Got Marketing Data? Use Analytics to Make it Actionable!

Got Marketing Data? Use Analytics to Make it Actionable

Laura PattersonPresident & Author

@LauraVEM

Creating Centers of Excellence to Improve and Prove the Value of Marketing

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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com

On The Agenda

• What data is most essential

• Analytics and models for every marketer’s library

• Analytics Maturity and Analytics Competitors

• Techniques for syncing content, channels, and the

customer journey

• Wrap Up & Q&A


You could use data to inform strategic decisions such as

1. what market and customer provide growth opportunities

2. which products to market to which customers

3. which channels, touchpoints, and offers are most effective

4. what is and isn’t working

Improve and Prove the Value of Marketing

Smarter, more relevant, influential, credible and strategically-minded marketing orgs

More valued, effective, and measurable Marketing

Improve market and product competitiveness and growth

Make fact-based decisions regarding customers, markets, products and

competitors

Optimize marketing processes

As the global pioneer of MPM, VisionEdge Marketing has a vision to transform marketing into Centers of Excellence.

100+ Customers, 250+ Engagements

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Welcome to the Intelligent Enterprise

Companies with a data-driven culture are 3X more likely ahead of their peers in financial performance

“Fostering a Data-Driven Culture,” Economist Intelligent Unit and Tableauhttp://www.tableausoftware.com/economist-fostering-data-driven-culture

The usage of analytics and adoption of a data-driven culture tend to lead to business success

“Analytics, Data-Driven Culture Bring Business Success: Survey,” eWeek.comhttp://www.eweek.com/it-management/analytics-data-driven-culture-bring-business-success-survey/?mchk=1

60% of global businesses believe that big data will improve their decision-making and competitiveness

“Data Driven Leaders Can Create a Big Data Payoff.” Business News Dailyhttp://www.businessnewsdaily.com/7218-data-driven-leadership.html

IDC predicts that by 2020, there will be more than 40 zettabytes of data, 37% of which will be considered useful for analysis (up from 22 percent in 2013)

“EMC Digital Universe Study,” IDChttp://www.emc.com/leadership/digital-universe/index.html

Only 28% of businesses believe that they are generating strategic value from the data they collect, and nearly 40% admit that they need a better data management plan

“Data Driven Leaders Can Create a Big Data Payoff,” Business News Dailyhttp://www.businessnewsdaily.com/7218-data-driven-leadership.html

…our review of more than 400 diverse client engagementsfrom the past eight years, across industries and regions, found that an integrated analytics approach can free up some 15 to 20 percent of marketing spending

“Using Marketing Analytics to Drive Superior Growth”, McKinsey & Companyhttp://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/using-marketing-analytics-to-drive-superior-growth

http://www.tableausoftware.com/economist-fostering-data-driven-culture

http://www.businessnewsdaily.com/7218-data-driven-leadership.html

http://www.emc.com/leadership/digital-universe/index.html

http://www.businessnewsdaily.com/7218-data-driven-leadership.html

http://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/using-marketing-analytics-to-drive-superior-growth

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Does Data Matter?

“Firms that emphasize

decision-making

based on data and

analytics perform 5-6%

better than firms that

rely on intuition and

experience.”Economic Intelligence Unit

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Need Both Structured and Unstructured Data

Most traditional business data

is structured- rows, columns,

etc.

Big Data adds complexity:

“the voluminous unstructured

data that is collected from

nontraditional sources such

as blogs, social media, email,

sensors, photographs, video

footage, etc.”

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5 Basic Customer-Centric Data Categories

1. Demographic, psychographic data (who are they, why do

they buy, what triggers purchases, etc.)

2. Spend and financial data (which customers buy, what do

they buy, how often, etc.)

3. Interaction and engagement data (how they interact,

when, how often, through which channels, etc.)

4. Consumption and usage data (how are they using what

they bought)

5. Relationship data (satisfaction, loyalty, advocacy,

sentiment related data)

@lauravem


Select Data That Matters: Start with these 5 Questions

“To get the

most out

data "you

need to know what you

want to

know.“Bernard Marr, Advanced Performance Institute

Use data and analytics to answer these questions!

1. Which markets and segments to pursue? How

do we gain access?

2. How to best acquire new customers? keep

existing customers?

3. Which existing markets and customers to

grow?

4. What new products to develop? How do we

accelerate adoption?

5. Which channels create the greatest response

lift?

@lauravem

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Top 6 Most Important Data Sets

1. Market/ Business/Customer

Activity Data (mostly structured)

2. Social Media/Comments/Reviews (mostly unstructured)

3. Transactional data

4. Website data

5. VoC/Telecom/Call Center data

6. Images/Graphics (unstructured)

@lauravem

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Key Challenge: Making Data Actionable

85% of study participants “the biggest hurdle

to unlocking value from data was not

grappling with the sheer volume, but

analyzing and acting on it.”A survey of 600 executives by the Economist Intelligence Unit

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Analytics: Your Bridge from Data to Insights

The term analytics as early as

the late- 1500s or early-1600s

Applying logical analysis to

discover and communicate

meaningful patterns in data.

Today when applied to

marketing-

The practice of

measuring, managing

and analyzing market,

customer, and

marketing performance

data to maximize

marketing effectiveness.

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Build Model Muscle – Basic Library

Segmentation Models

Persona Development

Buying Process

Models

Touch point

Allocation

Pricing Models

Opportunity Scoring

Models

Campaign Lift

Attribution/Mix Models

Predisposition to

Purchase Models

Likelihood to

Defect/Customer Risk

Models

Portfolio Management

Models

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Visualize the Patterns

Present analytical results

visually

Enables you to more easily

see what's relevant among all

the variables, capture and

communicate important

patterns, and even support

predictive models.

Exposes trends and patterns

that you might not have

otherwise noticed @lauravem

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Assess Your Analytics Maturity

Create a Your

Plan to Move

to the Next

Level!

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For Faster Better Business Decisions Strive to Compete on Analytics

Thomas H. Davenport & Jeanne G. Harris

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Marketers Who Can Do It Earn Better Marks!

Source: MPM Studies, Demand Metric, ITSMA, and VisionEdge Marketing.

Full reports available in the VEM Store

https://visionedgemarketing.com/product-category/marketing-

performance-management/

@lauravem

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What Makes these Marketers Different?

Create and Extract Value

Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com20


First Things FirstDevelop an evidence-based insights-driven culture (starts at the top)

Build the skills and add data scientist, analyst and leadership talent (build or buy)

Know you data

What data you have and understanding the format you need. You may be amazed at what data is available (or not).

What are all the market, customer, competitive, business, program, product data currently captured

Which systems are they in

How frequently is the data updated and by whom

Who in marketing has access or should have access

What data do you wish you had that’s not on the list and why it is important (what business questions will it help answer)

Prioritize your data wish list

Create a roadmap to move from descriptive to predictive to prescriptive

@lauravem

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1. Creating and Extracting Customer Value is Marketing’s Job

2. You need to know what you want to know

3. Collect, organize, analyze, synthesize

4. Look for “actionable” patterns to improve customer experience and marketing

5. Incubate Insights

6. Make Decisions/Take Action- Strive to Compete on Analytics and Improve Your Analytics Maturity

7. Develop Customer-Centric Models

8. Test, Measure, Learn, Revise

Key Takeaways

@lauravem

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Thank You, Q&A, Resources Review your “Learnings”

Identify 1 takeaway

Identify1 thing you will do

differently

Register and Download the white

paper Intuition To Wisdom:

Transforming Data Into Models and

Actionable Insights at

www.visionedgemarketing.com

Request a copy of this

presentation email

[email protected]

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Stay in Touch!

Creating Centers of Excellence

to Improve and Prove

the Value of Your Marketing

Data & Analytics

Got Marketing Data? Use Analytics to Make it Actionable!