Which half of my digital marketing is working: David Rogers #AMAresearch #MRX

Welcome to this series of live blogs from the American Marketing Association’s Research & Strategy Summit in Las Vegas. Any errors, omissions, or silly side comments are my own.

AMA market research event

Dr. David Rogers, Author, “The Network Is Your Customer”; Faculty Director, Digital Marketing Strategy, Columbia University Business School

Link to buy David’s book on Amazon

  • One half of ALL US adults have a smartphone, tablet, or both. Not just online adults. ALL adults.
  • From IR to HOW to WHY
  • John Wanamaker, 19th century department store magnate and father of advertising “Half the money I spend on advertising is wasted. The trouble is I don’t know which half.”
  • Marketing often say they are swimming in data. MR grew up in a world where data was scarce but now information is no longer scarce.  We give off digital data at all places in our lives now.
  • 39% of marketers say they can’t turn their data into actionable insight [this is really sad. i suspect MUCH of that is not due to them not knowing how but rather that they don't have the time to  do it]
  • Problems
    • 29% say they have too little or no data
    • 39% say data isn’t enough real-time
    • 51% say data isn’t shared enough across the organization
    • 42% say they can’t link data at individual customer level
    • 45% say they aren’t using data to personalize marketing communications [this assumes I WANT personalized communications which I don't]
  • 37% of marketers make no mention of financial outcomes when they define ROI. ROI= ((Return/Investment) -1) * 100. Nothing else. [I think I just had a heart attack and it wasn't due to too much chocolate]
  • 57% of marketers are not using any ROI analysis to plan their budge – people use gut, last years budget.
  • Marketers are looking for a silver bullet [yup, been there, done that, it don't exist].
  • Marketers want a universal cross-platform model for measuring spend and ROI. Dream. On.
  • There is infatuation with the word engagement. Is it the answer to every question? Is engagement ad viewership? Number of likes? Wearing a Harley Davidson jacket and getting a tattoo across your forehead?
  • How do you compare facebook fans to twitter shares? Can you? What about youtube and downloads and comments. Which piece is more valuable to your brand? Which half is working….
  • Agile marketing model. Agility is an essential skill for marketers and researchers. Keep changing tool kit, adapt metrics.
  • Step 1. Start with objectives in mind. Seems trivial but it is not! What do you want to move the needle on. Objectives do NOT start with technology. Brand building? Customer service? Sales? Social responsibility? Lead generation? Once you know your objectives, the problem of being overwhelmed by the data is no longer overwhelming.
  • Step 2. Develop metrics. Four kinds.
    • Audience metrics. Who did I reach. Fans, followers, page views, unique visitors.
    • Channel engagement metrics. Likes, visits, retweets, youtube views, votes cast, time spent on site, click throughs. Must keep metrics separate to the channel. Retweets to twitter. Likes to facebook. Channel specific metrics are more common in digital.
    • Universal engagement metric. Change in relationship with customers. Sentiment, state of mind, brand awareness, purchase intent, customer satisfaction, net promoter score, word of mouth, lead generation. Works for new and old channels.
    • Financial metrics. Revenue, market share, customer acquisition, customer retention  ROI.[These are really the only ones that matter! No money = no audience metrics, no engagement metrics...]
  • How do these four interact? You need to build your own model. [I smell regression!]

Deutsch: Spaghetti mit Sahnsauße

  • The marketing funnel from decades ago has holes but the stages still happen, and now there is an advocacy state to add above the loyalty stage. Advocacy impacts awareness and each stage of the decision making process. [I still think the purchase funnel should be the purchase spaghetti, not the purchase funnel]
  • Awareness can be affected by poor SEO, broken links to pages no longer there. Fix it!
  • Consideration is shaped by Amazon, what they decide to show consumers. Partner with amazon.
  • Preference is affected when people see a coupon on the screen. Promote 3rd party reviews.
  • Action is affected by etail + retail. Look online, buy offline. Have contests to create advocacy.
  • Number of tweets is NOT a KPI. You can only do that if you’re twitter. Audience metrics are not a KPI unless you are NBC.
  • VISA’s KPI is share of wallet vs cash. If you’re traveling, how much cash do you really need when Visa is “accepted everywhere.”
  • 7 habits of agile marketing modelers?
    1. Make it everyone’s job, not the department of big metrics.
    2. Be iterative. Don’t wait for the annual/quarterly survey.
    3. Be skeptical. Don’t accept just any metric.
    4. Be data-driven. Not just hunches and feels good. ‘The highest paid person’s opinion”
    5. Be customer centric. Don’t lose yourself in the data. Understand the qualitative experience.
    6. Be imperfect. Don’t wait for perfection. You will never have the perfect model. It is the enemy of the good.
    7. Be decision driven. Never measure just for the sake of measuring. If it doesn’t influence decisions, then you are wasting your time.

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2 responses

  1. Thanks for the great live blog of my talk, Annie.
    If readers are interested in getting a copy of our research study (Columbia B-School/New York AMA), they can email me at DLR42 Columbia edu.
    best,
    David

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