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Measuring Marketing ROI: Pipedream or Possibility
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2. Photo: IGN.com Generating leads Measuring ROI Poor database Outdated literature Controlling my brand Maintaining customer loyalty Competing for attention at retail Am I using the right message? Smaller market segments Corporate silos
6. Gone are the days… Augie Ray, Forrester Research,12/09 Image: alternatebinkyality.wordpress.com “ Gone are the days when marketers could carefully craft messaging … and broadcast that message through a few channels… to huge portions of their audiences.”
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8. Average Tenure in the Boardroom <3 years Sources: Spencer Stuart AESC BlueSteps Wall Street Journal Photos: strategyoneinsight.com, eiu.edu 4 years CFO 6.6 years CEO
9. “ More marketers are embracing analytics and measurable results ... vs. ‘consumer awareness and brand affinity’...” “ The next big idea may surface from a more junior employee, a peer, a provider, your agency or even a customer.” “ More folks are using direct marketing that can be measured and shows a payback....” “ There are new technologies for measuring the business and speaking with a splintered consumer group.” ‘ Marketers Developing Survival Instincts’
15. Marketing Evolution Enterprise “ Everything we do is marketing , from our supply chain to what our CEO says over drinks to how our support teams treat our customers.” Sonia Simone, Chief Marketing Officer, Copyblogger Media kitchenkaboodle.com outlookdesign.biz P roduct P rice P lace P romotion
28. Marketing ROI Calculator 5,000 100 20 4 $400,000 $116,000 $70,000 $46,000 Item Total Mailing List Qty. Total Number of Responders (@ 2%) Responders-to-Demo Conversion (@ 20%) Closed Deals (@ 20%) Revenue (@ $100,000 per deal) Total Margin (@29%) Campaign Cost Total Revenue Generated
32. Search Engine Marketing Paid Search Results (Sponsored Links) Unpaid Organic Search Results Free QR code generator Instant QR code generator With case studies and examples wwww.aceprinting.com New York, NY QR Code Generator
37. Pay-Per-Click Advertising (aka: PPC, Keyword Advertising) Paid Search Results (Sponsored Links) Free QR code generator Instant QR code generator With case studies and examples wwww.aceprinting.com New York, NY QR Code Generator
38. Measuring PPC Ad Performance 1 QR Codes Digital Printing Google Adwords Dashboard: Clicks Impressions Clickthrough rate Average cost per click Average position on results page Conversions Cost per conversion
Thank you Introductions 30 years in marketing and advertising, agency and enterprise Don’t have a rags to riches story. Haven’t written a book. And yet you’re still here. Jack Glacken, known Jack for 10 years. Bosox story.
I’ve been in your shoes. I’ve had your pain points I’ve had your nightmares. ROI Leads Database Corporate silos Messaging Outdated, obsolete literature Market segments Brand control Customer loyalty Retail attention
Metrics: Brand Awareness Brand affinity Reach Pre and post awareness studies Impressions Positive industry reviews
Return on Marketing Investment is inherently a financial construct. No measure or measurement system is complete without a specific link to financial performance. Cash flow both short-term and over time is the ultimate metric to which every business activity, including marketing, should be causally linked through the validation of intermediate marketing metrics. Few have been specifically linked to metrics associated with revenue growth, profitability, cash flow or other measures of financial performance Thus, while marketing does not lack measures, it lacks standard metrics explicitly linked to financial performance in predictable ways Cash flow both short-term and over time is the ultimate metric to which every business activity, including marketing, should be causally linked through the validation of intermediate marketing metrics. Financial Accounting Standards Board International Standards Organization American National Standards Institute Independent financial advising standards MASB members
TV/Radio Ads Outdoor Ads Print Ads Direct Sales Packaging POS Direct Mail PR Trade Shows/Events Telemarketing
“ Gone are the days when marketers could carefully craft messaging and broadcast that message through a few channels to huge portions of their audiences.” Forrester
Here’s a headline from the beginning of last year that caught my attention. Written by Forrester research. Don’t want to rehash 2009, an incredibly awful year. All key indicators were down. 2010 saw an upswing, but mainly in online media. Social Media/Online Advertising: 64% of marketers increased budgets in 2010. BUT, 50% don’t know how to measure ROI.
CMO tenure lowest among others in the boardroom
Some marketers are actually extending their tenure, according to Advertising Age, by adopting new ways of working. The CMOs that are surviving longer are using. “ Analytics and measurable results ... vs. ‘consumer awareness and brand affinity’...” &quot;You see a lot more folks doing marketing ROI studies, using more direct marketing that can be measured and shows a payback....” “ Keep your eyes and ears open, as the next big idea may surface from a more junior employee, a peer, your agency or even a customer.” “ There are new technologies in measuring the business and speaking with a splintered consumer group ...” I would maintain that this is GOOD news for people like you. Measureable results? ROI? Direct Marketing. Ideas from outside the box. New technologies
According to Forrester, out of the ashes of the turmoil in Advertising & Marketing, the New Marketer has arisen. With new rules for marketing: Cannot simply focus on outbound messaging Cannot merely develop creative messages, but create an experience for the customer Cannot only plan bursts of communication, but engage in constant dialog with consumers Cannot simply build campaigns, but relationships
So we’re seeing a real evolutionary phase of marketing Marketing in simplistic terms was like aiming an arrow, taking a shot and nailing your target. Then moving on to the next target. However, now the marketer has many more tools or “arrows” in the quiver: Email Search Marketing Social Networks Online Advertising Mobile Marketing Blogs QR Codes & Tags Variable Data/Short-Run Print Personalized Direct Mail Personalized URLs Custom Labels & Packaging Print on Demand; Web-to-Print Custom Billboards & POS
Evolution for customers in the way they can respond: Response Options: Call Center BRC Retail Email Websites PURLs Social Networks
Evolution in Customer Service Once upon a time the customer was always. Then, around the end of last century, the customer became a cost center, a liability on the balance sheet. Even that has come full circle as companies are holding onto customers for dear life.
I grew up with the 4ps of marketing. Product. Place. Price. And Promotion. I also grew up in a corporate organization marked by silos, with their own cultures, and habits, and personalities and databases. Even that is starting to change. I love this quote: “ Everything we do is marketing , from our supply chain to what our CEO says over drinks to how our support teams treat our customers.” Sonia Simone, Chief Marketing Officer, Copyblogger Media To that I would add the person who answers the phone, your own phonemail message, your service department. Anything at all that touches the customer or prospect, and that creates an experience, is marketing in the largest sense. But I’m not asking you to go back to your companies and tear down the walls. Not yet, at least.
But want we measure as marketers is evolving. And even your metrics are evolving from the back in the day years of marketing. Awareness Brand Affinity Impressions Reach Leads Foot traffic Dialogues Relationships Buyer Behavior Market Insights Customer Sentiment
Measuring Customer Sentiment John Brody MLB Marketing Executive He started in professional sports marketing thinking that people enjoyed sports merely as entertainment, a diversion from everyday life. However, he discovered over time that the emotions ran much deeper. A deeper emotional need for: Communal experiences Hope Anticipation Excitement Shared memories “ Find the need and create an experience that resonates with them emotionally.”
Most direct marketers are number-crunching, logical people. It's easy for us to fall into a cold, left brain, bullet-pointed, 714-reasons-why type of sales pitch. However, people make decisions in the right brain based on emotion. Then they justify that decision with logic. To set up a sale, appeal to emotion first. Then, to close and confirm the sale, use logic. Here’s Maslow’s Hierarchy of Emotional Needs. We don’t need to psychoanalyze ourselves today, but I can guarantee you that, as marketers, we are actually trying to affect these areas of individual needs. Belongness/love Esteem Cognitive Aesthetic
The Deadline
The Pantone Tattoo Campaign
Objective : Generate User Group membership and Convention attendance Audience: HP Indigo owners & users; Partner providers Message : The Digital Solutions Cooperative provides business and technical resources to help you get maximum value and performance from your HP Indigo digital press.
Multi-Channel, Dynamic Data Marketing Campaign Results 48% visited website 1200 new memberships 350 registered for 1 st annual conference
PURL dashboard Offers every piece of data you can imagine. Total visits to the purl Which pages were visited How each individual filled out their surveys and questionaire
In the area of Search Engine Marketing, We’re all familiar with the Google process, right? You enter a word or phrase in the search engine window, such as digital print. And...
Up comes your SERP with Paid and Organic results Indicating the unpaid or organic search listings And the paid listings or sponsored links. Let’s say I’m interested in this listing for ACE group. I click on it ...
Where I enter my name and email and website to redeem the offer.
And here’s the QR code that I requested. I’m pretty sure I’ll be getting an email from Ace Group. The dialogue begins.
And there it is, an email from an Ace rep within a few minutes. And the dialogue has begun…. I am in their database. I will be sent email and direct mail as long as I permit it. I may get dozens of offers from them. Some I may order. And all of that interaction will be captured. They’ve established their brand with me. They’ve gotten me to respond. They’ve gotten back to me. It begins. And IT is all measurable.
More than likely, my name and email were entered into a CRM system or sales funnel at ACE. It’s a very simple thing to set up with some simple javascript coding on your website.
Up comes your SERP with Paid and Organic results Indicating the unpaid or organic search listings And the paid listings or sponsored links. Let’s say I’m interested in this listing for ACE group. I click on it ...
If I clicked on a sponsored link or pay per click on that early Google results page, how would an advertiser know? Another advantage of ppc advertising is that you can measure your results instantly. Google and others have a results dashboard that records all activity in real time. You can see how individual keywords are performing. clicks, impressions clickthrough rate, average clost per click, average position or rank on a page and conversions, which we’ll get back to in a few minutes. It will also tell you if your ad appeared on a search engine results page or with the context of another website page.
Measuring website activity Measuring results from your online search engine activity is extraordinarily simple. In addition to capturing the details of individual campaigns, Google and others also offer an overview all your Website activity. Here’s the Google analytics page. You can track and measure all your you website activity, such as visits, average time on site, bounce rates, new visits, and literally dozens of other metrics. BTW: If you want measure your PR activity, there are companies with tools that will scan the web to locate and analyze mentions of your company in news sites, social networks, and social media.
Email Marketing Not the sexiest of tools in the world of marketing, but still extremely effective: Fast Facts: The most widely used component of the Internet 247 billion e-mails sent per day. (200 billion are spam) Marketers rate email as among the top three best online advertising tactics. (With PPC and SEO.) Why? Benefits: Easy to Implement Inexpensive Quick Response Cycles Drives Web Site Traffic Strengthens Brand Awareness Builds Customer Relationships Highly Customized Measurable
Okay, let’s look at just a few of the many success stories: Happy consumers can create a groundswell of support, which has helped lift online retailer Zappos to $1 billion in annual sales in just a few years. Launched during the dotcom era, when so many new companies flamed out, online shoe retailer Zappo’s was one of the big time success stories. It reached $1 billion in annual sales in just a few year, and is now an Amazon property contributing heavily to Amazon’s bottom line. Wine Library TV started as a small family business that used social media to go from $4 million in sales to a $50 million dollar business, with virtually no investment. The owner estimated that he got 200 new customers form a $15k investment in direct mail. 300 customers from a $7500 billboard, and 1,800 new customers with zero dollars spent on a Twitter campaign. Intuit introduced live community for TurboTax products two years ago and have seen unit sales climb 30% each year since. Blendtec, a small blender manufacturer, used a hilarious series of YouTube videos called “Will It Blend” to quintuple sales. The Burger King “Whopper Sacrifice” campaign on Facebook, which cost them about $50,000, resulted in $400,000 in press and media exposure – and about 32 million media impressions. 235,000 Friends were sacrificed on Facebook to get a free Whopper in just 10 days. Facebook shut it down. The Case-mate &quot;Recession Case&quot; for iPhones drove record sales when a 22 year old on the marketing staff brought up the idea of selling a cardboard case for the iPhone. Appropriately dubbed the recession case, it retailed for 99 cents. It was also personalized by name to each buyer using a Sharpie. Despite heavy initial skepticism within the company, they sold 7,000 of them … in 3 days. The Obama campaign generated half a billion dollars in donations through social media campaigns – from 3 million online donors. Ebay discovered that, compared to the $12 it was spending for each call into its customer contact center, it spent just 25 cents for each online self-service interaction. Webhost provider Moonfruit parlayed a $15k social media investment into a 300% increase in traffic to its website and a 20% increase in sales. Even some horror stories can be turned around. Dell got the message quickly and regained its reputation among the very people that were slamming them in Dell Hell. And the Domino’s Pizza chairman went to the social media circles to reclaim the company’s reputation, making promises to improve its pizzas. Sales increased 400% in the next quarter. Ford Motors dedicates 25% of its entire marketing budget to social/online media. They’ve made a historic comeback and – interestingly - they were the only US car maker not to take any bailout money. In fact, 37% of Gen Y’ers became aware of the new Ford Fiesta via social media channels – before the car was ever announced! Ford CEO James Farley, says “You can’t just say it. You have to get other people to say it for you to each other.”
Let’s take a quick look at some social media case studies, some good. Some bad. Some very ugly. Social Media can be your best friend … or worst enemy. Starting with the bad and ugly. Honda car designer pretending to be unbiased reviewer. Comcast came under heavy fire from the tech community for its customer service (which it has since turned around) Dominos employees unauthorized prank videos on YouTube created a PR disaster for the pizza chain. As did the video of rats carousing around taco bell In the early days of social media, Dell computer customers were angered to the point of creating an online blogging community called Dell Hell and posted numerous unflattering videos on YouTube. Whole foods CEO, John Mackay, tried to quell an Whole Foods boycott by trying to pose as an independent blogger with the onscreen name “acceber” -- his wife’s name, Rebecca, spelled backwards. Even the online social networking giant Facebook has recently faced a online-bred backlash among users for its privacy policy – which it quickly changed in response to the outcry.
Before we begin, I’d like to ask, what is this?
Augmented reality (AR) is a term for a live direct or indirect view of a physical real-world environment whose elements are augmented by virtual compute r-gener ated imagery. It is related to a more general concept called mediated reality in which a view of reality is mo dified (possibly even diminished rather than augmented) by a computer. As a result, the technology functions by enhancing one’s current perception of reality.
The historically short tenures of chief marketing officers may be a thing of the past. An annual survey by recruiter Spencer Stuart showed a big jump in the average length of a CMO's stay , to 34.7 months, a rise of 6.3 months over the previous year. Of course, the economy was no doubt a big factor -- people tend to stay at their job when their options are limited -- but Tom Seclow, who leads Spencer Stuart's chief marketing officer practice, said that the trend since the report began in 2004 has been toward longer tenures. In Seclow's opinion, CMOs are getting better at interacting with others in the C-suite, which leads to fewer turnovers. Seclow discussed the report and offered a look at current trends with Brandweek. Below are some excerpts: More bad news for marketers, especially CMOs, is that this group is an endangered species. A company that measures the average tenure of CMOs at Fortune 100 companies said in last year’s survey that the average tenure was 28.5 months! Much lower than any other C-level executive. And that number, 28.5 months, was an improvement over previous years by several months! Many of these guys are dropping like flies Brandweek: In the release about the report, you primarily credit the expanding skill set of the CMO for increased stability, but did that play more of a role than the economy? Tom Seclow: Well, we credited both. The trend has been increasing and that's why because of the trend we assumed that marketers were doing a better job getting it right and becoming more attuned with CEOs and management teams and doing all the things they should be doing. I suppose the dramatic jump from last year to this year has got to be influenced by the economy as well. How is this expanding skill set leading to greater stability? I don't know that it's an expanding skill set. Marketers have been continually evolving from [marketing communications] executives to being partners in the executive suite who understand revenue generation and they are the advocate for the customer inside the company. What other trends are you seeing with CMOs? One of the things that they are doing much better is figuring out how to not measure things -- they've been measuring things for a while -- but they've gotten a lot better at getting the rest of peer executives to understand what they're measuring and them consistently. Can you expand on that? There are a bazillion ways to measure business results. At these business seminars there are always eight new vendors that pop up measuring some new analytics -- because you measure everything these days. But it's not just about measuring things, it's about measuring things that are important and getting everyone in the C-suite who has a say in the matter to understand, &quot;Oh, this is how we're measuring and here's what we did.&quot; What about this year? Do you have a sense that things will change since the economy is arguably getting better? Will that lead to shorter tenures next year? Hard to say. The economy has definitely gotten better, but we don't know to what degree. When the economy is soft, there are obviously fewer job opportunities out there and that leads to less promiscuous CMOs. I think marketing as a function, the market leaders, tend to be a bit more intellectually curious -- they want to try a new business -- and if those jobs aren't there, then they stay where they are. How does the CMO tenure compare to others in the C-suite? It's approaching consistency with the other C-suite numbers. Companies are becoming more analytically mature and are developing greater analytical capabilities. Many companies are also creating a context for analytics, with analytical cultures and processes. When companies compete based on analytics, analytics is having a positive bottom-line impact. However, for all its potential, analytics is not yet having a major impact on the quality of corporate decision making. This is the untapped potential: using analytical capabilities, culture, and processes to make better decisions. “ Companies that invest heavily in advanced analytical capabilities outperform the S&P 500 on average by 64%.” Tom Davenport Analytics can be thought of as: Descriptive analytics. This is “the what.” It describes what happened in the past through reports, queries, drill downs, and alerts. Predictive and prescriptive analytics. This uses data to understand the “so what.” Predictive analytics—which include forecasting, predictive modeling, and optimization—are focused on the future. The use of predictive analytics takes organization to a higher degree of intelligence and can yield competitive advantage. Analytics’ potential contribution is great, especially in light exciting advances in behavioral economics, neurobiology, artificial intelligence, and even “the wisdom of crowds.” To become an analytical competitor, a company must Analytical competitors include: Old hands who have used analytical methods for years, such as Marriott (revenue management) and Progressive Insurance (risk and pricing models). Turnarounds that used analytics as a/the key strategy in restoring a company to health, such as Harrah’s (customer loyalty) and Tesco (Internet groceries). Born analyticals like Capital One (data-based credit offers) and Netflix (recommendation engine) who have used analytics since their birth. Casinos, for instance, calculated that a staff member should smile at a customer every 10 minutes to optimize betting revenue. Analysts. Most of a company’s analysts (70-80%) are “ Amateurs” who use spreadsheets and run queries. About 15-20% are “Semi-pros” who can use basic statistical tools and create simple models, while “Pros” (5-10%) can write their own algorithms. Significantly, the “Champions” (the 1% who lead analytical initiatives) are not necessarily “quants” themselves, but leaders who know how to pose the right analytical questions. When facts are thin, an analytical culture embraces a “test and learn” ethos, and it isn’t shy about demanding, “Where’s your data?” And, the focus of a culture that competes on analytics isn’t just engaging in analysis; it is taking action after the analysis is done, then returning to the data to inform the next decision. An example of how analytics can be used to make better decisions comes from Stanley (tools). Using analytics to make better pricing decisions helped Stanley increase its gross margin from 34% to over 40% in six years. Better in a recession. Companies that invest heavily in analytical skills and adopting an analytical mindset recover more quickly from economic downturns. Analytics is the new plastics John Ridding, CEO, Financial Times “ High-performing corporations say they are using analytics to identify new areas of investment so their companies emerge from the economic crisis stronger than ever. Marie Leone, CFOcom We have more media at our disposal The customer has more response vehicles Marketing has more ways to follow up with customers And more tools to capture data and weave that data into future media campaigns. I’m not suggesting you replace all the existing tools, I’m suggesting you enhance their effectiveness with these other multi-channel media and response tools.
If I clicked on a sponsored link or pay per click on that early Google results page, how would an advertiser know? Another advantage of ppc advertising is that you can measure your results instantly. Google and others have a results dashboard that records all activity in real time. You can see how individual keywords are performing. clicks, impressions clickthrough rate, average clost per click, average position or rank on a page and conversions, which we’ll get back to in a few minutes. It will also tell you if your ad appeared on a search engine results page or with the context of another website page.
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