By Dan Eggleston | MMA SVP Strategic Accounts
Conferences are always a great place to not only network and learn new things, but also to get a pulse on the industry we live and breathe. The reality is that many of the speakers that show up for industry conferences are in fact the thought leaders that are ushering in new approaches and new paradigms for both effective marketing and measurement. Close observation of the various discussion topics and buzz words that are continuously repeated across speakers are important leading indicators for where our industry is headed. For all of these reasons, I was looking forward with anticipation to be a featured presenter at this particular marketing conference to both listen as well as speak about some of the key issues that face our industry and how they’re being addressed by key thought leaders.
Analytics – Pervasive in Marketing Organizations
Given that I was the fourth speaker of the day, I had ample opportunity to do some listening before it was my turn at bat. What I heard were some great brand stories…of how creative marketers took remarkable and bold actions to redefine or reinvigorate their brands. What I also heard was EVERY SINGLE PRESENTER highlight that analytics played a central role in their actions. If it wasn’t to help generate new insights and adjust their plans as they went forward, then it was used as a device to prove out efficacy of spending to the Finance organization so they could stay on path or a combination of the two. Analytics often used to be feared by brand marketers…now it’s the currency with which they garner support for what they’re doing and a key resource to help define future optimal strategy.Use Analytics with an integrated approach.
From “Data Rich, Insights Poor” to “Insights Rich”
Needless to say, I was thrilled that all the preceding speakers set the stage for me to come on and really lay out what analytics can do for an organization when leveraged appropriately. However, the reality is that most organizations AREN’T using analytics appropriately. Most organizations are ‘data rich, but insights poor.’ They’ve often developed silo-based, point-in-time analytics that have led to sub-optimal decisions and resulted in millions in wasted marketing spend. They’ve had an over-reliance on pure conversion-based and digital-only attribution methods that have undermined long-term brand equity and profitability. And they’ve failed to exploit the inherent differences that exist across their various consumer segments. I found that many of the marketers in the room shared these same sentiments and were excited about MMA’s approach to integrating marketing mix modeling, digital attribution analytics and customer analytics into a holistic ‘multi-dimensional optimization’ solution. So, what’s the benefit of this integrated approach? One story…one truth from mix modeling, segment analytics and attribution analytics…Increased sales and profit through improved marketing effectiveness…and improved organizational alignment and fewer religious wars. All-in-all, it helps turn the ‘data rich’ into the ‘insights rich’.