21st Century Marketing Manifesto
 

21st Century Marketing Manifesto

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Overview

The old marketing order believes that it’s too difficult to understand or measure the influences holistically during the customer journey. The customer journey seems like a black box – the prospect enters it an immediately disappears from sight. We toss content, digital experiences, and every creative tactic we can into that black box hoping the prospect stumbles across them. Sometimes the prospect exits the black box and becomes a customer, but other times not. It seems there’s no way of knowing which content, through which channel influenced the prospect while inside the black box, so marketers must use their instincts and what little intelligence we can glean to tweak what we throw into the black box. At best, we see some incremental improvements, and there’s tremendous uncertainty about connecting activities to results.

Imagine the power of connecting these dots, of knowing the causes and effects of marketing’s work.

How much more intelligently could we optimize the multi-channel mix most of us use? How much farther could we stretch our marketing budgets by knowing what really isn’t working and exactly what is? How easy would justifying the marketing spend be when we’re not guessing which efforts produced results, and to what degree? How would it feel to be right at home in an ROI discussion about our work? When someone asks, “what have you done for us lately?” to have an authoritative answer that puts to rest any doubt?

This is the new marketing order, and it’s not futuristic science fiction, but something marketers can embrace here and now.

The purpose of this manifesto is to express the vision for this new marketing order and call marketers to it. In this data-driven, multi-channel marketing world in which we now operate, marketers can eliminate the guesswork about how their activities are creating results.

To accomplish this goal, this manifesto will discuss the modern marketing dilemma and status quo, and then describe the different kind of thinking required to manage modern marketing performance.

Table of Contents

- Introduction
- Modern Marketing Dilemma
- Current Marketing Challenges
- Modern Marketing Performance Management
- Recommended ICM Acquistion Process
- Practical Attribution Application
- Successful Marketing Leadership
- About the Research Analyst
- Our Best Practices Report Methodology
- About Adometry by Google
- About Demand Metric

To obtain this document, visit us at http://www.demandmetric.com/register

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21st Century Marketing Manifesto 21st Century Marketing Manifesto Presentation Transcript

  • Rocking the Boat: Marketing Best Practices for the 21st Century © 2014 Demand Metric Research Corporation. All Rights Reserved. Best Practices Report By Jerry Rackley, Chief Analyst June 2014
  • 3 5 10 14 17 Introduction Modern Marketing Dilemma Current Marketing Challenges Modern Marketing Performance Management Practical Attribution Application 23 24 25 Our Best Practices Report Methodology About Adometry by Google™ About Demand Metric 20 22 Successful Marketing Leadership About the Research Analyst TABLE OF CONTENTS
  • INTRODUCTION 3 Best Practices Report: 21st Century Marketing Manifesto © 2014 Demand Metric Research Corporation. All Rights Reserved. Marketers have long been challenged to prove how their actions, campaigns and initiatives are responsible for generating business results. This isn’t a new challenge – late 19th century retailer John Wanamaker, a marketing pioneer considered by many as the father of modern advertising, once said, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” Intuitively, marketers understand that their efforts influence business results, but marketers have not endeavored to learn the degree to which they do so for a variety of reasons. Some haven’t had to, because strong business results let them off the hook. More than a few fear knowing the truth. Others don’t feel they have the resources to pursue an answer, and still others believe that understanding the relationship between marketing efforts and business results is unknowable with any degree of precision. Whatever the reasons, the myth that marketing cannot truly understand the impact of what it does perpetuates. Challenging the abilities of the marketer is the increasingly complex customer journey. A larger portion of this journey is intentionally completed without vendor interaction and therefore hidden from the marketer. It is the norm for it to occur across multiple devices and through a multi-channel media stream. The old marketing order believes that it’s too difficult to understand or measure the influences holistically during the customer journey. The customer journey seems like a black box – the prospect enters it an immediately disappears from sight. We toss content, digital experiences, and every creative tactic we can into that black box hoping the prospect stumbles across them. Sometimes the prospect exits the black box and becomes a customer, but other times not. It seems there’s no way of knowing which content, through which channel influenced the prospect while inside the black box, so marketers must use their instincts and what little intelligence we can glean to tweak what we throw into the black box. At best, we see some incremental improvements, and there’s tremendous uncertainty about connecting activities to results.
  • 4 Imagine the power of connecting these dots, of knowing the causes and effects of marketing’s work.  How much more intelligently could we optimize the multi-channel mix most of us use?  How much farther could we stretch our marketing budgets by knowing what really isn’t working and exactly what is?  How easy would justifying the marketing spend be when we’re not guessing which efforts produced results, and to what degree?  How would it feel to be right at home in an ROI discussion about our work?  When someone asks, “what have you done for us lately?” to have an authoritative answer that puts to rest any doubt? This is the new marketing order, and it’s not futuristic science fiction, but something marketers can embrace here and now. The purpose of this manifesto is to express the vision for this new marketing order and call marketers to it. In this data-driven, multi-channel marketing world in which we now operate, marketers can eliminate the guesswork about how their activities are creating results. To accomplish this goal, this manifesto will discuss the modern marketing dilemma and status quo, and then describe the different kind of thinking required to manage modern marketing performance. Best Practices Report: 21st Century Marketing Manifesto © 2014 Demand Metric Research Corporation. All Rights Reserved.
  • In the history of marketing, there has never been a more exciting, challenging, rewarding and apprehensive time for the marketing profession than right now. Clare Price, VP of Research at Demand Metric, puts it this way in the 2014 Outlook Study: “More than ever before, Marketing has direct control over the sales/buying process and with it the customer journey. That change has given Marketing more opportunity to prove its value to the company, while at the same time increasing pressure to deliver results with measureable advances in performance and productivity.” The set of things about which the modern marketer is concerned with simply continues to expand. Consider just the tools and technologies marketers have at their disposal, as illustrated in Marketing Technology LUMAscape (Figure 1, Page 6) published by Luma Partners in 2014. MODERN MARKETING DILEMMA © 2014 Demand Metric Research Corporation. All Rights Reserved. 5 A More Complex Customer Journey Another challenge to the modern marketer is the evolution of the customer journey, which now occurs not just through multiple channels, but multiple devices as well. Multi-channel Marketing There was a time when marketers would direct mail a piece to a list of prospects, and then wait for responses. Marketers could easily do the analytics and tracking to match responses to the mailing, determine the conversion rate, cost to acquire a customer and the ROI. It was easy to understand what produced the conversion, because not only was it the last thing the consumer saw, it was the only thing the consumer saw. When the internet evolved into a marketing platform, the old metrics were used, with help from cookies and tags to track everything and detect conversions. Initially, this approach worked, but as the number of online channels continues to proliferate, the challenge for the marketer is to get clarity of insight into what’s happening because of this media stream. Best Practices Report: 21st Century Marketing Manifesto
  • 6Figure 1: Marketing Technology LUMAscape; Published by Luma Partners, 2014 Best Practices Report: 21st Century Marketing Manifesto
  • Jerry Rackley, Chief Analyst Jerry Rackley is Chief Analyst at Demand Metric. His 30-year marketing career began at IBM, and includes experience in the technology and financial services sectors. He has worked with companies ranging in size from startups to members of the global 1000, performing marketing, marketing communication, public relations and product management work. ABOUT THE RESEARCH ANALYST © 2014 Demand Metric Research Corporation. All Rights Reserved. 22 Best Practices Report: 21st Century Marketing Manifesto
  • OUR BEST PRACTICES REPORT METHODOLOGY Demand Metric’s Best Practices Reports investigate new developments and approaches in a given focus area to provide marketers with up-to- date, practical and efficient solutions to modern day challenges. Each guide identifies a challenge, discusses previous solutions to that challenge, presents new solutions based on in-depth research and suggests a recommended approach to implement new solutions. Each Best Practices Report involves hours of analyst research, focus area specific surveys and comprehensive interviews with executives in a given focus area in order to recommend solutions for the presented challenges. © 2014 Demand Metric Research Corporation. All Rights Reserved. 23 Best Practices Report: 21st Century Marketing Manifesto
  • ABOUT ADOMETRY BY GOOGLE™ Adometry by Google™ transforms the way the world’s top brands improve marketing performance. Acting as marketing's “system of record,” Adometry solves the complex challenge of integrating, measuring and optimizing marketing performance across all channels (online & offline). Combining and interpreting previously silo’d sources of data; the Adometry Marketing Intelligence Platform provides data-driven attribution, modern marketing mix modeling, and intelligent optimization recommendations across and within channels. As a result, marketers are able to identify their true impact on the customer journey and generate actionable insights that improve ROI. For more information, visit www.adometry.com. © 2014 Demand Metric Research Corporation. All Rights Reserved. 24 Best Practices Report: 21st Century Marketing Manifesto
  • © 2014 Demand Metric Research Corporation. All Rights Reserved. ABOUT DEMAND METRIC Demand Metric is a global marketing research & advisory firm serving a membership community of over 35,000 marketing professionals, CEOs, and business owners with advisory services, custom research & benchmarking reports, vendor studies, consulting methodologies, training, and a library of 500+ tools and templates. Using Demand Metric resources, members complete projects faster and with greater confidence, boosting respect for the marketing team and making it easier to justify needed resources. Our 1,000+ clients range from start-ups to members of the Global 1000. TO LEARN MORE ABOUT DEMAND METRIC To read the full report, become a Demand Metric member today! Best Practices Report