As we've written about previously here the CMOs who survive and thrive the dire C-suite outlook will be those who embrace technology to improve marketing measurement and investment decisions.
Whether you are a CMO—or you work for one—resolving to become a data-driven marketer in 2019 may be the most career-enhancing decision you can make.
Is Data-Driven Marketing an Oxymoron?
It often seems that way. But one thing's for certain: "Data" isn't the issue. According to a recent report by ClickZ an estimated 2.5 quintillion bytes of it are being generated each and every day. A recent survey of B2C marketers by ClickZ found:
- 34% say their company analyzes less than 20% of all available consumer data.
- Only 33% agree that current solutions provide accurate attribution of all media and data.
- Just 9% believe their organizations have an “excellent” understanding of multi-touch attribution.
The challenge isn't lack of data, but an inability to harness that all that horsepower to make better marketing investments decisions faster.
prepare to make data-driven, omni-channel decisions
Unified marketing measurement is a term for a family of new marketing measurement tools that break the paradigm of benchmark-driven marketing planning solutions (e.g. marketing mix analysis, digital attribution modeling) with technology-empowered capabilities that radically transform marketers' ability to:
- Quantify the financial impact of marketing investments
- Accurately model your best path forward by channel and investments.
According to Forrester these next-generation, analytically based measurement tools equip you as a marketer to actually put the disparate data you're sitting to use to:
- Make data-driven decisions about strategic marketing investments across all your channels.
- Shift your focus from backward-looking, post-campaign analyses to forward-facing predictive models that allow you to know which channels, investment levels (and in Keen's case, timing by week) will achieve your business objective.
- Unify your view so that you can understand how your channels interact to effect revenue and be able to more appropriately balance the contribution of longer-term equity investments against short-term, last-touch tactics.
See unified marketing measurement in action
If you're thinking of this as a major IT project or an investment for 2020, think again. As an example, Keen's clients capture an average 25 percent marketing lift in year one.
For example, once Smithfield Foods modeled its marketing plan with data from Keen, they found that they'd unleashed a new ability and agility to drive change and grow revenue. Marketing Director Elizabeth DiJohn, said in a recent AdWeek webinar, that Keen's impact on her team's planning and forecasting was so significant that when they presented this year's strategy to senior leadership, they were met with no questions, only nods of approval.
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