Collaborate With Finance To Prove Marketing's Business Value

Fix Your Marketing Measurement Mess: Key Takeaways And What You Can Do

A few weeks ago, my colleague Jim Nail and I conducted a “Fix Your Measurement Mess” workshop at the 2017 Consumer Marketing Forum in New York. Our workshop became a great conversation starter for participants to understand and take inventory of their challenges and to recognize priority metrics for their own businesses.

The 4-hour measurement workshop was a hands-on session to deconstruct marketers’ current measurement approach, prioritize and classify metrics, unearth what makes a valuable metric, and identify the triggers marketers need to start, stop, or continue monitoring as they become more measurement savvy. We discussed current measurement maturity across channels, metrics adoption, and baseline capabilities for measurement success. Here are a few things we learned:

  • Marketers are more confident in their metrics. Our workshop participants know the metrics that help them determine campaign success, customer intention, and customer preference. For example, participants thoughtfully conducted deep analysis of understanding how awareness metrics drove customers to the consideration phases. They also discussed the importance of mapping the distance between a metric and a sale to quantify the real value of their metrics.
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Marketers Are Measuring Engagement All Wrong

Over the course of my career as a marketing analytics practitioner and as a Forrester analyst, I’ve tried to tackle some of the most pressing questions around measuring marketing’s effectiveness. I’ve seen a recent surge in marketers using the metric “engagement” as a way to measure marketing success. When I start to question what they mean by the term “engagement” and how they measure it, I’m often met with a flurry of answers, including a running list of metrics, such as likes, shares, or time spent on the site, that marketers Read more

The Marketers' Responsibility In Measurement

B2C marketers have taken ownership of data-driven decisioning from their customer insight colleagues. With the most holistic view of investment, execution, and results, marketers themselves are the ones best equipped to move marketing from gut-feel to results-driven. Thirty-nine percent of marketing measurement professionals in our recent Forrester Wave evaluation revealed that corporate marketing sponsors marketing measurement and optimization initiatives while only 14% indicated business intelligence or corporate analytics groups sponsor. (Source: Forrester's Q3 2016 Global Marketing Measurement And Optimization Solutions Forrester Wave™ Customer Reference Phone/Online Survey).

 
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Webinar: The Marketing Measurement And Optimization Solutions Wave

You’ve heard it before - consumers move from their smartphones to their desktops, from in front of their living room TV to driving by a highway billboard, from their emails to their Facebook News Feed.  With this convoluted and dynamic path to purchase,  are you prepared to understand and measure every touchpoint your brand has with its customers?

 
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What Marketers Can Learn From The Chicago Cubs

Bleary eyed baseball fans are waking up to the unimaginable: the beloved Cubs broke their 108 year old dry spell and won the World Series. Their quest to World Series champions was a mix of talent, dedication, heart…and data.  Data, you say? Yes, data. Baseball franchises are enamored with using data to make smarter trades, shift line-ups, field position, and predict player performance.  But how did the Cubs move to a data driven baseball organization? One man helped transform baseball from a gut decision strategy to using information, using data to make decisions: Theo Epstein.

Theo Epstein is credited for the breaking the Red Sox World Series curse using data and insights to make strategic player acquisitions, changes in field play, and predict how players would perform. He took his data talent over to the Chicago Cubs, where he made some major trades and empowered the coach to make data driven field and batting changes. His data driven approach helped transform the way franchises think about baseball. Less gut, more information to help drive decisions.

Marketers must embrace the baseball management mentality: use data to shift marketing strategies at the moment of need. Marketers can use past marketing performance data, customer insights, and competitive information to:

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The Forrester Wave: Marketing Measurement and Optimization Solutions, 2016

Gone are the days of marketing mix providers.  So long cross-channel attribution technologies.  There’s a new sheriff in town—Marketing Measurement And Optimization Solutions.

Today, Jim Nail and I are excited to publish The Forrester Wave: Marketing Measurement and Optimization Solutions, 2016.  The 2016 Marketing Measurement and Optimization Wave combines the previous Marketing Mix Modeling Wave and Cross-Channel Attribution Wave.  This report evaluates 10 vendors on current offering criteria, strategy, and market presence. 

Why did we take this “unified” approach to marketing measurement?  Customer data deluge is putting pressure on marketers to measure the effectiveness of ALL marketing initiatives, across each customer.  Marketing mix modeling and cross-channel attribution each provide deep marketing performance insights but each fell short in providing what marketers urgently need: a singular view of marketing performance.

Over the past 18 months, Forrester saw a dramatic shift in solutions; traditional marketing mix modeling measurement providers were investing in technology and methodology develop for attribution and we dubbed this “Unified Marketing Impact Analytics”. 

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Facebook Offline Conversion and Site Metrics: Use With Caution

In collaboration with Jim Nail.

 

On Tuesday, Facebook announced new solutions for businesses to drive people to their stores and measure the amount of store visits and in-store sales following their Facebook mobile ad campaigns.  Before breaking out the bubbly, let’s break down Facebook’s new measurement capabilities, and evaluate what it means for marketers.

 

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Neustar Acquires MarketShare To Close The Data to Insights Gap

Last Thursday, marketing data and analytics company, Neustar, agreed to acquire marketing analytics technology provider MarketShare Partners, for $450 million.  Neustar is an information services company, providing everything from complex registry management to deliver marketing insights. MarketShare Partners provides advanced analytics technology to help c-level executives improve marketing’s impact on revenue.    

The Neustar acquisition of MarketShare means:

A powerful insights engine will come to market.  The Neustar acquisition of MarketShare for $450 million indicates one thing:data is not enough. Neustar needed to expand on its existing data, marketing, and identity solutions and add an analytics technology layer to help CMOs measure, analyze, and optimize marketing initiatives.  The acquistion of MarketShare helps Neustar clients bring all that rich data to life, and will give MarketShare clients access to even more customer based data to enhance its current analytics.

Neustar to gain more access to CMOs .  Neustar’s primary stakeholders sit right below the c-suite. This acquisition will  hopefully change that; MarketShare’s strong experience  as a  trusted advisor Fortune 1000 to clients such as USAA, Hilton, and Neiman Marcus.  MarketShare has a proven track record of guiding executives through marketing planning decisions, changes in prices, and change management decisions.  This acquisition will potentially give Neustar more credibility with C-level executives, if they can speak their language.

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Introducing The Marketing Measurement and Insights Playbook

It’s no secret that marketers are under increasing pressure to be accountable, while an increasingly fragmented media environment compounds the perennial challenges of marketing measurement.  Meanwhile, consumer insights pros are improving skills and gaining ever more powerful tools to harvest and analyze the data from web, mobile, and social marketing. The scale and speed requirement of today’s marketing world strained legacy marketing measurement approaches like attribution and marketing mix modeling .  

We knew the convergence of different marketing analytics approaches was inevitable so earlier this year, my colleague Jim Nail and I began sharing our ideas on where marketing measurement was headed.   We agreed each approach provides only a partial answer to the marketing ROI puzzle and they shared enough methodological similarity that merging them was plausible.

We’ve just completed research that shows that our intuition is correct and in our new report, Embrace Unified Marketing Impact Analytics to Deliver Value Across Interactions, we dubbed this converged approach as Unified Marketing Impact Analytics (UMIA), defining it as:

blend of statistical techniques that assigns business value to each element of the marketing mix at both a strategic and tactical level. 

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