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Analytics 2.0
- 3. Most Companies had the notion that TV, print, radio and online ads each functioned independently to drive sales.
- 4. Traditional Ad Budget Allocation Tv Ads Youtube Search Ads Others 6% 4% 5% 85%
- 6. were nearly twice effective in prompting online searches that led to purchases. And….
- 7. Search Ads generated 25% sales.
- 8. Swim-Lane Measurement “Marketers commonly measures the performance each of their advertising activities as if they work independently of one another.”
- 9. That‟s no longer effective!
- 10. Because…!
- 11. Advertising touch points does not works in isolation. They interact.
- 12. After advent of Digital Marketing marketers are able to track every online action of consumers.
- 13. But it generates oceans of data within a moment.
- 14. Analytic1.0 to Analytics 2.0
- 15. Analytics 2.0 With the predictive tools (latest computing technologies, cloud- based analytics and cheap data storage) measures interaction of advertising across media and sale channels and identifies precisely how exogenous variables affect ad performance.
- 16. Analytics 2.0 Provides fundamentally new insights into marketing‟s effect on revenue.
- 17. Analytics 2.0 Involves three broad activities: Attribution, Optimization, Allocation.
- 18. 1.Attribution The process of quantifying the contribution of each element of advertising.
- 20. Start by gathering data…
- 21. Challenge…!!!
- 22. Knowing what to focus on-the single rather than the noise.
- 23. Companies must collect data across five categories: Marketing conditions Competitive activities Marketing actions Consumer response Business outcomes
- 24. 2.Optimization Or War gaming! -by using predictive analytics tools to run scenarios for business planning.
- 25. It‟s like advertising virtually and observing the effect of different advertising mediums.
- 26. You can assign „elasticity‟ to every business drivers you‟ve measured, from TV advertising to search ads to fuel price and local temperatures.
- 27. War gaming runs thousands of scenarios within minutes.
- 28. Can test „What if‟ conditions.
- 29. Thus Optimization software generates most likely scenarios along with marketing recommendation.
- 30. Then…?
- 31. 3.Allocation “Real-time redistribution of resources across marketing activities according to optimization scenarios.”
- 32. On monthly, weekly or daily basis- and, online, even from one fraction of a second to the next.
- 33. Five steps to implementation First, embrace analytics 2.0 as an organization-wide effort that must be champion by a C-level executive sponsor.
- 34. Second, assign an analytics- minded director or manager to become the point person for the effort.
- 35. Third, armed with a prioritized list of questions you seek to answer, conduct an inventory of data throughout organization.
- 36. Fourth, start small with proofs of concept involving a particular line of business, geography, or product group.
- 37. Fifth, test aggressively and feed the result back into the model.
- 38. In a multichannel business analytics 2.0 becomes more complex and requires vendors with specific analytics and computing abilities.
- 39. Companies that don’t adopt next-generation analytics will be overtaken by those that do.
- 40. THANK YOU!