Daily Measurement: Marketing's New Secret Weapon

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?

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Fragmentation &

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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

© 2015 Forrester Research, Inc. Reproduction Prohibited 21

Agenda

› Measurement Trends› Capabilities for Agile

Measurement› Start Now!


Connected bodies

Connected cars

Connected doughnuts?

The world around us has changed . . .


. . . 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)


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


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.


The spotlight is on measurement and insights to provide business value


B2C marketing budgets have increased in 2015…..

Source: 2015 The Year Of The Big Digital Shift


….so, marketing executives are investing heavily in measurement and analytics

Source: 2015 The Year Of The Big Digital Shift


Firms that are “analytics leaders” are confident in their analytics capabilities

Source: The State of Customer Analytics: Most Firms Lack Sophistication


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


Agile measurement practices help marketersto make quick customer facing decisions


Agenda

› Measurement Trends› Capabilities for Agile

Measurement› Start Now!


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


Align CI outcomes and insights with stakeholders needs


Strategy

• Business Strategy• Marketing Strategy• Customer Centricity• Measurement and

Planning

• Link stakeholder needs between marketing and IT• Prioritize needs based on highest impact


Organization and resources must have expertise….but be nimble and precise


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)


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”


Use tools and data that support agile measurement


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


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


Constantly review approaches and metrics of success


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)


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


Don’t wait to turn insights into action


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


Develop a system of insight to constantly make in-flight changes

Source: “Digital Insights Are The New Currency of Business”


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


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


Agenda

› Attribution Measurement: Overview and Trends

› Measurement Technologies› Start Now!


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.

Thank you for joining our webinar!

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Daily Measurement: Marketing's New Secret Weapon

Marketing

Transcript of Daily Measurement: Marketing's New Secret Weapon