The Change Is Coming

Looking at data analytics I think one of the bigger changes that more and more businesses are going to start adopting is multitouch attribution models.  Paul Talbot covers this in his article “Multi-Touch Attribution Modeling: A More Revealing Look At The Customer Journey” and how using this can provide better insights to marketers about what customers are doing.

He writes that by moving to a multitouch model will allow marketers measure success and help drive better ROI with various channels, However the challenge is that this requires multiple teams to work seamlessly and one needs to consider having traditional funnel analytics side by side to MTA.  Overall MTA will help deliver better insights not just on established consumers but even those they may not have much information on.

We realize that consumers no longer take a linear journey and simple funnels can no longer help us identify what drives a consumer to purchase. I think the biggest challenge will be getting various teams to align on what success it and how to measure it within a MTA model.  This will no longer be the old school way of last click and limiting yourself to one source when reporting.  But getting senior management to buy in could be a challenge as it means a lot of people need to have a mind shift.

Overall I think that this will be a great change for marketing as a whole as well as companies.  Using MTA will allow companies to better focus resources and people on the areas that will help drive value.  We can all think about our behavior as consumers and acknowledge that we don’t have a linear journey, so why should we consider applying that thought process?

Talbot, P. (2018, June 8). Multi-Touch Attribution Modeling: A More Revealing Look At The Customer Journey. Retrieved October 24, 2019, from https://www.forbes.com/sites/paultalbot/2018/06/08/multi-touch-attribution-modeling-a-more-revealing-look-at-the-customer-journey/#4f7506b52191.

How To Gauge Success

In order for a company to determine if they are being successful they need to set expectations and measure against it, hence where KPI’s come in.  KPI stands for key performance indicator and this allows company’s to see how the stack up against goals or benchmarks.

My favorite way to think about this is, are your goals SMART?  According to mindtools.com these are defined as

  • Specific (simple, sensible, significant).
  • Measurable (meaningful, motivating).
  • Achievable (agreed, attainable).
  • Relevant (reasonable, realistic and resourced, results-based).
  • Time bound (time-based, time limited, time/cost limited, timely, time-sensitive)

When determining what KPI’s to use think about your goals.  Are you goals to drive traffic, increase conversions, grow an email list, or create sales leads?  Knowing what you want to achieve makes it easier to write a goal and say what the two or three KPI’s you will use to measure success.  Marketers need to set these and be aware so that they can quickly make decisions and change ad spend.  This often happens in real time and usually because upper level management sees a decline or spike and needs to know what caused it.

Leveraging data is how business make decisions on what products to get, market segments, spending ad dollars, investments in technology and even resources.  Knowing if marketing efforts are working can impact getting additional money to expand marketing efforts,  hiring a new team member, buying additional goods, or where optimizations need to be made on a site or store collateral.  Also making sure that you are benchmarking against yourself year over year as well as within your industry will help you streamline marketing efforts and could provide a cost savings to the company.

 

SMART Goals: – How to Make Your Goals Achievable. (n.d.). Retrieved from https://www.mindtools.com/pages/article/smart-goals.htm

Jackson, S. Cult of Analytics. [MBS Direct]. Retrieved from https://mbsdirect.vitalsource.com/#/books/9781317561880/

The HUB

One of the challenges of any business is sharing information across multiple departments to inform and help strategize.  One of the ways this is accomplished is using the HUB method.  This method allows organizations to break down communication silos by organizing teams around a common goal it becomes easier to foster internal dialogue.

Each area of the business has it’s own needs for understanding success and company performance.  For example finance needs to know what is being spent versus bought, Marketing needs to know what the budget is and how to align to goals, and employees need to understand the goals and what they are being measured on.

Digital marketing has the role of making sure all the areas of the business know how marketing is performing, as they are often responsible for driving traffic and sales for online and physical store locations.  Based on the ACME case study, Jackson points out that they biggest challenge is that they were not data driven.  I think this is often true for most companies, where emotion is what drives decisions versus using data.  Another challenge is making sure that the data presented is concise with a clear solution otherwise you run into the “analysis paralysis” and accomplish nothing.  It is the job of the marketing team to take the data and communicate it to various cross functional partners to help drive the business forward.

Jackson, S. Cult of Analytics. [MBS Direct]. Retrieved from https://mbsdirect.vitalsource.com/#/books/9781317561880/

 

 

Marketing Objectives

Setting goals and objectives are at the very core of a successful business, as it allows a business to show where they need to be and create action plans on how to achieve it.  Creating marketing objectives should always try to align with the companies mission statement and current fiscal goals, so if the goal is to drive traffic then marketing needs to work on raising awareness with current customers and new.

One of the best ways to make sure that everything lines up would be to use a marketing flow, or hubspot.

mkt

Taken off the internet

Using a flow like the above can help marketers be effective in planning and allocating resources to marketing projects.  Knowing what the goal is, how you need to get people there and what KPI’s to measure success with are key.  Marketers also need to make sure that C level also understands the goals and KPI’s otherwise there will be challenges when it comes to determining success.

Always a brand/company needs to make sure that they are abiding by state and federal laws for compliance.  California recently rolled out tighter laws for sending marketing messages so brands need to comply with that, as well as think about future state.  Making sure that what ever collateral does go out is not misleading or a “bait and switch” is important to keep at the forefront.

Marketers should always try to be upfront and honest in what it is that they are promoting as well as any data that is being collected.  Being honest with customers helps solidify the relationship and foster trust which is key to maintaining a healthy company.

Segmentation Tools

When researching a product marketers need to extensively understand their market as well as determining if the product will meet the needs for that group. Here are two of the tools that can be used

PRIZM – this tool helps markers understand geographic, demographic and consumer behaviors when looking to understand a market. We can understand what they bought, where, income, age, and the media that is consumed to help us see the customer journey.

In house CRM tools are also another great way to understand customer behavior.  Leveraging data from pacemaker companies and hospitals will help define who is using them.

VALS – this helps marketers understand values and attitudes of customers.  The idea is a X and Y axis represent motivations and external factors like income to map where consumers fall.

Leveraging tools to understand what drives customers to make purchases or engage with brands.  Taking the time to research the market as well as the product that you are developing will be the difference in a successful product launch and lifetime.

Being Responsible

Todays retail climate is forcing more and more brands to be socially and ethically aware.  The idea is that companies need to consider society when making business decisions.  This also takes the form of ethics and values a company takes, and is often expressed within their mission statement.

A brand that I think embodies corporate responsibility is Nisolo (here) because the ethos of the brand is to create a sustainable business while giving back.  On the site they call out that products provide livable wages to the people making the products, as well as healthcare, and working environment.   Nisolo also offers a shoe buy back program to help poverty stricken people get shoes.

Doing a quick search of the brand shows that they have not been involved with any legal issues.  And they have also been certified as a B corporation which you can learn more here.

Knowing what I have learned onsite as well as being someone who buys from them I would say that they are a green for environment company.

About. (n.d.). Retrieved June 19, 2019, from https://nisolo.com/pages/about-page

Rivalries

Duracell and Energizer batteries are  both companies that sell batteries and compete for consumers dollars.  Both speak to how long lasting their products are and can be used in almost anything.  From a personal standpoint it seems like Duracell edges out Energizer batteries as they seem more common place.

To compete I would think that Energizer should focus on brand awareness and helping customers create that emotional engagement.  Also look into promoting the other businesses they have as well as becoming more sustainable.  Another aspect could be helping people in other countries have renewable energy sources.  The GEN I’s and Z’s are focused on these aspects and often will eschew brands that don’t have sustainable business practices.

The Duracell copper top is iconic and often imitated by off brands, where as the Energizer logo doesn’t come to memory.  Plus most people think of the rabbit which again doesn’t tie back to any sort of logo or branding.  According to Zigu, Energizer doesn’t focus on the digital aspect of marketing the same way Duracell does.  Duracell is active on Twitter and Instagram as well as showing how to use their products.  Seeing that there is a disconnect between Energizer ad’s and logo they should try to merge those so that it’s a seamless experience similar to Duracell.

 

Zigu. (n.d.). Duracell Marketing Mix (4Ps) Strategy. Retrieved June 7, 2019, from https://www.mbaskool.com/marketing-mix/products/17513-duracell.html

Zigu. (n.d.). Energizer Marketing Mix (4Ps) Strategy. Retrieved June 7, 2019, from https://www.mbaskool.com/marketing-mix/products/17484-energizer.html