Insights-driven companies will grow 8-10 times faster than the GDP and have a forecasted revenue of 1.8 trillion by 2021.
There is power in your data . . . having a unified framework to drive optimization, is the holy grail of performance marketing.
~ Charles Studt
Did you know that the average consumer is progressively adopting more and more technology and currently uses approximately seven social media sites a day? From the use of intelligent agents such as Alexa all the way to Tesla‚Äôs ‚Äėconnected car,‚Äô consumers are in ‚Äúthe moment‚ÄĚ and connecting online in ways like never before‚Äďwith a ferocity, velocity, and diversity‚Äďthat marketers can barely keep pace with. But how can marketers do more than simply collect data? How can they drive actionable insights from it to produce real business results?
Last week, Lynn Langmade, Senior Director of Marketing at QuanticMind, sat down with guest speaker Tina Moffett, Senior Business Analyst at Forrester, as well as Charles Studt, VP of Marketing at QuanticMind, to discuss Performance Marketing and answer these fundamental questions.
Leveraging years of marketing expertise across brands, agencies and marketing consulting firms, Moffett took the audience on a journey in the first half of the webinar to discover the fascinating marketing paradigm shifts from mass marketing to one-to-one marketing and now to today‚Äôs one-to-MOMENT environment that marketers MUST grapple with. So what does one-to-MOMENT mean? Why is it so white hot and critical that your business embrace unified performance measurement and capture moments with your customers? What does Moffett mean by ‚Äúdesign-thinking‚ÄĚ? And how exactly do we execute a holistic approach to performance measurement? Holistic may feel like a soft and fuzzy word, but through this webinar Moffett demonstrates that marketers who ignore the one-to-moment paradigm or the new insights-driven and unified marketing measurement solution, will do so at their peril.
In the second half of the webinar, Charles Studt, utilized his extensive product marketing and management experience to illustrates how data tells a story. He not only explained why every single company needs to think of themselves as a ‚Äúdata company,‚ÄĚ but also why having a unified framework to drive optimization has become the holy grail of performance marketing.
Below we provide some highlights of this valuable webinar content as well a link to watch the full webinar recording:
Watch the webinar for more insights on Performance Marketing from Forrester and QuanticMind:
What Is marketing performance measurement?
Why Is Marketing Performance Important?
- It helps marketers become more accountable and identify who‚Äôs accountable for specific test points along the journey.
- It helps marketers place smarter investments across different phases of the life cycle at every stage of the life cycle and at every level of insight ‚Äďeither very strategic allocation or very tactical day-to-day marketing decisions.
- It identifies areas of growth‚ÄĒ areas of where you should be connecting with a customer or it identifies new audiences. And maybe it also identifies audiences you should divest from and focus energy elsewhere.
- It helps to identify the best point in time to engage with the customer and communicate your brand value to the customer.
Why MPM Specifically Matters‚Ä¶Consumers Are Connected!
Consumers are progressively adopting more technology and are currently using seven or more social media sites a day. Consumers connect on multiple devices in various locations:
- Utilizing their mobile devices
- On their laptops
- Via intelligent agents such as ‚ÄėAlexa‚Äô & Google Home
- Driving in their cars — not only with bluetooth but also in cases like Tesla‚Äôs ‚ÄúConnected Car‚ÄĚ–where drivers can carry their digital lifestyle into their vehicle.
Marketers can seize these moments and understand everyday interactions.
The Fundamental Marketing Shift
Traditionally, marketers primarily used advertising as a way to reach, grow and develop a new customer base. They focused on mass channels at different points in the day at different frequency levels. They moved from mass marketing to a 1-to-1 world.
Up until about 10 years ago,1-to-1 was a big buzzword. How could we develop marketing programs that are 1-to-1, where we could seamlessly connect with a customer to personalized marketing campaigns at any given time? ¬†It started out with certain segments and got down to subsets and micro-segments and personalization w happening at the individual level.
But now we‚Äôre even past that at this point in time. Were in a modern marketing moment where it‚Äôs one to moment‚ÄĒwhere at any given point in time when a customer connects with a brand using their device, the brand can seamlessly connect with them via the right offer, the right message and at the right time. Using data that they know about that customer, they can optimize that interaction and connection.
Embracing the Customer Moment
Marketers need to make fundamental shifts in operating principles from more traditional approaches to one that embodies what we call ‚Äėdesign thinking.‚Äô ¬†This requires marketers moving from being customer-aware to being customer‚Äďled. So marketers need to connect that information to help understand what the customer wants them to know. They need to go BEYOND the WHAT and HOW of consumer behavior to reveal the WHY.We embrace the customer moment by:
- Moving from customer-aware to customer-led.¬†Marketers need to connect that information to help them understand what matters most to the customer and what motivates them.
- Moving from data-rich to insights-driven.¬†Instead of just amassing large amounts of data, marketers need to actually drive insights and actions from those data points. They need to elevate their understandings of interactions that drive the business by:
- Going from siloed to connected.Current measurement approaches, such as attribution and mix modeling fall short to capture the entire customer journey. There is also a push to still use these approaches but to unify these measurement approaches. Marketers need to develop a performance engine within their marketing organization. They need a more accurate single source of marketing performance truth. Enter the Unified Measurement.
- Moving from perfect to fast.¬†Marketers don‚Äôt need a bullet proof ‚Äėfull view‚Äô of the customer, ¬†but instead should take the information they have and constantly iterate and test new ideas!
- Crafting different offerings
- Predicting success rates
- Optimizing targeting and interactions
- And measuring against business results
To get more insights from this webinar jam-packed with valuable content, watch the full webinar here: