tag:econsultancy.com,2008:/topics/big-data Latest Big data content from Econsultancy 2016-11-28T09:18:14+00:00 tag:econsultancy.com,2008:BlogPost/68565 2016-11-28T09:18:14+00:00 2016-11-28T09:18:14+00:00 Four top digital priorities for B2B marketers: Report Nikki Gilliland <p>Here are some key charts taken from our latest B2B Digital Trends report in association with Adobe, highlighting four areas of focus right now. </p> <h3>Playing catch up on content optimization </h3> <p>While the below chart shows content optimization to be the biggest digital priority for B2B organizations in 2016, it is interesting to note that this was top for B2C marketers two years ago.</p> <p><img src="https://assets.econsultancy.com/images/0008/1779/Top_priorities_in_2016.JPG" alt="" width="743" height="589"></p> <p>Today, while optimization still remains important for B2C, personalization and targeting have taken precedence.</p> <p>If this is anything to go by, it wouldn’t be a surprise to see B2B marketers citing the same in 12 to 24 months down the line. </p> <p>For now, catching up on optimization remains the most pressing matter, as does marketing automation, in part reflecting the continued importance of email campaigns.</p> <h3>Data-driven marketing will be key</h3> <p>Looking even further into the future, it appears that B2B marketers aren’t thinking too much in terms of technology innovation or major channel shifts. </p> <p>Rather, they foresee improvement within a current area of opportunity – data. </p> <p>More specifically, mastering the tools needed to analyse customer data correctly and optimize the customer experience.</p> <p><img src="https://assets.econsultancy.com/images/0008/1780/Five_years_time.JPG" alt="" width="760" height="578"></p> <p>While B2B marketers clearly understand the opportunity data presents, many companies report barriers due to lack of training, resources and involvement from management.</p> <h3>Implementing a strategy to underpin CX</h3> <p>With optimising customer experience cited as the most exciting opportunity now <em>and</em> in five years – what are the elements needed to achieve it?</p> <p>On a scale of one to five, 50% of marketers rank strategy as ‘most important to success’.  </p> <p>While the aforementioned element of data is crucial to developing compelling customer experiences, it is likely to be lost without an overarching strategy to guide decision-making.</p> <p><img src="https://assets.econsultancy.com/images/0008/1781/Strategy_for_CX.JPG" alt="" width="735" height="573"></p> <h3>Optimising across multiple touchpoints</h3> <p>Lastly, we can see that a big priority for B2B marketers is bringing together all of the above, combining them to create a seamless experience for customers across all channels.</p> <p>Despite <a href="https://econsultancy.com/blog/68474-b2b-digital-marketing-trends-for-2017-finally-catching-up-with-b2c" target="_blank">a lack of focus on mobile</a>, delivering a consistent message across all customer touchpoints is still thought to be most important priority.</p> <p><img src="https://assets.econsultancy.com/images/0008/1782/mobile_optimization.JPG" alt="" width="740" height="575"></p> <p><strong>For lots more information, download the full <a href="https://econsultancy.com/reports/b2b-digital-trends-2016-2017/" target="_self">B2B Digital Trends report</a>.</strong></p> tag:econsultancy.com,2008:BlogPost/68474 2016-11-16T15:36:11+00:00 2016-11-16T15:36:11+00:00 B2B digital marketing trends for 2017: Finally catching up with B2C? Arliss Coates <h4><strong>The before and after</strong></h4> <p>Content marketing is, as ever, on the minds of B2B digital marketers.</p> <p>However, our research shows a slightly changed picture from the B2B world of last year (and the three before, since Econsultancy began producing B2B Digital Trends reports in 2012) - customer experience is taking on a greater, and substantial, role in the B2B space.</p> <p>As readers of our past reports will know, B2B trails B2C pretty consistently in focus and market prioritization. In our latest report we discuss some ways to halt this trend, partly by looking to successful B2B marketers to identify winning strategies.</p> <h4><strong>Data</strong></h4> <p>It's not going away. In fact, almost a fifth of marketers believe that the most exciting change of the next five years will be in the direction of data-driven marketing that focuses on the individual.</p> <p>However, marketers lack confidence in their data analysis abilities.</p> <p>Majorities of B2B and B2C marketers are either neutral on the question of whether they have the analysts necessary to "make sense of our data," or they out-right disagree:</p> <p><img src="https://assets.econsultancy.com/images/0008/1543/analysts_chart.png" alt="" width="750" height="559"></p> <p>B2B and B2C respondents replied similarly when asked whether they had a good infrastructure in place to collect the data they need.</p> <h4><strong>Data handling capabilities are a problem</strong></h4> <p>Data handling is an issue that still dogs marketers. Strangely, many still don't believe that using data across online and offline channels will be of special importance in the years to come.</p> <p><img src="https://assets.econsultancy.com/images/0008/1542/data_graph.png" alt="" width="700" height="537"></p> <h4><strong>Brands need to catch up to their customers. Mobilize!</strong></h4> <p>It's become a tiresome trope that everything is going "mobile," but it's no less accurate for being a true blue marketing cliche.</p> <p>Problem is, brands aren't following. What's the hold up?</p> <p><img src="https://assets.econsultancy.com/images/0008/1541/marketing_priorities.png" alt="" width="700" height="529"></p> <p>For starters, brands still aren't prioritizing the move to mobile. and neither are they shy about saying so.</p> <p>Respondents were asked to rank five key digital marketing areas in order of importance for their organization in 2016. </p> <p>Mobile was one of these options. Figure 10 shows the breakdown for organizations and how they responded with regard to mobile.</p> <p>For 61% of B2B respondents, mobile doesn’t crack the top three priorities for 2016.</p> <h4><strong>As always...</strong></h4> <p>Modern marketing is the story of learning how to sell in the face of changing realities.</p> <p>The customers' world is changing faster than brands can adapt, and marketers commonly site a shortage of skills as being of the top barrier to optimizing the digital customer experience.</p> <p>Inside this year's B2B Digital Trends report are a few insights that will help marketers improve brand performance in this area. Click <a title="B2B Digital Trends" href="https://econsultancy.com/reports/b2b-digital-trends-2016-2017/">here</a> to check it out.</p> tag:econsultancy.com,2008:BlogPost/68526 2016-11-16T14:22:07+00:00 2016-11-16T14:22:07+00:00 Why marketers need to pay attention to the Internet of Things Seán Donnelly <p>One of the bigger themes that popped up across each of these stages was Internet of Things (IoT). It’s something that we’ve <a href="https://econsultancy.com/blog/67013-five-opportunities-for-marketers-using-the-internet-of-things/search/?only=BlogPost&amp;q=internet%20of%20things">written about at Econsultancy before</a> but what’s clear is that the Internet of Things is very much just getting started.</p> <p>Econsultancy’s <a href="https://econsultancy.com/reports/a-marketer-s-guide-to-the-internet-of-things/">Marketer’s Guide to the Internet of Things</a> defines IoT as “the connection of physical objects to the internet and thereby to each other and the environment. It promises the potential of a more frictionless world where many decisions and actions are automated to make our lives better and easier.</p> <p>"To enable this to happen, electronics and software are included in an object giving it an ability to network and communicate with other devices. This holds out the possibility of that object offering enhanced value and service.”</p> <p><img src="https://assets.econsultancy.com/images/resized/0008/1461/internet_of_things-blog-flyer.png" alt="" width="401" height="261"></p><p>While IoT may still seem like an ‘out there’ trend that takes up space in marketing and technology publications, the reality is that it will eventually transform entire industries as well as how we live our everyday lives.</p> <p>Consider that connected products can offer opportunities for greater reliability, higher utilisation and new functionality which cuts across traditional product or industry boundaries forcing companies to rethink nearly everything they do.</p> <p>On the Creatiff (design) stage Harry West, CEO of design and strategy firm Frog, discussed how General Electric has moved from a product business to a service business.</p> <p>Instead of building products for transactional client relationships, GE has moved to designing systems in a closely integrated way with clients.</p> <p>This means that GE doesn’t just make money from selling engines. It can also make money on services. In doing so, the company extends the relationship it has with clients which in turn raises the barriers to entry for competitors.</p> <p>This has been enabled by connected physical components with sensors that enable communication between the product and the product cloud.</p> <p><img src="https://assets.econsultancy.com/images/resized/0008/1462/arry_west_ceo_of_design_and_strategy_firm_frog-blog-flyer.png" alt="" width="470" height="314"></p> <p>But the Internet of Things isn’t just something that huge corporations like GE need to think about or can utilise.</p> <p>According to Bracken Darrell, CEO of Swiss personal computer and tablet accessory firm Logitech, “sensors, storage and micro processing are almost free now.”</p> <p>He’s right. Breakthroughs in the cost of sensors, processing power via the cloud and availability of bandwidth are enabling ubiquitous connectivity.</p> <p>Connected or ‘smart’ products like the activity trackers, learning thermostats like Nest and Amazon’s artificial intelligence voice-controlled Echo speaker are gaining traction.</p> <h3>Internet of Things and marketing</h3> <p>While IoT is perhaps most associated with operational benefits such as improved logistics and maintenance witnessed at GE, there are numerous other applications for marketing.</p> <p>IoT provides real-time, contextualised data that can come from many touchpoints over a period of time. This provides a range of exciting marketing possibilities such as selling existing products and services more effectively, delivering truly personalised customer experiences and potentially creating new products and services.</p> <p>Due to the number of industries which will be affected by IoT, marketers need to be aware of how it may impact the structure of their own sector. </p> <p>Some commentators suggest that IoT is emerging as the third wave in the development and transformation of the internet.</p> <p>The first wave being in the 1990s when personal computers connected people to the internet and the second wave in the 21<sup>st</sup> century as mobile bypassed PCs and connected billions of people throughout the world to the internet. </p> <p>According to Gartner, there will be nearly 26bn things connected to the internet by 2020. Cisco says there will be 50bn. Intel predicts the number to be more like 200bn.</p> <p>These are mind-blowing estimates from companies developing and selling sensors and IoT related products and services. Whilst these numbers may be fuelling the media frenzy, they are still something for marketers to be aware of.</p> <p>Just this week, Samsung announced the $8bn acquisition of Harman International Industries to expand into high-end car audio and connected automobiles.</p> <p><img src="https://assets.econsultancy.com/images/resized/0008/1463/samsung_logo.svg-blog-flyer.png" alt="" width="470" height="155"> </p> <p>In its press release, Samsung said: ”Harman perfectly complements Samsung in terms of technologies, products and solutions, and joining forces is a natural extension of the automotive strategy we have been pursuing for some time.”</p> <p>Vice-chairman Kwon Oh-hyun said in the statement: “Harman immediately establishes a strong foundation for Samsung to grow our automotive platform.”</p> <p>The connection of everyday objects (in this case automobiles) and appliances to the internet is increasingly becoming woven into the fabric of everyday life.</p> <p>It will be interesting to see how Samsung can extend its relationships with consumers beyond smartphones to more ubiquitous connectivity via televisions and automobiles.</p> <h3>Internet of Everything</h3> <p>Some commentators prefer to use the term ‘internet of everything’ rather than ‘internet of things’. This makes sense considering we are talking about everything.</p> <p>While we are still in the early days of IoT, that doesn’t mean that we can put this to the back of our minds.</p> <p>Consider car ride service Uber. This has something to do with IoT. Each driver and passenger carries a device with a GPS tracker which enables the entire Uber ecosystem. In the space of a few years this ecosystem has completely changed the 400-year-old traditional carriage and taxi system.</p> <p>With that in mind, what could IoT mean for you, your business and your industry?</p> <p>I attended 25 talks over seven stages at Web Summit. Internet of Things came up in came up in at least a third of these talks. Marketers take note.</p> <p><em>Econsultancy has published a <a href="https://www.econsultancy.com/search/?q=internet%20of%20things&amp;only=BlogPost">number of blogs about the Internet of Things</a> as well as these reports:</em></p> <ul> <li><em><a href="https://www.econsultancy.com/reports/a-marketer-s-guide-to-the-internet-of-things">A Marketer’s Guide to the Internet of Things</a></em></li> <li><em><a href="https://www.econsultancy.com/reports/a-marketer-s-guide-to-wearable-technology">A Marketer’s Guide to Wearable Technology</a> </em></li> </ul> tag:econsultancy.com,2008:BlogPost/68525 2016-11-14T15:30:00+00:00 2016-11-14T15:30:00+00:00 How Birchbox and Trendyol approach data and personalisation Nikki Gilliland <p>What do these two companies have in common? A shrewd grasp of data – and two female CEO’s at the helm.</p> <p>I recently heard both Katie Beauchamp of Birchbox and Demet Mutlu of Trendyol give a panel discussion at Web Summit in Lisbon.</p> <p>Here are a few key takeaways from the talk.</p> <h3>Digital-first companies have a head start on data</h3> <p>Unlike bricks and mortar businesses that have moved into the digital realm, Birchbox’s starting position as online-only meant that it had the edge from the get-go.</p> <p>According to Katie, this allowed the brand to collect and use data natively – as opposed to looking back at it in retrospect.</p> <p>The company was also founded on the belief that the negatives of being online-only, such as its '2D' nature and lack of textured storytelling, would be outweighed by the positives. Namely, the ability to capitalise on data to serve a better experience for customers.</p> <p>Demet also touched on this topic, relating it to Trendyol’s ability to scale up at a rapid pace. </p> <p>Instead of relying on physical stores, it uses data to interpret its customer’s needs in real time. Now moving into selling private labels, the ecommerce site has been able to bypass constraints that might limit traditional retailers.</p> <p><em>Trendyol.com</em></p> <p><img src="https://assets.econsultancy.com/images/0008/1466/trendyol.png" alt="trendyol" width="615" height="364"></p> <h3>Using data to speed up the supply chain</h3> <p>Speaking of time – another point raised during the discussion was how both companies use data in order to speed up internal processes. </p> <p>By using data to determine in advance how a product might perform, it allows them to reduce or increase inventory in response. </p> <p>So instead of buying now and hoping for sales - maybe even resorting to discounts later on - both rely on data to tell them how much to invest.</p> <p>Trendyol in particular appears to be focused on this, using it to feed into every part of the business. </p> <p>Demet explained how data not only determines what goes on the site, but it also informs other factors such as shipping algorithms.  </p> <h3>Generating demand that didn't previously exist</h3> <p>While both<a href="https://econsultancy.com/blog/67095-how-birchbox-engages-customers-with-personalisation-that-disappears/"> Birchbox and Trendyol use data to personalise for consumers</a>, a lot of the discussion revolved around why it is vital to avoid venturing into ‘creepy’ territory.</p> <p>For Birchbox, the aim is not to meet the expectations of the consumer - let's say sending them an email about hand cream during winter, for example.</p> <p>Instead, it is to generate demand that did not previously exist. Or more to the point, that the consumer thought didn’t exist.</p> <p>This means using data to determine a picture of the consumer and to deliver a relevant message - but to also introduce them to something new.</p> <p>According to Katie, this type of personalisation is the difference between satisfying a customer and turning them into a long-term and loyal one. </p> <p>Trendyol also focuses on this notion of customer loyalty, emphasising the importance of long-term strategy - even if it means going against the grain. Demet cited that fact that 30% of the company’s sales derive from its loyalty program. </p> <p>Likewise, instead of being afraid of product returns, the company has realised how an easy returns experience for a customer can be far more valuable – and this experience can in fact lead to more purchases in future.</p> <h3>Test and test again</h3> <p>Finally, both Katie and Demet cited the importance of testing to be able to truly innovote through data.</p> <p>Trendyol in particular runs hundreds of tests at any one time, using it to inform the continuous changes being made on the site. </p> <p>What’s more, data runs through the company’s DNA. Instead of analysis it in silo, it is a thread that runs through all teams.</p> <p>Finally, Birchbox touched on the fact that data allows it to be a voice of authority for other brands.</p> <p>Armed with the knowledge of what their customers are loving or hating from one month to the next (which, as Katie pointed out, can change like the wind) – it has found that merchants and stores are more than willing to listen.</p> <p><em>(For more on testing, read 'A <a href="https://econsultancy.com/blog/67249-a-beginner-s-guide-to-a-b-testing/" target="_blank">beginner’s guide to A/B testing</a>')</em></p> tag:econsultancy.com,2008:BlogPost/68522 2016-11-14T11:21:59+00:00 2016-11-14T11:21:59+00:00 The impact of technology and social media on the music industry Nikki Gilliland <p>I recently heard him speak at Web Summit alongside fellow music artist Tinie Tempah, Hans-Holger Albrecht, the CEO of Deezer, and Eric Wahlforss, the CTO of SoundCloud.</p> <p>While Ne-Yo in particular came across as slightly grumpy about the ‘good old days’ of the music biz, some interesting points were raised about how artists and consumers alike can benefit from the changes.</p> <p>Here are a few key takeaways from the discussion.</p> <h3>Technology leads to a level playing field</h3> <p>In contrast to Ne-Yo’s focus on the negative impact of music streaming services (in relation to the lack of royalties for artists) the rather articulate Tinie Tempah spoke about how it actually helped him find success in the first place.</p> <p>When he was first starting out, digital platforms like MySpace and even MSN allowed Tinie to build and cultivate an audience outside of the realms of record labels and industry politics. </p> <p>Likewise, it also allowed him to connect and engage with fans on a one-to-one level.</p> <p>In fact, Tinie explained how he was even willing to give his music away for free in order to reward the most loyal fans and reach an even bigger audience.</p> <p>Of course, he accepts that the streaming era makes it difficult for artists to be properly compensated past a certain point. </p> <p>But in a way, it has made the industry bigger and more inclusive, giving new artists the opportunity to get their music heard when they would have had little chance before.</p> <h3>Data is the key to a great experience</h3> <p>On the subject of new music platforms like Deezer, SoundCloud and Spotify – Tinie Tempah also emphasised how tapping into data can also help artists further their own creativity.</p> <p>For him, understanding how a fan or listener feels about a new piece of music can prove far more valuable than money.</p> <p>Hans-Holger Albrecht also spoke about how platforms like Deezer can help to provide this data, as well as encourage consumers to pay for online music services (thereby helping to counteract the issue of a loss in revenue).</p> <p>More specifically, Hans referenced Flow - a new feature on Deezer that interprets user data. </p> <p>Essentially, it takes into consideration an existing music library and search behaviour and creates a bespoke and personalised radio station on the listener’s behalf.</p> <p><iframe src="https://www.youtube.com/embed/Lnmi9Bfb_L4?wmode=transparent" width="640" height="360"></iframe></p> <p>Like Spotify’s Discover Weekly, it is becoming one of the most popular aspects of Deezer, and a reason many consumers are now willing to pay out for subscription services rather than use the free option.</p> <p>Now, we are beginning to see how the ‘experience’ of discovering new music is becoming just as important as accessing the artists that audiences already love.</p> <h3>Social media is a double-edged sword</h3> <p>As the discussion moved away from compensatory issues into general feelings about the modern music industry, the ‘always-on’ nature of social media was brought into question.</p> <p>Some argued that while having a visible presence on Twitter and Facebook gives artists a direct link to fans – again allowing them to gauge feedback and response – it can also take away from the creativity of being an artist.</p> <p>Tinie Tempah described it as being caught between a rock and a hard place.</p> <p>On one hand, he wants to aspire to be as successful as Jay-Z and Adele – meaning an air of mystery is expected above and beyond an online presence – but on the other hand he recognises that, as an ‘artist of the internet’, this would appear hypocritical.</p> <blockquote class="twitter-tweet"> <p lang="en" dir="ltr">Just did a my first tech talk with Eric from <a href="https://twitter.com/SoundCloud">@SoundCloud</a> Hans from <a href="https://twitter.com/Deezer">@Deezer</a> and <a href="https://twitter.com/NeYoCompound">@NeYoCompound</a> for <a href="https://twitter.com/hashtag/websummit2016?src=hash">#websummit2016</a> <a href="https://twitter.com/hashtag/DisturbingLisbon?src=hash">#DisturbingLisbon</a></p> — Tinie Tempah (@TinieTempah) <a href="https://twitter.com/TinieTempah/status/796681109606170624">November 10, 2016</a> </blockquote> <p>Again, this is where hierarchy within the music industry also comes into play.</p> <p>While Ne-Yo and Tinie have control over their own social media accounts, record labels and management promote the importance of daily activity. </p> <p>As a result, the decision to employ people to take care of this means choosing between a sense of authenticity or maintaining an active presence.</p> <h3>The power of new platforms</h3> <p>Do music algorithms create a personalised stream or put listeners into segregated boxes?</p> <p>This was the final question raised in the discussion – and one that was hotly debated.</p> <p>While the music artists on the panel leaned towards the latter, Eric Wahlforss made an interesting point about the changing needs and expectations of music consumers.</p> <p>Despite most brands talking about millennials, Eric suggested that SoundCloud is now placing an increased focus on the generation that comes after. </p> <p>With 15-20 year olds growing up with iPhones and Android rather than iPods and PCs, predictive technology is now the norm. This means that a feed tailored to unique musical tastes is an expectation rather than a perk. </p> <p>At the same time, the fact that people now consume music passively - letting it find them rather than actively searching for it - takes away the linear aspect of listening to music. </p> <p>Never mind even playing an album from start to finish – it wouldn’t be unusual for a 16-year-old to switch from Roberta Flack to The 1975 in the same playlist.</p> <p>Finally, with platforms continuously drawing on data and machine learning to improve algorithms, this personalised experience will become even bigger and better as time goes on.</p> <p>Armed with this, the hope is that artists, labels and digital brands will find new ways for <em>everyone</em> to benefit.</p> <p><strong><em>Related articles:</em></strong></p> <ul> <li><em><a href="https://econsultancy.com/blog/67974-start-me-up-gigrev-the-social-media-platform-for-artists-and-bands/">Start Me Up! GigRev, the social media platform for artists and bands</a></em></li> <li><em><a href="https://econsultancy.com/blog/66344-spotify-unveils-new-playlist-based-ad-targeting/">Spotify unveils new playlist-based ad targeting</a></em></li> <li><em><a href="https://econsultancy.com/blog/68173-why-fashion-brands-are-teaming-up-with-apple-music/">Why fashion brands are teaming up with Apple Music</a></em></li> <li><em><a href="https://econsultancy.com/blog/63772-how-brands-are-spending-money-on-digital-in-the-music-industry/">How brands are spending money on digital in the music industry</a></em></li> </ul> tag:econsultancy.com,2008:BlogPost/68471 2016-11-09T19:43:46+00:00 2016-11-09T19:43:46+00:00 Defining a new approach to measurement: Four top findings from new research Stefan Tornquist <p dir="ltr">Analytics increasingly faces a challenge in understanding audiences who jump from device to device and online to offline. These users are notoriously difficult to track and categorize, leading some marketers to a shift in thinking about measurement that acknowledges the imperfect reality of most datasets.</p> <p dir="ltr">To test its hypotheses and provide a point for comparison, the study sought to identify “leading” organizations with a successful approach to marketing measurement.</p> <p dir="ltr">These are companies with a combination of characteristics that include their use of business KPIs, advanced measurement (cross-device and/or online-offline) and experimentation.</p> <p dir="ltr">Supporting the argument that these characteristics contribute to success, the leading companies outperform the industry in several ways. Most notably they are more than twice as likely to have significantly exceeded their top business goal in 2015 (42% vs. 19%).</p> <h3 dir="ltr">1. Alignment of KPIs with business goals makes marketing more powerful</h3> <p dir="ltr">One of the central hypotheses of the study was that marketing achieves greater success when its measures and processes reflect the goals of the wider organization than when they’re focused solely on the metrics and concerns of marketing.  </p> <p dir="ltr">In the real world we need to look for those metrics that can make the leap between marketing and finance instead of trying to contend with every possible digital marketing statistic, most of which don’t resonate outside the team let alone outside of marketing.</p> <p dir="ltr">Leading companies' responses bear out this premise; 95% agree with the statement “to truly matter, marketing KPIs must be tied to broader business goals.”</p> <p dir="ltr">One advantage of moving to a business focus is that it enables marketing to influence the broader organization more easily, whether through a Center of Excellence model or another learning and development mechanism.</p> <p dir="ltr">This emphasis on business KPIs has several powerful benefits for marketing:</p> <h4 dir="ltr">Drives digital evolution through opportunity instead of mandate.</h4> <p dir="ltr">Teams and individuals are far more motivated to change when they see the benefit than simply as a response to a strategic directive, which is often how organizations try to drive transformation.</p> <h4>Normalizes marketing across divisions and regions by focusing on universal goals.</h4> <p>Every part of an international company is, to varying degrees, an independent actor with unique issues, capabilities and opportunities. Getting them to play in concert is an eternal challenge, but it’s impossible when they use different measures.</p> <p>Using a limited basket of metrics that are agreed upon by finance and marketing as representing the top business goals is one of the most effective paths to motivating and level-setting between regions.</p> <h4>Advances the strategic role of marketing.</h4> <p>Today’s marketing department is tasked with far more than awareness. It has to be inside the head of a new kind of mobile, social customer and represent their needs for a better experience across the organization.</p> <p>It also has to adapt to media, channels and platforms that are changing at breakneck speed. Through it all, marketing is asked to contribute more to the bottom line, often with fewer resources.</p> <p>Despite these rising demands, marketing doesn’t always have a seat at the table.</p> <p>Perhaps the most important reason to use business goals to define marketing’s KPIs is to ensure that marketing is always speaking the same language as sales and finance.</p> <p dir="ltr"><strong>Where to start:</strong> Identify the top three business goals set in 2017 strategy and meet with analytics leaders to argue for the one KPI that best fits with each one.</p> <p dir="ltr">These “hero” metrics won’t stand alone, but they should be at the center of every measurement conversation.</p> <h3 dir="ltr">2. Metrics don’t matter if they don’t affect decisions</h3> <p dir="ltr">It’s one thing to measure, it’s another to use that information. One surprise of the study was the large share of organizations that have one or more advanced measurement capabilities, but fail to use them in decision-making.</p> <p dir="ltr">For example, 47% of mainstream organizations say they track cross-device behavior but that it doesn’t factor into decision-making.</p> <p dir="ltr">That’s an equal share to those that do use their cross-device analysis in planning and strategy.</p> <p dir="ltr">When data is collected but goes unused, there is often a lack of trust in its validity that might be due to the complexity of measurement (such as in the case of cross-device identification) or an inability to use that data in context.</p> <p dir="ltr">One trait of elite marketers is the realization that there will be gaps in data, especially in emerging areas. They are comfortable making estimates to fill those gaps to move forward with their decision-making.</p> <p dir="ltr"><strong>Where to start:</strong> Create a list of all of the available KPIs and measurement capabilities. This might range from simple email metrics through advanced attribution, depending on the organization.  </p> <p dir="ltr">Go through the list and consider whether each metric is unused, used only in reporting or used for planning. Any gaps in the third column indicate a gap in trust, a missed opportunity or a meaningless measure.</p> <h3 dir="ltr">3. Perfection isn’t the goal</h3> <p dir="ltr">Between the enthusiasm of technology vendors and the genuine revolution in data driven business, it’s not surprising that marketing has fallen into the trap of pursuing perfection.  </p> <p dir="ltr">Every cycle brings new tools and models and filters, each suggesting a better way of collecting, managing and interpreting data.</p> <p dir="ltr">Our data describes our customers and customers are people – chaotic, fickle, emotional, mobile people. Even when we fix every technical glitch and connect every database, data will never be perfect.</p> <p dir="ltr">Some marketers are building their measurement and analytics practices with this in mind. It’s an attitude and approach as much as it is a selection of technologies or models.  </p> <p dir="ltr">It’s about approaching problems in a way that is nimble and effective with the knowledge that there will be gaps and mistakes and odd shapes that won’t fit into square holes.</p> <p dir="ltr"><img src="https://assets.econsultancy.com/images/0008/0977/gaps_in_measurement.png" alt="" width="700" height="443"></p> <p dir="ltr">The most effective analytics organizations are also those that recognize the reality is imperfection.  </p> <p dir="ltr">As we see in the chart above, leading measurement practices are three times more likely than the mainstream to strongly agree that there will always be gaps in the data connecting people, channels and devices (39% vs. 13%).</p> <p dir="ltr"><strong>Where to start:</strong> Identify those areas where data issues arise most frequently and explore processes, practices and technologies to address them.</p> <p dir="ltr">For example, build estimate models based on existing data, look for reliable industry benchmarks or look at tools that analyze and add in missing data.</p> <p dir="ltr">Of note, elite organizations are more likely to develop specific models and employ technology to fill these gaps than the mainstream, which tends to rely on historical precedents.</p> <h3 dir="ltr">4. Experimentation isn’t just optimization</h3> <p dir="ltr">Optimization is an important advantage of digital marketing. It’s fast, easy and makes an incremental, consistent positive difference.</p> <p dir="ltr">But optimization isn’t the most powerful business use of experimentation. At its best, the scientific method can be used to identify most valuable customers, explore major trends and validate strategic direction.</p> <p dir="ltr">Leading organizations are more than twice as likely to conduct strategic experiments than the mainstream, and by doing so they overcome some of the issues that often arise in large organizations trying to evolve.</p> <p dir="ltr">Typically, any major shift in spending or direction will create political divides as gut instinct and inertia work against change. Experimentation can be an antidote to this kind of resistance, giving a black and white answer to key questions.</p> <p dir="ltr"><strong>Where to start:</strong> Identify the intersections between business goals and customer behavior and use these lessons to prioritize experiments.</p> <p dir="ltr">Where are you losing to competitors? What’s important to customers but under-represented in your experience?</p> <p dir="ltr">Whatever the experiment, make sure that it’s testing a specific hypothesis that’s unambiguous, that the test will be able provide meaningful data and that the test results focus primarily on overall business impact, not simply efficiencies or optimization.</p> tag:econsultancy.com,2008:BlogPost/68504 2016-11-08T15:10:00+00:00 2016-11-08T15:10:00+00:00 Facebook's 10-year plan: Connectivity, artificial intelligence & VR Nikki Gilliland <p>These were the opening words of Mike Schroepfer, CTO of Facebook, in his kick-off talk at Web Summit in Lisbon.</p> <p>I was sat in the audience, pastei de nata in hand, ready to hear what he had to say.</p> <p>Here is a summary of his talk.</p> <h3>1. Connectivity</h3> <p>Facebook’s mission has always been to make the world a more open and connected place.</p> <p>However, when it comes to the next decade, this involves solving three important issues - the first of which is greater connectivity.</p> <p>Of course, in today’s technology-driven world, it is easy to forget that the internet is still a far flung notion for around 4.1bn people across the globe.</p> <p>Today Mike explained how Facebook will strive to bring these people into the conversation by implementing technology solutions that will work in all kinds of environments.</p> <p>Project Aquila is one example already underway. Designed to provide internet access in suburban areas, it involves setting up a linked network of solar-powered drones.</p> <p>Likewise, LiDAR technology – which involves identifying and connecting utility poles, aims to create connectivity in urban environments without the need for underground cables.</p> <p>Facebook fully admits that these initiatives are not without risk. It has already seen the failure of its first attempt at delivering a satellite to orbit - <a href="http://www.theverge.com/2016/9/1/12754614/spacex-falcon-9-rocket-explosion-video-watch" target="_blank">SpaceX Falcon 9 famously exploded</a> during a test launch earlier this year.</p> <p>However, with increased focus on improving machine intelligence, the company is unwavering in its mission to better connect the world with as little disruption to the environment as possible.</p> <h3>2. AI</h3> <p>With 2bn photos shared and 100m hours of video watched every day – Facebook's next challenge is build truly intelligent computer systems to interpret the vast swathes of data.</p> <p>We can already see the rapid pace of progress. Earlier this year, it launched assistive technology for visually impaired people, creating captions based on image recognition.</p> <p>Similarly, it has also found that problems which previously seemed impossible - such as intelligence systems being able to solve simple word puzzles - can in fact be done. </p> <p>One of Facebook's biggest advancements in AI technology is undoubtedly Style Transfer – a new camera feature that allows users to add filters to live video footage.</p> <p><iframe src="https://www.facebook.com/plugins/video.php?href=https%3A%2F%2Fwww.facebook.com%2Fzuck%2Fvideos%2F10103204449698911%2F&amp;show_text=0&amp;width=400" width="400" height="400"></iframe></p> <p>Mike demonstrated how, just like a standard image filter, the technology can be overlaid on mobile phones in real time.</p> <p>In future, this progress with AI looks set to continue, with the main goal being machine intelligence deciphering complex text such as Wikipedia articles.</p> <h3>3. VR</h3> <p>Lastly, another area that has fascinated us for a long time. So why is 2016 the year <a href="https://econsultancy.com/reports/a-marketers-guide-to-virtual-reality/">virtual reality</a> will truly take off?</p> <p>According to Mike, the increasingly fast pace at which technology has evolved means that the various components needed for VR have finally caught up. </p> <p>Now, a sense of immersion is truly possible.</p> <p>One of the greatest developments is how technology like Facebook’s VR headset, the Oculus Rift, gives users a sense of grounded presence - even when in a virtual world.</p> <p>For example, when users are asked to look down from the perspective of a skyscraper, most people will apparently stop and falter. This is despite the fact that, in reality, a few minutes beforehand they were looking down at their feet on the ground.</p> <p>Further to this sense of realism, Mike also cited Unicef as a powerful example of how VR can change people’s perspectives as well as behaviour.</p> <p>By using the technology to give an insight into what it is like inside a Syrian refugee camp, the truly immersive video resulted in double the rate of donations to the charity.</p> <p><iframe src="https://www.youtube.com/embed/uslhlXyYJ-M?wmode=transparent" width="640" height="360"></iframe></p> <p>For Facebook, the aim is to make virtual reality more accessible as well as to roll it out on a grander scale - and its new standalone technology is the next step.</p> <p>Instead of being tied to a desktop or mobile, the new VR system is designed to need no external equipment. </p> <p>This means even deeper immersion, and in turn, the opportunity to use it in more creative ways.</p> <h3>In conclusion...</h3> <p>While greater connectivity, improved AI and virtual reality might sounds like three separate challenges, as Mike explained, each one has the same single goal – that of deep social connection over long distances.</p> <p>In other words, to be able to connect to the people you care about, even if they’re hundreds of miles away.</p> <p>So, while it is constantly adapting to new technology, it's clear that Facebook's core mission hasn't changed all that much.</p> tag:econsultancy.com,2008:BlogPost/68470 2016-10-28T14:27:34+01:00 2016-10-28T14:27:34+01:00 10 of the finest digital marketing stats we've seen this week Nikki Gilliland <p>This week’s roundup includes news on adspend, Halloween search, global ecommerce spend and lots more good stuff.</p> <p>Don’t forget to download the <a href="https://econsultancy.com/reports/internet-statistics-compendium/" target="_blank">Internet Statistics Compendium</a> for further insight. </p> <h3>Time change expected to trigger boost in travel spend</h3> <p>The clocks are set to go back an hour in the UK this weekend, and as a result, online search relating to travel is expected to skyrocket.</p> <p>Data from Lastminute.com shows that searches for international flights shot up 22% overnight when the clocks went back in 2015 - clearly a result of people wanting to escape their winter woes.</p> <p>With a 43% rise in searches, New York topped the list of the most-searched for destinations, followed by Milan, Amsterdam, Barcelona and Las Vegas.</p> <h3>1 in 3 customers are disengaged due to online billing</h3> <p><a href="https://www.echo-ms.com/knowledge-centre/research-resources/the-secrets-of-better-billing" target="_blank">New research</a> from Echo Managed Services has uncovered conflicting consumer views over online billing practice.</p> <p>Despite 70% of consumers preferring to view their bills online, a quarter of people would like greater clarity over their billing.</p> <p>Moreover, from a survey of over 1,000 consumers, 77% said they had experienced poor billing practice including inaccurate bills, incorrect tariffs and hard-to-understand documents.</p> <p>In order to become more in touch with their bills, 27% said they would like to receive alerts in advance to warn them of unusually high payments.</p> <p><img src="https://assets.econsultancy.com/images/0008/0872/Online_Billing.JPG" alt="" width="503" height="480"></p> <h3>India predicted to become the world’s second biggest ecommerce power</h3> <p>Worldpay’s Global Payments Report has predicted that India will overtake the US as the world’s next biggest ecommerce power, coming second only to China. </p> <p>While India currently accounts for less than 1% of the world’s ecommerce spend, the report predicts the value of the market will reach $2,039bn by 2034.</p> <p>This prediction comes on the back of wages in India rising 10% this year – combined with increased internet usage and the fact that 70% of the population are under the age of 35.</p> <h3>Harley Quinn is the UK’s number one searched-for Halloween costume</h3> <p>Data from Hitwise has revealed what the nation will be dressing up as this Halloween.</p> <p>Suicide Squad's Harley Quinn is the UK’s top costume search, followed by Disney’s Moana, Matilda and Deadpool.</p> <p>Unsurprisingly, searches for Donald Trump and Kim Kardashian have also been on the rise this year, coming out on top as the most searched-for celebrity costumes overall.</p> <p><img src="https://assets.econsultancy.com/images/0008/0873/Halloween.jpg" alt="" width="454" height="164"></p> <h3>57% of consumers expect companies to innovate</h3> <p>A new SalesForce report, the State of the Connected Customer, has revealed the extent to which customer expectations are rising alongside innovation in mobile technology.</p> <p>Now, customers expect that companies will anticipate their needs, with a personalised experience across all channels becoming standard.</p> <p>According to the report, 57% of consumers expect companies to innovate. In turn, 45% of consumers and 57% of business buyers are likely to switch brands if a company doesn’t anticipate their needs.</p> <p><img src="https://assets.econsultancy.com/images/0008/0874/Salesforce.JPG" alt="" width="633" height="308"></p> <h3>Eight out of 10 UK consumers are willing to provide personal measurements when online shopping </h3> <p>New research by Tryzens has shown that confusion over variation in size and fit is driving the rise of the ‘serial returner’.</p> <p>As a result, 68% of consumers say that they would be willing to provide their measurements to online retailers to ensure a good fit.</p> <p>With the estimated average cost of handling returns being £15 per order, this would be a win-win for both retailers and consumers alike, reducing business costs and improving customer experience.</p> <h3>GBBO winner backed by social media fans</h3> <p>It’s been the talk of Twitter for the past 10 weeks, and the latest data from Spredfast has revealed who was this year's most popular contestant from the Great British Bake Off.</p> <p>*Spoiler alert*</p> <p>Reflecting the final results, winner Candice Brown led as favourite throughout the series, garnering nearly 12,000 fan tweets overall.</p> <p>Andrew Smyth was a close second, with Jane Beedle’s popularity failing to take off.</p> <p><img src="https://assets.econsultancy.com/images/0008/0875/GBBO.png" alt="" width="780" height="396"></p> <h3>Mobile predicted to account for 75% of internet use in 2017</h3> <p>From analysis of 60 key markets, Zenith has predicted that mobile devices are expected to account for 75% of global internet use in 2017 - rising to 79% by 2018.</p> <p>The Mobile Advertising Forecasts report also found how quickly mobile has grown over the past four years.</p> <p>Accounting for just 40% of internet use in 2012, it rose to 68% in 2016. </p> <p>In terms of countries with the highest mobile internet use, Spain tops the list, followed by Hong Kong, China and the US.</p> <h3>45% of consumers have reportedly been a victim of cybercrime</h3> <p>According to new research from MarkMonitor, one in six people globally are said to have lost money due to cybercrime, with 20% losing in excess of £1,000.</p> <p>The most common type of fraud is false requests to reset social media account passwords, followed by emails from people attempting to solicit personal information.</p> <p>When it comes to consumer confidence, mobile banking apps and online shopping websites are rated the most trustworthy, both scoring over 50% in terms of trust.</p> <p><img src="https://assets.econsultancy.com/images/0008/0877/cybercrime.jpg" alt="" width="600" height="400"></p> <h3>US TV adspend fell 5.8% in September</h3> <p>According to data from Standard Media Index, overall TV adspend in the US declined 5.8% year-on-year this September, with broadcast TV seeing a particularly steep fall of 13.2%.</p> <p>Insight suggests that this is due to advertisers holding back on upfront spend in September, after committing a large proportion of the budget to the Summer Olympics. </p> <p>As a result, upfront spend decreased 25% while scatter spend was up 32% YoY.</p> tag:econsultancy.com,2008:BlogPost/68453 2016-10-27T10:21:27+01:00 2016-10-27T10:21:27+01:00 Almost 50% of top sites have integrated one or more of Facebook's technologies: Stats Nikki Gilliland <p>New research by <a href="https://www.similartech.com/">SimilarTech</a> has explored to what extent people are exposed to Facebook outside of the main domain itself.</p> <p>Essentially, this means the various bits of software - things like apps, sharing widgets, comment boxes and retargeting pixels - that the brand has developed in order to extend its reach.</p> <p>Here are some interesting findings taken from the report.</p> <h3>Facebook is used by nearly half of all top websites</h3> <p>Out of the 100,000 most-visited websites in the world, 47% now use one or more Facebook technologies.</p> <p>Facebook Connect holds the biggest share, followed by the social plugin and like button. </p> <p><img src="https://assets.econsultancy.com/images/0008/0763/Market-Penetration-of-Facebook-Software.jpg" alt="" width="780" height="531"></p> <p>By capitalising on people’s trust and recognition of the Facebook brand, these features enable sites to collate valuable data about users.</p> <h3>Facebook reach extends tenfold through third party sites</h3> <p>So, just how many people does Facebook reach exactly?</p> <p>Considering that there were over 300bn visits to third-party sites with integrated Facebook technology in September 2016 alone – that’s a pretty huge number.</p> <p><img src="https://assets.econsultancy.com/images/0008/0765/Traffic-to-Sites-from-Top-100k-Linked-to-Facebook.jpg" alt="" width="780" height="531"></p> <p>When you look at it from this angle, it means that Facebook wasn’t only accessed by the 27bn who visited it directly throughout the month.</p> <p>Billions more were exposed to the brand through in-direct contact elsewhere.</p> <h3>Influential websites are using Facebook Connect</h3> <p>The number of third-party sites using Facebook is quite staggering.</p> <p><img src="https://assets.econsultancy.com/images/0008/0762/Amount_of_Sites_Using_Facebook_Technology.jpg" alt="" width="780" height="485"></p> <p>It’s also interesting to note that while Facebook Connect – the application that allows users to interact on other websites using their Facebook login – is used by fewer sites, many of those that do include hugely influential brands like Vice and Tech Crunch.</p> <p>Consequently, when you consider the amount of traffic garnered by these sites, the scale of Facebook’s reach extends dramatically. </p> <h3>Practice is more prevalent in the US</h3> <p>In terms of the web traffic to third party sites using Facebook technologies, over 50% is from the US.</p> <p><img src="https://assets.econsultancy.com/images/0008/0766/Web-Traffic-to-Sites-Using-Facebook-Tech.jpg" alt="" width="780" height="485"></p> <p>This suggests that while global sites are not quite as familiar with the technology, using Facebook products such as social plugins has almost become an industry standard in the States.</p> <p><em>Related articles:</em></p> <ul> <li><em><a href="https://econsultancy.com/blog/67691-content-creators-it-s-time-to-abandon-yourself-to-facebook/" target="_blank">Content creators, it's time to abandon yourself to Facebook</a></em></li> <li><em><a href="https://econsultancy.com/blog/67931-why-all-the-excitement-surrounding-facebook-s-dynamic-ads/" target="_blank">Why all the excitement surrounding Facebook’s Dynamic Ads?</a></em></li> <li><em><a href="https://econsultancy.com/blog/61911-the-pros-and-cons-of-a-facebook-login-on-ecommerce-sites/" target="_blank">The pros and cons of a Facebook login on ecommerce sites</a></em></li> </ul> tag:econsultancy.com,2008:BlogPost/68408 2016-10-20T15:01:00+01:00 2016-10-20T15:01:00+01:00 The five fundamentals of data-driven marketing Evan Dunn <p>81% of marketers are looking to <a href="http://www.zoominfo.com/business/mktg/ebooks/ebook-data-driven-benchmarks-for-success.pdf" target="_blank">increase budgets</a> for data-driven marketing, while 83% of marketers believe <a href="https://www.ana.net/content/show/id/37128">it's important to be able to make data-guided decisions</a>.</p> <p>That's nearly every marketer.</p> <p><a href="http://www.thedrum.com/news/2016/09/19/investment-data-driven-marketing-continues-rise-survey-notes" target="_blank">Over half</a> expect to see revenue growth as a result of data-driven marketing investments (only 7% expect a decrease), and 39% plan to increase spend on data-driven marketing initiatives.</p> <p>Despite the popularity of data-driven tactics and tech, there is a lot of confusion about the nature of marketing data, and the possible implications it can have for marketing decisions.</p> <p>Here are five ideas I’ve identified as fundamental to effective data-driven marketing.</p> <h4><strong>1. There are two types of marketing 'data': Contact information and performance metrics.</strong></h4> <p>It is strange how rarely this distinction is highlighted, despite how frequently marketers interact with both types of data.</p> <p>For example, “database marketing” refers exclusively to leveraging email lists to engage with customers.</p> <p>“Data management platform” (DMP) refers exclusively to leveraging a mix of IP addresses, emails and other contact information to deliver targeted advertising to customers across the web. </p> <p>Part of the reason I’m writing this article is because of how confused I was by so many of these terms.</p> <p>Databases can store many things, so why only point to use cases that involve emails? And DMP - such a broad, sweeping term for such a narrow use case.</p> <p>Understanding the difference between the two methods is critical to knowing how and when to use them.</p> <p>Many modern marketers are focused so heavily on contact-information-based use cases that they neglect the importance of measuring overall performance and tying it to revenue.</p> <h4><strong>2. Data-driven marketing based on contact information involves tracking individuals in order to get them to buy.</strong></h4> <p>It's sort of like helicopter parenting - helicopter advertising.</p> <p>Tracking individuals across digital media is becoming increasingly popular among marketers, in an attempt to make their marketing distinct among the hundreds of ads we each see every day.</p> <p><img src="https://assets.econsultancy.com/images/0008/0562/helicopter.jpg" alt="" width="600" height="400"></p> <p>“<a href="https://econsultancy.com/blog/65212-what-is-marketing-automation-and-why-do-you-need-it/">Marketing automation</a>” is one of the earliest examples of this type of data-driven marketing, though people rarely classify it as such.</p> <p>Marketers use a MAP (Marketing Automation Platform - a technology class created by Marketo, much like Siebel Systems pioneered CRM) to track individuals through the funnel, usually in organic (email, website) touchpoints, but also in <a href="https://econsultancy.com/training/courses/social-media-paid-advertising/">paid social</a> and display ads.</p> <p>Then the MAP distributes targeted content based on where a person is in the funnel, particularly what last action they took (such as downloading content).</p> <p>Another example is “Attribution” - a term which on the surface just refers to assigning various media, creative and audience segments with percentages of contribution to success.</p> <p>Attribution usually involves tracking individual customers across the web, based on interactions with digital media properties, both paid and owned.</p> <p>More advanced platforms can track whether display ads come into view on the visible portion of a person’s screen.</p> <p>Attribution sometimes leverages DMPs and TMS (Tag Management Software), along with proprietary analytics, to attribute conversions and sales to specific ads. </p> <p>Attribution is primarily focused on individual identification, but also relies on aggregate performance metrics to recommend adjustments in advertising tactics.</p> <p>Data-driven methods that rely on contact information benefit from high levels of detail, but suffer from scalability (you can’t track everyone).</p> <p>Personalization, customer experience optimization and other initiatives fall into this category.</p> <h4><strong>3. Data-driven marketing based on performance metrics involves analyzing investments in and returns from marketing initiatives, in order to better drive results.</strong></h4> <p>Performance marketing, quantitative marketing, media mix modeling - these practices involved rolled up streams of customer actions - i.e. performance metrics. </p> <ul> <li>“Performance marketing” is just a way of saying “marketing where you actually look at what works and what doesn’t in order to drive outcomes.”</li> <li>“Quantitative marketing” has historically referred to enterprise-grade initiatives that use statistics to optimize marketing outcomes based on investment (i.e. ad spend) and key performance indicators. </li> <li>“Media mix modeling” - or media mix allocation - is sometimes classed as a type of quantitative marketing. It involves analyzing which channels (TV, radio, display, etc.) have the greatest impact on conversions through probabilistic statistics (data science).</li> </ul> <p>Data-driven methods that rely on performance metrics benefit from the fact that every system produces some measure of reporting and thus are highly scalable, but sometimes more detail is needed.</p> <p>A focus on performance metrics also has a natural bias towards objectives.</p> <p>Customer data can be a black hole of possible activities, and many companies are stuck in the vortex of collecting, cleansing, weighing customer data.</p> <p>But performance data always tells a story relevant to your objective.</p> <h4><strong>4. There’s this thing called a “proxy” - it’s how you measure the intangibles.</strong></h4> <p>Some things are difficult to measure.</p> <p>For example, “Awareness” (which is an actual objective for many marketers) is really the sum of “how much time do people spend thinking about your brand/product/service?”</p> <p>Obviously, we can’t strap brain sensors to everyone (yet). Most marketers use focus groups and surveys to approximate awareness.</p> <p>Those may also be used to approximate “Brand Equity” - the amount people <em>like </em>and therefore demonstrate <em>purchase intent </em>towards a brand.</p> <p>The problem is, surveys of all kinds are riddled with <a href="https://en.wikipedia.org/wiki/Response_bias" target="_blank">response biases</a> - including the most subtle, such as <a href="https://www.psychologytoday.com/blog/mind-my-money/200807/familiarity-bias-part-i-what-is-it" target="_blank">familiarity bias</a> and <a href="http://heuristics.behaviouralfinance.net/availability/" target="_blank">availability bias</a>.</p> <p>Why not supplement these traditional approaches to awareness measurement with more comprehensive, scalable (and faster, less expensive) tactics?</p> <p>One increasingly popular method of measuring awareness via proxy is <a href="https://econsultancy.com/blog/67137-social-monitoring-listening-what-is-it-and-do-you-need-it/" target="_blank">social listening</a>.</p> <p>This technology category is actually not focused only on social media, but the ‘social web’ - all those publications, blogs, articles, comments, social networks, forums etc... essentially most of the Internet. </p> <p>“Best-in-class” estimates for the number of websites scanned by a social listening tool are usually around 100m or 200m websites.</p> <p>For reference, Twitter counts as one website.</p> <p><a href="https://econsultancy.com/training/digital-transformation/">Digitally-transformed</a> enterprises use these tools to monitor the success of paid and earned media initiatives, as well as establish competitive benchmarks for brand awareness, based on the assumption that some number of people who are aware of a brand/product/campaign will talk about it.</p> <p>Other examples of proxies include NPS (Net Promoter Score) - a measure of the social equity a brand has with its customers.</p> <h4><strong>5. You can’t quantify poetry</strong></h4> <p>Marketing - getting people to invest time/attention/money in brands, products &amp; services - will always live partially in the poetic.</p> <p><img src="https://assets.econsultancy.com/images/0008/0571/shakespeare.jpg" alt="" width="335" height="298"></p> <p>Connecting with customers inherently has one foot in the abstract, ethereal, creative - and one foot in the scientific, mathematic, quantifiable.</p> <p>After all, some of the best ideas are ones no one has thought of before.</p> <p>This is why Jay Baer proclaims that “<a href="http://www.convinceandconvert.com/digital-marketing/data-driven-marketing/" target="_blank">Data-Driven Marketing is a Bad Idea</a>” - all he’s really saying is that you can’t forsake the creative for the quantified, but the title he actually used is more sensational.</p> <h3><strong>We need a more holistic view of marketing data</strong></h3> <p>What marketers need is to broaden the scope of the way data is viewed, valued and used within their organization. </p> <p>Personalization and attribution have their place among the most academic of statistical approaches.</p> <p>And macro-performance measurement must concede the fact that, sometimes, the devil is in the details.</p> <p>Of utmost importance is the fact that no data is valuable unless it connects to critical objectives. For most marketers, this means awareness, brand equity and revenue.</p> <p><em>For more on this topic, see:</em></p> <ul> <li><a href="https://econsultancy.com/reports/the-role-of-crm-in-data-driven-marketing/"><em>The Role of CRM in Data-Driven Marketing</em></a></li> <li><a href="https://econsultancy.com/training/courses/big-data-driven-marketing-how-to-get-it-right/"><em>Data-Driven Marketing Training</em></a></li> </ul>