daily measurement: marketing's new secret weapon
TRANSCRIPT
Daily Measurement:Marketing’s New Secret
Weapon
Speakers
Tina Moffett Scott JonesSenior Analyst
Forrester Research@vmoffett
VP MarketingOrigami Logic
@scottjones
Housekeeping
• Please submit questions throughout the webinar; the last 10 mins will be reserved for Q&A
• Share your thoughts on Twitter using the #MarketingSignals hashtag
• We’ll send you the webinar recording and slide deck later this week
What happened today?
Targeting Control
Mea
sure
abili
ty
Low High
Low
Hig
h Evolution of MarketingTouchpoints Over Time
Targeting Control
Mea
sure
abili
ty
Low High
Low
Hig
h Evolution of MarketingTouchpoints Over Time
Fragmentation &
Complexity
Marketing Measurement and Analytics hasbecome a Strategic Imperative
What we need to do ischange our mindset from focusing on campaigns, channels, devices
and audience interactions to focusing on marketing signals.
To convert the massivestreams of marketing signals intoactionable marketing insights.
To empower our marketers to measure, analyze and act on
marketing signals.
To empower our marketers to measure, analyze and act on
marketing signals.
Every day.
To optimize marketing results.
To optimize marketing results.
Every day.
Which leads to producinglegendary marketing outcomes.
MARKETINGSIGNAL
MEASUREMENT
What happened today?
Use Agile Measurement Practices To Optimize Customer Interactions Tina Moffett, Senior Analyst
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Agenda
› Measurement Trends› Capabilities for Agile
Measurement› Start Now!
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Connected bodies
Connected cars
Connected doughnuts?
The world around us has changed . . .
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. . . and mobile accelerated that shift
Source: Forrester’s US Mobile Mind Shift Online Survey, Q3 2013; Forrester Research World Mobile And Smartphone Adoption Forecast, 2014 To 2019 (Global); and Forrester Research World Tablet Adoption Forecast, 2013 To 2018 (Global)
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The age of the customer
A 20-year business cycle in which the most successful enterprises will
reinvent themselves to systematically understand and serve increasingly
powerful customers
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In the age of the customer, individuals are always-addressable…
61% of online adults are “always addressable” – using at least 3 internet connected devices from multiple different locations, multiple times a day.
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The spotlight is on measurement and insights to provide business value
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B2C marketing budgets have increased in 2015…..
Source: 2015 The Year Of The Big Digital Shift
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….so, marketing executives are investing heavily in measurement and analytics
Source: 2015 The Year Of The Big Digital Shift
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Firms that are “analytics leaders” are confident in their analytics capabilities
Source: The State of Customer Analytics: Most Firms Lack Sophistication
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Yet, they still have challenges—including the ability to act on insights quickly
Source: Forrester’s BT Marketing Survey, Q3 2015
Marketers struggle to react quickly to changing
customer behaviors—with the right offers, message,
and context
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Agile measurement practices help marketersto make quick customer facing decisions
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Agenda
› Measurement Trends› Capabilities for Agile
Measurement› Start Now!
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Organizations must embrace 5 capabilities for agile measurement
Marketing Measurement Assessment Components
Strategy Organizationand Resources
Technologyand Data Metrics and KPIs Optimization
and Activation
• Business Strategy• Marketing Strategy• Customer Centricity• Measurement and
Planning
• C-Level Support• Business Analyst• Talent Recruitment• Partners• Organizational Design
• Data collection and processing
• Data managementand quality
• Real time access• Application support• Performance
Measurement Tools
• Cross-Channel measurement
• Key Performance Indicators (KPIs)
• Return on Marketing Investment (ROMI)
• Marketing efficiency• Marketing
effectiveness
• Insights sharing• Recommendations• Marketing and
Media Planning
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Align CI outcomes and insights with stakeholders needs
Marketing Measurement Assessment Components
Strategy
• Business Strategy• Marketing Strategy• Customer Centricity• Measurement and
Planning
• Link stakeholder needs between marketing and IT• Prioritize needs based on highest impact
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Organization and resources must have expertise….but be nimble and precise
Marketing Measurement Assessment Components
Organizationand Resources
• C-Level Support• Business Analyst• Talent Recruitment• Partners• Organizational Design
• Organize to align marketing and analytics resources to manage and support measurement
• Have business analysts interpret results• Defined project management practices
(knowledge management, cross-functional collaboration)
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Create an agile measurement sprint team
Create a cross-functional sprint team
Hold quick, regular check ins
Launch with “good” iterate with “best”
Source: “Make Customer-Facing BI Agile”
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Use tools and data that support agile measurement
Marketing Measurement Assessment Components
Technologyand Data
• Data collection and processing
• Data managementand quality
• Real time access• Application support• Performance
Measurement Tools
• Use performance management tools to measure marketing success
• Automatically ingest marketing data through APIs and log files
• Enforce data audits• Create a meta data /
metric dictionary
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Empower marketers to be self sufficient
Self-provisioning apps and data
• Connect easily todata sources
• Easy data upload
Data integration, mashups, and
wrangling• Perform various data
transformation tasks
• Data quality capabilities
Automation
• Report batching
• Report scheduling
• Contextual insights
Effective user interfaces
• Collaboration
• Data discoveryand exploration
Source: The Forrester Wave: Agile BI Platforms Q3 2015
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Constantly review approaches and metrics of success
Marketing Measurement Assessment Components
Metrics and KPIs
• Cross-Channel measurement
• Key Performance Indicators (KPIs)
• Return on Marketing Investment (ROMI)
• Marketing efficiency• Marketing
effectiveness
• Have clearly defined marketing efficiency and effectiveness metrics to measure campaign success (cost per acquisition, cost per click, sales conversion rates)
• Calculate ROMI for every campaign• Connect marketing performance with
business impact (acquisition rates, upsell rates, customer profitability)
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Apply agile measurement to different parts of your analysis
Source: “Make Customer-Facing BI Agile”
Testing and Planning
• Run multiple orparallel tests
• Swift testing responses based on changing consumer or economic conditions
• Modify in flight testing based on previous results—as they come in
Modeling and Analytics
• Build models iteratively• Make incremental
changes to models based on new data
Dashboard and Reporting
• Modify dashboards based on requests
• Reduce volume of ad hoc requests-e more proactive
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Don’t wait to turn insights into action
Marketing Measurement Assessment Components
Optimizationand Activation
• Insights sharing• Recommendations• Marketing and
Media Planning
• Integrate measurement insights into the greatermarketing strategy
• Share insights across the marketing organization• Build multivariate marketing tests based on results;
identify campaign champions• Shift marketing budgets based on past campaign results• Act on results and test offers, creative, content,
and channel
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Develop a system of insight to constantly make in-flight changes
Source: “Digital Insights Are The New Currency of Business”
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USAA iterates its insights approach to keep up with customer demand
Source: Extract Business Value From Your Mix Model, Case Study: USAA Leverages A New Model And Processes To Drive Marketing Decisions
The Challenge1. Lacked a clear
measurement plan2. Could not build forecasts to
inform marketing strategy3. Did not have the right tools in
place to enable quick insights to action
The Fix1. Focused on connecting insights
to that linked marketing to business outcomes
2. Defined criteria for 3rd party partner to help develop the right insights to action strategy
3. Analyzed the marketing and non-marketing levers to optimize business strategy
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USAA iterates its insights approach to keep up with customer demand
Source: Extract Business Value From Your Mix Model, Case Study: USAA Leverages A New Model And Processes To Drive Marketing Decisions
The Result1. Through more agile
measurement, identified new reach channels
2. Evaluated depth channelsmore closely
3. Invested in more effective relationship channels – divested 80% of it’s traditional direct response activities
The Business Impact Adopt rapidly to changing marketing and customer conditions
• Developed agile strategies to react and change customer interactions quickly
Identified product development opportunities• Insights identified opportunities to package and message
products more effectively Increase operational performance
• Develop integrated functional groups to optimize decisions
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Agenda
› Attribution Measurement: Overview and Trends
› Measurement Technologies› Start Now!
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Initiate agile measurement through 5 steps
› Commit to measurement.› Assess your current measurement skills.› Leverage an agile professional at your firm.› Pick a pilot project.› Identify a lead sprint team.
Q & A
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