Bringing Science to the Art of Marketing 

Analytics and Metrics:
Bringing Science to the Art of
Marketing
#4AsWebinars

L...
Bringing Science to the Art of Marketing 

#4Aswebinar 

The Burning Question

A Lot of Ground to Cover






Marketin...
Bringing Science to the Art of Marketing 

#4Aswebinar 

The A’s have a game plan for
performance management…

The Quest

...
Bringing Science to the Art of Marketing 

#4Aswebinar 

Why Companies Invest in Marketing
 Develop and execute a
strateg...
Bringing Science to the Art of Marketing 

#4Aswebinar 

Data is the Starting Point

Does Data Matter?

 Customer Data
 ...
Bringing Science to the Art of Marketing 

#4Aswebinar 

Select Data That Matters:
Top 6 Most Important Data Sets

 To ge...
Bringing Science to the Art of Marketing 

#4Aswebinar 

Analytics: Key for Seeing the Patterns
 The term analytics as
ea...
Bringing Science to the Art of Marketing 

#4Aswebinar 

Model Muscle – Master These

Analytics Enable Marketing





...
Bringing Science to the Art of Marketing 

#4Aswebinar 

Adopt a metrics framework and create a catalog

Selecting the Rig...
Bringing Science to the Art of Marketing 

#4Aswebinar 

Before Execution: Engage in a Powerful Conversation with Your
Sta...
Bringing Science to the Art of Marketing 

#4Aswebinar 

Captured on Creative Brief

Program Development Checklist




...
Bringing Science to the Art of Marketing 

#4Aswebinar 

Test
&
trial
it!
Improve Your Probability for Success ™ | www.vis...
Bringing Science to the Art of Marketing 

#4Aswebinar 

Have We Answered Your “So What?”

To Prove Marketing’s Value

Why...
Bringing Science to the Art of Marketing 

#4Aswebinar 

What You Can Achieve

Take Action! Thank You, Q&A, Resources


...
Bringing Science to the Art of Marketing 

Stay  
@ 
in  
Touch 

#4Aswebinar 

www.visionedgemarketingcom 

@lauravem 
ht...
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4A's Webinar: Bringing Science to the Art of Marketing

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The role of Marketing is to find, keep, and grow the value of customers. If marketers are to be successful in today's hyper-competitive business environment, they must understand how to collect, analyze, and apply relevant data to strategic business decisions. This presentation provides tips on how marketers can glean insights from their data, and apply those insights to make decisions that will positively impact the business.

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4A's Webinar: Bringing Science to the Art of Marketing

  1. 1. Bringing Science to the Art of Marketing  Analytics and Metrics: Bringing Science to the Art of Marketing #4AsWebinars Laura Patterson President & Author laurap@visionedgemarketing.com ­ Twitter:@LauraVEM ­ Facebook: https://www.facebook.com/VEMarketing #4Aswebinar  Welcome and Today’s Focus “Need the math behind the creativity,” John Seifert, Chairman­CEO of Ogilvy & Mather North America Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. All rights reserved. Not for reproduction or redistribution without written permission.  www.visionedgemarketing.com  2  1 
  2. 2. Bringing Science to the Art of Marketing  #4Aswebinar  The Burning Question A Lot of Ground to Cover     Marketing’s Metrics and Analytics Conundrum The Agency as Hero  Taking on the Data Challenge Actionable Analytics  Balancing Data with Insights  The Data Hierarchy  Models Every Marketers and Agency Must Master Four Keys to Success  Clarifying the Business Outcomes  Measuring the Right Things  The Creative Brief  Performance Reporting Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  www.visionedgemarketing.com  3  If you or your clients had to prove how marketing programs impact  share price,  revenue,  market share,  customer value could you do it? Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  4  2 
  3. 3. Bringing Science to the Art of Marketing  #4Aswebinar  The A’s have a game plan for performance management… The Quest “Measurement and analysis help marketers become smarter…they are the foundation from which investment potential is established, understood, optimized and realized.” Rebecca Lieb & Jeremiah Owang, Altimeter Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  www.visionedgemarketing.com  5  1. 2. 3. Determine marketing’s true impact Transform marketing into an investment instead of a cost Arm ourselves with the tools and associated language necessary to demonstrate we are generating sustainable, measurable value Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. All rights reserved. Not for reproduction or redistribution without written permission.  6  3 
  4. 4. Bringing Science to the Art of Marketing  #4Aswebinar  Why Companies Invest in Marketing  Develop and execute a strategy to create preference and consideration that enables the organization to  Acquire more of something  Acquire it faster  Acquire it cheaper They Understand 5 Keys to Performance Management “ Today’s marketing ….requires  better  data…analytics…forecasting…mode ling, higher levels of  accountability…performance  dashboards…a wider embrace of  marketing  automation...processes…” CMO Council, Driving Performance, 2012 1. 2. 3. 4. Data Analytics Metrics Performance Targets 5. Reporting  Need to demonstrate we are “getting the job done”  Otherwise, might as well just put more feet on the street Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. All rights reserved. Not for reproduction or redistribution without written permission.  www.visionedgemarketing.com  7  Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  8  4 
  5. 5. Bringing Science to the Art of Marketing  #4Aswebinar  Data is the Starting Point Does Data Matter?  Customer Data  Market Data  Business Data  “Firms that emphasize decision­making based on data and analytics perform 5­6% better than firms that rely on intuition and experience.”  Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  www.visionedgemarketing.com  9  Economic Intelligence Unit, 2012 Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  10  5 
  6. 6. Bringing Science to the Art of Marketing  #4Aswebinar  Select Data That Matters: Top 6 Most Important Data Sets  To get the most out data "you need to know what you want to know.“  Bernard Marr, Advanced Performance Institute Look for Patterns 1. Business Activity Data (mostly structured) 2. Social Media/Comments/Revie ws (mostly unstructured) 3. Transactional data 4. Website data 5. Telecom/Call Center data 6. Images/Graphics Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  www.visionedgemarketing.com  11   Data that doesn't help you see isn't useful.  58% of respondents agree that moving from data to insight is a major challenge  5th annual Digital IQ Survey, Pricewaterhouse Coopers (PwC) Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  12  6 
  7. 7. Bringing Science to the Art of Marketing  #4Aswebinar  Analytics: Key for Seeing the Patterns  The term analytics as early as the late­ 1500s or early­1600s  Applying logical analysis to discover and communicate meaningful patterns in data. How to Turn Your Data into Insights  Today when applied to marketing­  The practice of measuring, managing and analyzing market, customer, and marketing performance data to maximize marketing effectiveness.       Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  www.visionedgemarketing.com  13  Synthesize: The starting point for seeing the patterns Hone in on the right Patterns  Not all patterns are germane.  Review and discuss each pattern and its potential implications.  Explore why each pattern is important and what it means. In one simple statement, articulate the insight that emerged  Post the insights Incubate the insights.  Give yourself and your team at least a day away from the "board." Do the insights resonate?  Decide if the insights resonate and are compelling enough to make or affect key decisions. Decide on the ACTIONs to be taken. Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  14  7 
  8. 8. Bringing Science to the Art of Marketing  #4Aswebinar  Model Muscle – Master These Analytics Enable Marketing      Segmentation Models  Persona Development  Buying Process Models  Touch point Allocation  Pricing Models  Opportunity Scoring Models Identify customer experience problems and opportunities Create and innovate, redesign and re­engineer processes and systems to improve marketing, customer experience, product development Evaluate strategic and tactical options that will deliver the desired results. Develop models to anticipate market and customer behavior Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  www.visionedgemarketing.com  15   Campaign Lift  Attribution/Mix Models  Predisposition to Purchase Models  Likelihood to Defect/Customer Risk Models  Portfolio Management Models Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  16  8 
  9. 9. Bringing Science to the Art of Marketing  #4Aswebinar  Adopt a metrics framework and create a catalog Selecting the Right Metrics My friend Joe My friend Joe runs 5X/week runs 5X/week Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  www.visionedgemarketing.com  17  Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  18  9 
  10. 10. Bringing Science to the Art of Marketing  #4Aswebinar  Before Execution: Engage in a Powerful Conversation with Your Stakeholders to Learn and Understand Gain Clarity Around Data & Metrics: Engage in a Powerful Conversation with Your Stakeholders 1. What specific, measurable business outcome will this program impact? 2. How do you expect this program/activity to contribute (what needle needs to move and how far)? 3. How will we know and measure that this program achieved the objective(s)? Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2012 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  www.visionedgemarketing.com  19  1. What metrics would you expect to see? 2. What data will best help you understand our current state? 3. What data and measures will communicate the campaign’s/program’s effectiveness and value? Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  20  10 
  11. 11. Bringing Science to the Art of Marketing  #4Aswebinar  Captured on Creative Brief Program Development Checklist        Did you choose an outcome that can be measured? Did you review what information is available & glean any learnings from available information? Did you obtain initial benchmarks? If the desired data is not available did you determine how, when, and often it should be collected? Did you select key metrics and frequency of monitoring/reporting? Can you tie the metrics to the outcome? Are you using the information to communicate results/impact/business contribution to business leaders? Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  www.visionedgemarketing.com  21  Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  22  11 
  12. 12. Bringing Science to the Art of Marketing  #4Aswebinar  Test & trial it! Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  www.visionedgemarketing.com  23  Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2012 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  24  12 
  13. 13. Bringing Science to the Art of Marketing  #4Aswebinar  Have We Answered Your “So What?” To Prove Marketing’s Value Why this is important? Everything needs to be measurable:     Connects the dots – demonstrates Marketing’s (client and agency) contribution, value and impact in measurable business terms  Helps us know whether we are moving the needle on our Marketing strategy and priorities  Provides the foundation for continued improvement in effectiveness The outcome The objective The program Why?    Stake in the ground Know what is and isn’t working Know when to declare success Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2012 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  www.visionedgemarketing.com  25  Why this matters to you?      It is the access to mastery You will see opportunities that you did not see before You will have greater confidence in your plans and programs You will expand your understanding of the drivers of behavior and how they can be manipulated You will be hungry to answer new questions that further your wisdom and effectiveness Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  26  13 
  14. 14. Bringing Science to the Art of Marketing  #4Aswebinar  What You Can Achieve Take Action! Thank You, Q&A, Resources      Shift focus in the way you plan, evaluate, and communicate results  Set performance targets in everything we do – data­and fact­based  Better articulate the value generated to business Review your “Learnings” Identify 1 takeaway Identify1 thing you will do differently Request a copy of this presentation email lizzy@visionedgemarketing.com Affordable workbooks and books at   www.visionedgemarketing.com   Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  www.visionedgemarketing.com  27  Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  28  14 
  15. 15. Bringing Science to the Art of Marketing  Stay   @  in   Touch  #4Aswebinar  www.visionedgemarketingcom  @lauravem  http://visionedgemarketing.wordpress.com/  http://www.linkedin.com/company/visionedge­marketing  https://www.facebook.com/VEMarketing  laurap@visionedgemarketing.com  http://www.slideshare.net/visionedgemarketing  http://www.youtube.com/user/VisionEdgeMarketing  Improve Your Probability for Success ™ | www.visionedgemarketing.com | ©1999­2013 VisionEdge Marketing. VEM Proprietary. Not for reproduction or redistribution without written permission.  www.visionedgemarketing.com  29  15 

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