Fixing marketing data: how to achieve success in a data-driven world
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The document discusses the challenges of marketing data including too many platforms, data silos, and lack of standardized metrics. Chief marketing officers are spending more on analytics to gain actionable insights despite declining budgets. The keys to effective marketing reporting are outlined as automated real-time analytics, using visualizations and dashboards, and tailoring reports to different audiences. Final considerations include having a plan, collecting data, breaking down data silos, finding the right technology, hiring the right people, and determining whether and how to use artificial intelligence.
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Fixing marketing data: how to achieve success in a data-driven world
- 1. FIXING MARKETING DATA: HOW TO ACHIEVE SUCCESS IN A DATA-DRIVEN WORLD THE SECRET LIES IN YOUR DATA. BUT HOW DO YOU UNLOCK IT? FABIO DE BERNARDI COUNTRY MANAGER, UK
- 2. With data increasing in volume and complexity every day, intelligent, reliable & efficient marketing reporting is paramount - but also increasingly challenging. A MODERN DATA NIGHTMARE
- 3. WHY IS MARKETING DATA SUCH A CHALLENGE? Too many platforms! Data silos Non-standardised metrics / KPIs Technology Actionable insights Skills gap
- 4. WHY IS MARKETING DATA SUCH A CHALLENGE? Too many platforms! Data silos Non-standardised metrics / KPIs Technology Actionable insights Skills gap
- 5. WHY IS MARKETING DATA SUCH A CHALLENGE? Too many platforms! Data silos Non-standardised metrics / KPIs Technology Actionable insights Skills gap
- 6. WHY IS MARKETING DATA SUCH A CHALLENGE? Too many platforms! Data silos Non-standardised metrics / KPIs Technology Actionable insights Skills gap
- 7. WHY IS MARKETING DATA SUCH A CHALLENGE? Too many platforms! Data silos Non-standardised metrics / KPIs Technology Actionable insights Skills gap
- 8. WHY IS MARKETING DATA SUCH A CHALLENGE? Too many platforms! Data silos Non-standardised metrics / KPIs Technology Actionable insights Skills gap
- 9. WHO CARES?
- 10. CLOSE THE (VISIBILITY) GAP WITH DATA
- 11. CMOs SPEND MORE ON ANALYTICS - EVEN WHEN THEIR BUDGETS DECLINE 9.2% OF OVERALL MARKETING BUDGET SPEND Source: CMO Spend Survey, Gartner 2017
- 12. Source: OC&C Strategy Consultants and Experian survey of CMOs globally BIGGEST STRATEGIC CHALLENGES FACED BY CMOs
- 13. THE IMPACT OF MASTERING ANALYTICS FASTER DECISION MAKING 1.7x INCREASED RETURN ON INVESTMENT PLAN TO INCREASE DIGITAL SPEND Source: How An Analytics Culture Drives Exceptional Business Results, Forrester Research, 2018 OVER-PERFORMED AGAINST KEY METRICS
- 14. ABRAHAM LINCOLN KNEW IT
- 15. DEMONSTRATE VALUE Go the extra mile. Prove your ROI. THE KEYS TO EFFECTIVE MARKETING REPORTING LOOK MUM, NO HANDS! Automated real-time analytics MAKE IT PRETTY! Use visualisations & dashboards KNOW YOUR AUDIENCE All KPIs & sources for the big pictures
- 16. THE KEYS TO EFFECTIVE MARKETING REPORTING 1. AUTOMATED REAL-TIME ANALYTICS
- 17. DEMONSTRATE VALUE Go the extra mile. Prove your ROI. THE KEYS TO EFFECTIVE MARKETING REPORTING LOOK MUM, NO HANDS! Automated real-time analytics MAKE IT PRETTY! Use visualisations & dashboards KNOW YOUR AUDIENCE All KPIs & sources for the big pictures
- 18. THE KEYS TO EFFECTIVE MARKETING REPORTING 2. MAKE IT PRETTY! USE VISUALISATIONS AND DASHBOARDS
- 19. DEMONSTRATE VALUE Go the extra mile. Prove your ROI. THE KEYS TO EFFECTIVE MARKETING REPORTING LOOK MUM, NO HANDS! Automated real-time analytics MAKE IT PRETTY! Use visualisations & dashboards KNOW YOUR AUDIENCE All KPIs & sources for the big pictures
- 20. THE KEYS TO EFFECTIVE MARKETING REPORTING 3. KNOW YOUR AUDIENCE! FAMILY CAR RACE CAR ELECTRIC CAR CARS’ DASHBOARDS LAYOUTS
- 21. THE KEYS TO EFFECTIVE MARKETING REPORTING 3. KNOW YOUR AUDIENCE! CMO / CDO VP / Director Marketer / Analyst
- 22. DEMONSTRATE VALUE Go the extra mile. Prove your ROI. THE KEYS TO EFFECTIVE MARKETING REPORTING LOOK MUM, NO HANDS! Automated real-time analytics MAKE IT PRETTY! Use visualisations & dashboards KNOW YOUR AUDIENCE All KPIs & sources for the big pictures
- 23. THE KEYS TO EFFECTIVE MARKETING REPORTING 4. DEMONSTRATE VALUE ROI Actionable insights Bottom-line
- 24. THIS THING IS HARD
- 26. HAVE / MAKE A PLAN COLLECT DATA BREAK DOWN DATA SILOS FINAL TAKEAWAYS & CONSIDERATIONS FIND THE RIGHT TECHNOLOGY FIND THE RIGHT PEOPLE TO AI OR NOT TO AI?
- 27. HAVE / MAKE A PLAN COLLECT DATA BREAK DOWN DATA SILOS FINAL TAKEAWAYS & CONSIDERATIONS FIND THE RIGHT TECHNOLOGY FIND THE RIGHT PEOPLE TO AI OR NOT TO AI?
- 28. HAVE / MAKE A PLAN COLLECT DATA BREAK DOWN DATA SILOS FINAL TAKEAWAYS & CONSIDERATIONS FIND THE RIGHT TECHNOLOGY FIND THE RIGHT PEOPLE TO AI OR NOT TO AI?
- 29. HAVE / MAKE A PLAN COLLECT DATA BREAK DOWN DATA SILOS FINAL TAKEAWAYS & CONSIDERATIONS FIND THE RIGHT TECHNOLOGY FIND THE RIGHT PEOPLE TO AI OR NOT TO AI?
- 30. HAVE / MAKE A PLAN COLLECT DATA BREAK DOWN DATA SILOS FINAL TAKEAWAYS & CONSIDERATIONS FIND THE RIGHT TECHNOLOGY FIND THE RIGHT PEOPLE TO AI OR NOT TO AI?
- 31. HAVE / MAKE A PLAN COLLECT DATA BREAK DOWN DATA SILOS FINAL TAKEAWAYS & CONSIDERATIONS FIND THE RIGHT TECHNOLOGY FIND THE RIGHT PEOPLE TO AI OR NOT TO AI?
- 32. FABIO DE BERNARDI COUNTRY MANAGER, UK Adverity helps businesses get the most from their marketing data, easily. #smartwithdata
Notas do Editor
- Today we will be talking about how to achieve success in a data-driven world… a marketing data-driven world. Marketing data is very broad and it is traditionally hard to harness for effective decision making. I will be talking about key challenges and how to overcome them, in search of true data-driven decision making and the holy grail of marketing ROI. I will be presenting these challenges from an advertiser perspective, but if you work for an agency (or a publisher) this is still very relevant to you with some little interpretation of what I will say.
- Once upon a time... there was a marketer called Dave Everyday... Dave spent several hours tinkering with spreadsheets to collate and prepare data for his reports One day... his numbers were completely wrong and he hadn’t realised, too deep into menial work and not really using the skills he was hired for Because of that... his Marketing Director presented the wrong numbers during a board meeting and almost lost her job Because of that... Dave got a fine grilling and started thinking about ways to prevent this from happening again Until finally... he discovered that technology can take care of all menial work so he can focus on adding value to the business Dave’s story is closer to reality that you can believe. And we constantly witness situations were 70-80% spent on campaign reporting and, in general, understanding the return on investment of the marketing function, is spent gathering and preparing data rather than analysing that data and drawing insights and recommendations from it. Today I want to walk you through a few big topics, why working with your marketing data is such a pain, that all other marketers have the same problem...and how you can overcome them and truly understand your marketing ROI or Return on Ad Spend. Let’s start with the challenges:
- Too many platforms with estimates fluctuating between 5.000 and 7.000 marketing and data platforms On average, a large corporation uses 91 marketing tools, from social media to CRM to analytics etc. NINETY ONE. Digital marketing is becoming more complex, more formats, more creatives... it gets faster, too. Data for Instagram Stories is only available for 24 hours. Collect it now or never.
- Imagine your teams are working with close to a 100 tools. All those reports, all data, all insights, numbers and campaigns - they are isolated in different tools, too. Or in departments. On in different agencies looking after different aspects of your business. This may not matter much to you if you are in charge of one of these silos, but if you are the CMO, you are flying blind. Or you are delusional about your true ability to make data-driven decisions for the business. Harsh?
- Different tools, different metrics. Or, same metrics but different names. Different granularity. Every provider you work with does things their own way and this leaves you with datasets that can’t be easily compared. Apples and pears so to speak.
- You have decided that you need the help of technology to tackle the previous points and this is where many companies make an all too familiar mistake: they hack together, err… they develop something in house that will mitigate their pain. This rarely solve their problems, as platforms are constantly evolving and this becomes a full time job for a team of developers… who are now completely distracted from your core business. Business Intelligence is a mature industry, but marketing intelligence isn’t, and although technologies are available, they have not reached prime time just yet.
- When you look at the struggling high street brands you may think that one of the main reasons for their struggle is the high costs associated with a brick and mortar operation, while pure-play e-commerce companies don’t have that. My opinion is that pure play digital / e-commerce businesses have a superior ability to turn data into actionable insights and that makes them thrive in a global market with shrinking margins. They have used data analysis to provide you with the best recommendations for what to buy, watch and listened to, and they have spent every marketing cent wisely and continuously improved on that based on data.
- Data. Technology. Software. Machine learning. All well and good, but you still need people and their brains to transform data into actionable insights. AI and machine learning can help and will help more in the future, but it’s still people who make the difference. There is a worrying skills gap in most businesses when it comes to properly understanding marketing data across multiple channels. And when the right skills are there, we might still see situations, like mentioned earlier, of spending 70-80% of your time on data preparation and not on finding insights.
- So why should you care? I suppose most of you have BI and analytics teams who take care of data - why should marketers care? Because at the end of the day the quality of your decisions is proportional to the quality of the data you work with and if that’s incomplete or not clean, so are your decisions going to be.
- Marketing is under attack. Budgets are reducing (Unilever and P&G come to mind with their recent choices of zero based budgeting and reduction of the number of ads they run) and expectations to move towards being a revenue centre are growing - here Coca Cola comes to mind, with their switch from CMO to Chief Growth Officer. You are under pressure to justify your work, to show tangible results. And marketing data you have available gives you the opportunity to close that visibility gap between your great work and the results for your companies. Of course, if you are running brand awareness campaigns the link with tangible results will be looser, but the ability to combine data into meaningful attribution models gives you important indications nonetheless. And for performance-based campaigns, data is available for any type of correlation between activity and result, so no excuse there. Who has results from black Friday and cyber Monday already? I asked the question last year and no hands were raised. I reckon that in a couple of years 80% of the audience will raise their hand.
- ….so no wonder, marketing executives spend more and more on analytics, even WHEN THEIR BUDGETS DECLINE. That means software, services, data and of course reporting capabilities. https://blog.adverity.com/marketers-spend-more-analytics-budgets-decline or https://www.gartner.com/smarterwithgartner/gartner-cmo-spend-survey-2017-2018-infographic/
- Of course they do spend so much - because it is the single biggest strategic challenge. It is not ONLY Building Data & analytics capabilities - every single challenge is related to your marketing data. AND IMAGINE BEING GARY AND NOT BEING ABLE TO CONVINCE YOUR BOSS OF THE IMPORTANCE OF YOUR WORK.
- Abraham Lincoln said in 1850: Give me six hours to chop down a tree and I will spend the first four sharpening the axe. If you want to perform data driven marketing and convince your peers and your management of your work - make sure your data axe is sharp.
- Automated, Accurate, Complete & Up-to-Date - almost real time. Most marketers still use Excel for their reporting. They are outdated once you send them 90% of spreadsheets contain errors Black Friday just happened, who in the room has a system in place which will be able to tell you how many revenues were generated by which campaigns, channels, keywords, promotional codes, etc… so you can understand your ROI and optimise for Christmas? There is no reason (or no excuse!) for not having such systems in place and optimise your marketing budget in real time.
- Our brains are just not made to read data in tables. What’s better? Graphs!
- Show your audience what is most relevant to them and go deeper into what they care about. This will give you additional credibility and will prove the value of your work. Remember, marketing is under pressure to become more of a growth / revenue centre. (as you know) it makes sense to go deeper or maybe not. But give them good context, show them numbers, development over time. Try to give them the big picture view. The customer acquisition cost and lifetime value for each channel. Twitter may cost very little in customer acquisition and result in high-value customers, in which case it would be stupid to give up on the channel just because the overall number of conversions is low. Let them know you also included data from your customer support team as well as data from your retail point-of-sale. Make sure you have all your data ready for questions. Compete against yourself. Whatever your numbers are now, identify the improvements you could make that will have the biggest impact. You know what? The only thing the C-suite cares about is the impact on the business.Revenue, top-line and bottom-line. Number of customers. Type of customers. Longevity of customers. You get the idea. Work backwards from the business goals and look at the marketing metrics you have the power to improve, and focus on those. Marketing is great. Company success is still what should drive your work. In any case it should be aligned with what your management team wants to achieve. If your company is in a high-growth phase and you’re out for a land grab, the total number of customers is more important than hand-selecting a smaller number of high-value customers. On the other hand, if your company is stable in terms of market share, the focus may be on acquiring customers that fit an ideal profile of long-term, high-value, delighted advocates.
- I painted a bit of a bleak picture, didn’t I? I talked about the challenges of marketing data and then of all the things you might be doing wrong…
- But you’re going to be just fine… because every company is gradually moving towards a more data-driven approach and a rising tide lifts all boats, right? And the technology you need to make this happen is available. So let’s finish on a high with these 6 takeaways.
- Ask yourself “What data do I need to calculate my marketing ROI?” and create a plan around it, go to the right people in the organization (finance, CRM…) and explain how they can benefit themselves from sharing the information with you.
- Collecting data for the sake of it doesn’t help much, but even in the absence of a clear plan I’d say it’s better to have data sitting next to each other than scattered across the organization and third parties, whether they are agencies or suppliers you work with. Invest in a data warehouse where to store the data and work out what your plan is to use that data.
- Data kept in silos is rarely offering its full potential. In particular sales data, which is highly guarded and shared reluctantly. If you give people a reason to share this data with you by being able to optimize processes or measuring ROI you can prove the value of what you’re doing. We have witnessed 2 cases among our clients: Retail client: making sales data accessible to the purchasing team allowed for an optimization of the buying process as well as management of stock levels. All data existed, it just wasn’t being looked at as a whole and that was both an organizational and technological problem. Offline sales data for large ticket items like car purchases to complete the customer journey and measure ROI of the different touchpoints.
- Technology is a key enabler, so don’t underestimate this step. Ultimately the data you have and the plan you put in place are the most important factors, but if you don’t have the right technology you won’t be efficient nor, potentially, effective in pursuing your plan and learn from data to constantly recalibrate your trajectory.
- Finding the right skills to analyse data is of course crucial, and this can be done either via internal resources or external. If you ask me, this is one of the most exciting careers for people to get in, especially as there seems to be a gap in the market for this. 50% of marketers face a skills gap, and this is in part due to hiring freezes, but also due to lack of profiles with the right skills.
- That is indeed the question. There is a lot of hype around artificial intelligence and my opinion is that – regardless of its current maturity – if you are in the early stages of your data world domination you should focus on the basics and leave the fancy to a later stage. AI will help optimize processes when it’s the right time for that, but it’s not a panacea of all issues, nor the magic box that will tell you all you need to know at the press of a button.