How to Generate More Impactful ‘Aha!’ Insights From Your Data
Over the past decade, marketing has shifted from Traditional Media targeted to more Passive Customers to a Multi-Channel, Always-On, Digitally-Powered environment controlled by more Involved Customers. Generate More Impactful Insights.
So as a marketer you now need to be able to MEASURE ALL THE MARKETING METRICS THAT MATTER and assess all the opportunities across multiple tactics, multiple KPIs, multiple consumer segments and multiple channels.
Marketing Mix Modeling (MMM) is a term for creating a direct link between Stimulus (Marketing) and Response (Sales) given the alignment of the two over an extended time period and different geographies. Most approaches are derived from regression-based techniques developed by econometricians for consumer packaged goods and the marketing data made available in the late eighties. Historically MMM is used to recommend media and promotion tactics based on estimated financial impact
The customer decision journey is now a critical piece of the puzzle. And the ‘Aha!’ moment for the customer (or HOW and WHY MARKETING HAS INFLUENCED CUSTOMERS), is an underlying process that is mathematically assumed, but it is not concretely addressed by Marketing Mix Modeling.
The traditional purchase funnel leveraged by MMM no longer works for explaining today’s buying patterns because it does not leverage all aspects of the Customer Decision Journey. The Customer Decision Journey is now critical for a complete analytics solution.
The Customer Decision Journey (CDJ) is a research framework based off the purchase funnel for addressing how consumers move through the evaluation process (the A-Ha! moment) and make actual choices.
Customers and channels are characterized by their own unique journeys, requiring exposure to different tactics and content but current approaches “FAIL TO PROPERLY CREDIT MARKETING TACTICS WITH A SPECIFIC CUSTOMER ACTION”.
This video will visually demonstrate why incorporating the CDJ into the marketing analytic process extends and enhances marketing measurement by creating a more holistic view of marketing effectiveness across multiple channels and multiple KPIs. This enables more accurate measurement by directly linking marketing activities to financial performance, brand health and customer behavior – you generate more impactful insights all in one model!
About the Presenter
Jim Friedman, CEO and Co-founder
Marketing Attribution Partners (MAP)
Jim began his marketing science career at General Foods, Arbitron, and Young & Rubicam. Jim was recently Chief Strategy Lead for the Marketing Analytics Practice for Accenture. Between those roles, he was co-founder of Marketing Management Analytics (MMA), often considered the research firm responsible for putting Marketing Mix Modeling on the map. For nearly ten years at MMA (now owned by Ipsos), Jim led product innovation and development of all new software and analytic products, delivering millions of dollars in savings for companies in Retail, Consumer Goods, Telecom, Pharmaceuticals, Internet and Service industries. He was also founder and CEO of ImmediateFX, the first technology-enabled, marketing analytics firm, which sold to IRI Worldwide. Jim holds his BA from Rutgers College and MBA from Northeastern University.
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