Marketing contribution – CMO and CRO are now accountable for more than what falls out the pipeline as closed business. They are directly on the hook to know and report their direct contribution to market share, revenue, profit, & margin. ROI – marketing still one of the largest budgets – what have you done with the budget? Sales and Marketing alignment – (as a part of enterprise alignment) benefits from an expanded view (including funnel msg / sales stage alignment) of “closed loop” = tighter definitions of a lead, a mql, a sql + assurity that sales has what it needs when it needs it. Attribution – Brand Loyalty – Retention is key to sustainable business – Be sure all customer engagement points deliver a quality experience
Big Data – Big Promise / Big Investment / Big Dream Promise – Revenue from Chaos Investment – Disruptive, Often requires cultural tectonic shifts, Skills (good news-cheap storage in cloud) Dream (not a complete reality )– Skills not available - Data Mgmt, algorithms, expensive Monetization – Critical to be able to correlate to real revenue and retention.
Data centric and scientific (mathematically accurate), customer engagement, lead nurturing and lead scoring
Point solutions Point solution consolidation through acquisition EMM IMM IMM (Saas)
The new view is similar but steps and understanding are added
Website Analytics – audience information – Traffic sources, SEO, Usability, Geo, Conversions – Are your ideas working? - bait, xactions, page displays, funnels Social Media reach – How engaged you are with your revenue streams Dashboards – revenue, margin, market share, profit Analytics are used to make market, customer, and product decisions. All businesses believe in using analytics to drive these types of decisions, but not have been “very effective” in helping to make decisions (approx 1 in 4 according to a Bloomberg study). There is still a lot of admission to using intuition and business experience when it comes to decision-making. Analytics Definition- applying advanced algorithms and/or mathematical techniques on large volumes of data. Use the insights from analytics to optimize internal processes and reduce problem MTTR and make decisions. Analytics will not replace experience and knowledge (that’s your job security), they do provide insights that cannot be overlooked. Use analytics to translate data -> insights->action to help drive marketing and customer strategies and optimize marketing efforts. Success Factors: Three key ingredients are needed to be successful with analytics: data, skills, and culture. Data – Raw, refined, rolled up and qualitative Skills - There’s no shortage of data. Turning data into actionable insight is the required skill. (many organizations lack analytical talent) Culture – You gotta believe and you gotta demand it from all levels of execution Data - performance analytics are predicated on data – lots of weighted data. Lack of this is often biggest challenge for most companies when it comes to the adoption and usage of analytics. If you have data factors auch as the sheer volume of data, data accuracy, integrity, and consistency AND ACCESS are formitable hurdles to overcome. Be skeptical and always question sources and roll up strategies and tactics. Skills - A major consulting and analyst firm suggested that in 2018, the US could face a shortage of 140,000 to 190,000 people with deep analytical skills. Tools without skills will not get you nearly as far as required for the investment. Message: invest in developing, growing and KEEPING this talent. Culture - Organizations that emphasize fact-based decisions, measurability, and process reflect a culture that is more predisposed to analytics and the associated investments needed to build and leverage this competency. Take a holistic approach to data and view data as a strategic asset and abbsolutleyessential to decision making efficacy. Starts with a CMO who believes and is a missionary to the power of analytical backed, fact based decision making, and stops at nothing to get it. (talent, tools, etc.), who integrates the science of marketing into their organization, and holds their marketing organization accountable (just like they are now held accountable) To be useful, data must be accessible and integrated. Get it together and never stop improving it. Two initial steps: inventory the disparate data and to address data gaps. (Data Source Inventory and Dictionary) Data source inventory: all your data sources, what data is in each source, • where the data comes from, • who owns and uses it, • he primary purpose of the data, • how frequently it is used and updated, • when it was last cleaned and by whom, • how the data is stored and displayed, and • what metrics if any the data is tied to The dictionary: Define / describe your data Attributes – some common some uniquely yours columns and tables associated with the data. Focus data (skeptical) driven analytics for success (along with your intuition because). Make it a strategic advantage to your organization.
Revenue Skill – Traditional marketing, Internet marketing, Sales, psychology, Web Tech – You have to know to a significant level how to exploit, leverage, invest in, manage, use these tools. Content: What you have made of your ideas - Program, contest, campaign, survey, blog post, SEO SMMgmt : How you behave – Brand, Personablity, voice, citizenship, netiqette, Analytical: Data driven mind set - Forecast, roll-up, report manage,
Data stores of information – Structured, unstructured, multi dimensional, attributes – quickly aggregatable eCommerce – personalization, streamlined, x’s&ups, coupons, daily deals Online promotion – PPC, CPM, remarketing, retargeting, banners, tracking codes, Quality score, Video, Webcasting, Pod Casting Marketing Automation Platforms – CMS, Content Management, A/B testing, Multivariate testing, email, funnels, Blogs Social Listening / Engagement – Orchestration and aggregation insight, right time or can’t do it, don’t want to do it – Outsource it CRM – item of record, client, customer, pipeline, MQL, SQL come together in a big snapshot picture Analytics - Slide
Customer Transactional – What has transpired – Online & Store Interaction – Download, follow, subscribe Demographic Preferences Marketing Promotion X’s & +’s Multidimensional object descriptors Social media – #hashtags, likes, Mobile – Geo, direction, text Unstructured – notes, email
Some are point solutions for campaign management that rely on partnerships with CRM and other point solutions to round out the full IMM solution. Investment (TCM) and implementation requirements (SaaS) as less and are appropriate for a larger spectrum of users. Others are more fully integrated Integrated marketing management systems. Many of these are properties of ERP solution vendors that operate as separate business units. The advantage to them is integration into existing system investments.
Emerging Trends <ul><li>Big Data </li></ul><ul><li>Accountability </li></ul><ul><li>Monetization of Social Media </li></ul><ul><ul><li>“ Right Time Marketing” (multichannel) </li></ul></ul><ul><ul><ul><li>Right message, Right person, Right time </li></ul></ul></ul><ul><li>Strategic Marketing Automation (3.0) </li></ul><ul><ul><li>Actionable Information </li></ul></ul><ul><ul><li>Execution Tools </li></ul></ul><ul><li>Customer Intelligence </li></ul><ul><ul><li>Customer Lifecycle Management </li></ul></ul>
Continuing Trends <ul><li>Adoption of eCommerce </li></ul><ul><li>Social media influence on SEO </li></ul><ul><li>Location based / mobile marketing </li></ul><ul><li>Multimedia </li></ul><ul><li>Customers and employees extend the marketing team </li></ul><ul><li>eMail </li></ul><ul><li>Social Commerce </li></ul><ul><ul><li>Friend recommendations – social sprees </li></ul></ul><ul><li>Data centric, mathematical approach to segmentation </li></ul>
Integrated Marketing Management <ul><li>Support for marketing intelligence </li></ul><ul><ul><li>Actionable </li></ul></ul><ul><ul><li>Reportable </li></ul></ul><ul><li>Strategic marketing </li></ul><ul><ul><li>Planning </li></ul></ul><ul><ul><li>customer / lead nurturing </li></ul></ul><ul><ul><li>brand dialogue </li></ul></ul><ul><li>Data integration </li></ul><ul><li>Tactical management </li></ul><ul><ul><li>Execution process and work flows </li></ul></ul><ul><ul><li>Content curation – marketing resource management </li></ul></ul><ul><ul><li>Channel synchronization </li></ul></ul>
Marketing’s New View of the Pipeline <ul><li>Old View </li></ul><ul><li>Awareness </li></ul><ul><li>Interest </li></ul><ul><li>Demand / Consideration </li></ul><ul><li>Action / Purchase </li></ul><ul><li>New View </li></ul><ul><li>Contact </li></ul><ul><li>Connect </li></ul><ul><li>Conversation </li></ul><ul><li>Consideration </li></ul><ul><li>Consumption </li></ul><ul><li>Community </li></ul>
Types of Analytics <ul><li>Website Analytics </li></ul><ul><li>Conversion </li></ul><ul><li>Social Media reach </li></ul><ul><li>Dashboards </li></ul>