it?
Bringing Science to the Art of Marketing #4Aswebinar
www.visionedgemarketing.com 3
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 5
The A’s have a game plan for performance management…
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. All rights reserved. Not for reproduction or redistribution without written permission. 6
The Quest
1. Determine marketing’s true impact
2. Transform marketing into an investment instead of a cost
3. Arm ourselves with the tools and associated language necessary to demonstrate we are generating sustainable, measurable value
“Measurement and analysis help marketers become smarter…they are the foundation from which investment potential is established, understood, optimized and realized.” Rebecca Lieb & Jeremiah Owang, Altimeter
Bringing Science to the Art of Marketing #4Aswebinar
www.visionedgemarketing.com 4
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. All rights reserved. Not for reproduction or redistribution without written permission. 7
Why Companies Invest in Marketing
Develop and execute a strategy to create preference and consideration that enables the organization to
Acquire more of something
Acquire it faster Acquire it cheaper
Need to demonstrate we are “getting the job done”
Otherwise, might as well just put more feet on the street
“ Today’s marketing ….requires better data…analytics…forecasting…modeling, higher levels of accountability…performance dashboards…a wider embrace of marketing automation...processes…”
CMO Council, Driving Performance, 2012
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 8
They Understand 5 Keys to Performance Management
1. Data 2. Analytics 3. Metrics 4. Performance
Targets 5. Reporting
Bringing Science to the Art of Marketing #4Aswebinar
www.visionedgemarketing.com 5
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 9
Data is the Starting Point
Customer Data Market Data Business Data
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 10
Does Data Matter?
“Firms that emphasize decisionmaking based on data and analytics perform 56% better than firms that rely on intuition and experience.” Economic Intelligence Unit, 2012
Bringing Science to the Art of Marketing #4Aswebinar
www.visionedgemarketing.com 6
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 11
Select Data That Matters: Top 6 Most Important Data Sets
1. Business Activity Data (mostly structured)
2. Social Media/Comments/Reviews (mostly unstructured)
3. Transactional data 4. Website data 5. Telecom/Call Center
data 6. Images/Graphics
To get the most out data "you need to know what you want to know.“ Bernard Marr,
Advanced Performance Institute
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 12
Look for Patterns
Data that doesn't help you see isn't useful.
58% of respondents agree that moving from data to insight is a major challenge 5th annual Digital IQ Survey, Pricewaterhouse Coopers (PwC)
Bringing Science to the Art of Marketing #4Aswebinar
www.visionedgemarketing.com 7
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 13
Analytics: Key for Seeing the Patterns
The term analytics as early as the late 1500s or early1600s
Applying logical analysis to discover and communicate meaningful patterns in data.
Today when applied to marketing
The practice of measuring, managing and analyzing market, customer, and marketing performance data to maximize marketing effectiveness.
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 14
How to Turn Your Data into Insights
Synthesize: The starting point for seeing the patterns
Hone in on the right Patterns Not all patterns are germane. Review and discuss each pattern and its potential implications. Explore why each pattern is important and
what it means. In one simple statement, articulate the insight
that emerged Post the insights
Incubate the insights. Give yourself and your team at least a day
away from the "board." Do the insights resonate?
Decide if the insights resonate and are compelling enough to make or affect key decisions.
Decide on the ACTIONs to be taken.
Bringing Science to the Art of Marketing #4Aswebinar
www.visionedgemarketing.com 8
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 15
Analytics Enable Marketing Identify customer experience
problems and opportunities Create and innovate,
redesign and reengineer processes and systems to improve marketing, customer experience, product development
Evaluate strategic and tactical options that will deliver the desired results.
Develop models to anticipate market and customer behavior
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 16
Model Muscle – Master These Segmentation
Models Persona
Development Buying Process
Models Touch point
Allocation Pricing Models Opportunity
Scoring Models
Campaign Lift Attribution/Mix Models Predisposition to
Purchase Models Likelihood to
Defect/Customer Risk Models
Portfolio Management Models
Bringing Science to the Art of Marketing #4Aswebinar
www.visionedgemarketing.com 9
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 17
Adopt a metrics framework and create a catalog
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 18
Selecting the Right Metrics
My friend Joe runs 5X/week
My friend Joe runs
5X/week
Bringing Science to the Art of Marketing #4Aswebinar
www.visionedgemarketing.com 10
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992012 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 19
Before Execution: Engage in a Powerful Conversation with Your Stakeholders to Learn and Understand
1. What specific, measurable business outcome will this program impact?
2. How do you expect this program/activity to contribute (what needle needs to move and how far)?
3. How will we know and measure that this program achieved the objective(s)?
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 20
Gain Clarity Around Data & Metrics: Engage in a Powerful Conversation with Your Stakeholders
1. What metrics would you expect to see? 2. What data will best help you understand our
current state? 3. What data and measures will communicate the
campaign’s/program’s effectiveness and value?
Bringing Science to the Art of Marketing #4Aswebinar
www.visionedgemarketing.com 11
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 21
Program Development Checklist
Did you choose an outcome that can be measured?
Did you review what information is available & glean any learnings from available information?
Did you obtain initial benchmarks? If the desired data is not available did
you determine how, when, and often it should be collected?
Did you select key metrics and frequency of monitoring/reporting?
Can you tie the metrics to the outcome? Are you using the information to
communicate results/impact/business contribution to business leaders?
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 22
Captured on Creative Brief
Bringing Science to the Art of Marketing #4Aswebinar
www.visionedgemarketing.com 12
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 23 Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992012 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 24
Test &
trial it!
Bringing Science to the Art of Marketing #4Aswebinar
www.visionedgemarketing.com 13
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992012 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 25
To Prove Marketing’s Value Everything needs to be measurable:
The outcome The objective The program
Why?
Stake in the ground Know what is and
isn’t working Know when to
declare success
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 26
Have We Answered Your “So What?” Why this is important? Connects the dots –
demonstrates Marketing’s (client and agency) contribution, value and impact in measurable business terms
Helps us know whether we are moving the needle on our Marketing strategy and priorities
Provides the foundation for continued improvement in effectiveness
Why this matters to you? It is the access to mastery You will see opportunities that
you did not see before You will have greater
confidence in your plans and programs
You will expand your understanding of the drivers of behavior and how they can be manipulated
You will be hungry to answer new questions that further your wisdom and effectiveness
Bringing Science to the Art of Marketing #4Aswebinar
www.visionedgemarketing.com 14
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 27
What You Can Achieve Shift focus in the way
you plan, evaluate, and communicate results
Set performance targets in everything we do – dataand factbased
Better articulate the value generated to business
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 28
Take Action! Thank You, Q&A, Resources Review your “Learnings” Identify 1 takeaway Identify1 thing you will do differently Request a copy of this presentation
email lizzy@visionedgemarketing.com
Affordable workbooks and books at www.visionedgemarketing.com
Bringing Science to the Art of Marketing #4Aswebinar
www.visionedgemarketing.com 15
Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©19992013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission. 29
@ Stay in Touch @lauravem
www.visionedgemarketingcom
http://www.linkedin.com/company/visionedgemarketing
laurap@visionedgemarketing.com
http://visionedgemarketing.wordpress.com/
https://www.facebook.com/VEMarketing
http://www.slideshare.net/visionedgemarketing
http://www.youtube.com/user/VisionEdgeMarketing