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- 1. Making data science clearer with….. data science Culture of Insight and Gracious Economics
- 3. Our job as data scientists: Make order and simplicity out of all the loveable chaos that is humans running around doing their thing
- 4. We are not there yet in data-science for marketing Source: Gartner 2019
- 5. We aren’t helping the marketing director get through his to-do list Develop a marketing strategy Oversee implementation of the strategy Develop a brand strategy Set and spend an annual budget Create and attend events such as webinars, conferences and thought leadership contributions Guide the day-to-day activities of the marketing team Continually review changes to the market and the activities of competitors Manage social media Manage and measure marketing campaign costs Negotiate with media agencies Report on the effectiveness of marketing campaigns Conduct market research studies Source: Marketing director job descriptions
- 6. Even in the research specific tasks Develop a marketing strategy Oversee implementation of the strategy Develop a brand strategy Set and spend an annual budget Create and attend events such as webinars, conferences and thought leadership contributions Guide the day-to-day activities of the marketing team Continually review changes to the market and the activities of competitors Manage social media Manage and measure marketing campaign costs Negotiate with media agencies Report on the effectiveness of marketing campaigns Conduct market research studies
- 7. And yet, marketing directors are expected to use data everywhere Develop a marketing strategy Oversee implementation of the strategy Develop a brand strategy Set and spend an annual budget Create and attend events such as webinars, conferences and thought leadership contributions Guide the day-to-day activities of the marketing team Continually review changes to the market and the activities of competitors Manage social media Manage and measure marketing campaign costs Negotiate with media agencies Report on the effectiveness of marketing campaigns Conduct market research studies
- 9. Research that’s easy to understand, trust, and use
- 10. Step 1: Market mix modelling & attribution to understand marketing levers Sales Pricing Competitor activity Seasonality PromotionsAvailability Media investment Product quality Others suggested by client’s own knowledge
- 11. Step 2: Explain findings in ways that normal people understand Simple analysis where possible This makes explaining where findings came from easier Compare with other research Findings should mostly match, but sometimes challenge Practice Always deploy experienced team that can see the wood for the trees • Debrief contains – Rules of thumb: If you do this, expect that – Accounting for the past: What worked, what didn’t • Making it usable means – communicate the common sense in findings – speak client’s language – build trust in results via triangulation – put results into context via benchmarks
- 12. Step 3: Give the marketing director some “toys” to play with + Build in existing knowledge Test beliefs and hunches Explain clearly Useable findings
- 13. A complex online retailer doing a huge range of marketing activity Sales of clothes, beauty products Promo codes, sales etc Comp- etitors Weather & season- ality Partners hips # and quality of range SEO, organic social Economy & clothing market Web and app changes Press, Radio, OOH, Cinema, TV Google shopper PPC in all its forms Influen- cers SEO in detail App roll out & down time Website nav changes Content on site
- 14. 2020 2020 SALES £100M VS TARGET -5% BUDGET £10M ROI £2.50 A marketing “mixer” built using R and R-shiny PRICE COMMS Above the line Search & Shopper Influen- cers P R T V O Promo codes Seasonal sales Mark down Reset Export
- 15. User can start from an uploaded plan and tweak, or build from scratch
- 16. Add non-marketing drivers PRICE COMMS Above the line Search & Shopper Influen- cers P R T V O Promo codes Seasonal sales Mark down 2020 2020 SALES £100M VS TARGET -5% BUDGET £10M ROI £2.50 Reset Results Econ- omy Same day delivery by June Navigation re-design in March RANGE & STOCK Online shop- ping Compe titors
- 17. Forecast the coming year
- 19. Plan how to reach business targets Target: £15m £8 £8 £1.0 £0.4 £0.6 £0.6 £1.4 £3.0 2020 Price & promo Search & shopper Other above the line TV Improved delivery Range and Stock 2019 Highlight the contribution of marketing
- 20. 30 40 50 60 70 80 90 100 110 120 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 Plan Actual Know when it’s time to react
- 21. So what did we learn? + Build in existing knowledge Test beliefs and hunches Explain clearly Useable findings
- 23. e: grace@graciouseconomics.co.uk e: james@cultureofinsight.com tw: @grace_kite tw: @datasetfree w: http://graciouseconomics.co.uk/ w: http://cultureofinsight.com/