Check in with us from time to time, see what we are thinking about, and who we are listening to as we search for new and better ways of doing business.
Analytics: the next generation [via Research Live]
MarketShare's Hilary Perkins writes Research Live:
CMOs and CFOs need to leave behind old, siloed approaches to measuring marketing performance to reach a better understanding of the key drivers of consumer purchase behaviour.
Marketing budgets are often viewed by senior executives as a drain on the bottom line; as a place where large sums of money are spent with little quantifiable benefit. No wonder pragmatic and results-oriented chief financial officers have been cutting back. Marketers need to be able to provide accurate, hard, robust measurements of effectiveness if they are to convince the CFO that investment is necessary, if not mandatory.
But how?
Read the full article at Research-Live.com.
Add a commentAdvertising Analytics 2.0 [via Harvard Business Review]
MarketShare's breakthrough methods in analytics and cloud technology are featured in the March 2013 issue of Harvard Business Review. Written by Wes Nichols, MarketShare CEO, Advertising Analytics 2.0 is the lead story for this edition, focusing on taking advantage of the 'perfect storm' of limitless data, cloud computing and next-generation analytics methods. The confluence of change is allowing CMOs to make better, more predictive decisions as well as move beyond traditional methods like media mix, digital attribution and the like to get to a more true view of their business, customers and revenue drivers.
Add a commentFinally, Proof that Word of Mouth Isn't Just "Nice to Have," But Drives Measurable ROI
For a number of years now, we have had strong evidence that word of mouth is highly valued by consumers and that it is ubiquitous. McKinsey has gone so far as to call word of mouth “the most disruptive force in marketing.” CMO surveys by firms like IBM suggest that the overwhelming majority plan to increase their investment in social media, but ROI metrics have been hard to come by and CMOs say increasingly those will be the metrics by which they will measure success of their marketing efforts. According to IBM, “even among the most successful enterprises, half of all CMOs feel insufficiently prepared to provide hard numbers [for return on marketing investment].”
A new white paper by marketing analytics expert MarketShare and the Keller Fay Group, called "Quantifying the Role of Social Voice in Marketing Effectiveness", provides new and compelling evidence that word of mouth (offline and online) drives sales to a considerable degree – providing both a direct and an indirect impact on sales, amplifying the impact of marketing as people talk about the marketing or share it via social media. And, it demonstrates that the impact can be measured. (Download a free copy of the executive summary here.)
The analysis looks at brands in four categories – beverages, auto, investments and brokerage – and seeks to determine how much impact “Social Voice” (defined as both online and offline word of mouth) has on marketing and on sales when compared with a range of other variables that might drive marketing effectiveness. (See below for more detail on what else was measured in this study.)
Add a commentUS in a different league to UK in marketing tables [via Financial Director]
We discuss the differences in the execution of marketing between the US and UK in this month's Financial Director.
Read the full article at Financial Director.
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