As the media landscape continuously evolves, what was simple is now complex. Marketers are now faced with even more challenges, from allocating investments across multiple channels to gaining positive return on investment. So how can marketers bring on board the best-in-class partners for marketing analytics and consultancy, to help their organization meet those challenges? What questions should you provide, and what questions should you ask so potential partners can put forward the best solution?
To set sourcing and procurement professionals up for success, Gain Theory has compiled a Download document that includes:
- The 9 Do’s of managing the sourcing and procurement process for marketing analytics and consultancy. Some helpful tips to help you get best responses from vendors
- Best-in-class RFP questions that can be applied to multiple types of solutions including market mix modelling, multi-touch attribution and unified measurement
Gain Theory partnered with ProcureCon Marketing at the ProcureCon Marketing conference in New Orleans, where Jon Webb, Managing Partner at Gain Theory, spoke on stage about the latest tools available to help marketers understand marketing investment allocation across multiple channels, as well as how they impact ROI both tactically and strategically.
To get your ‘Guide to Procuring Marketing Analytics and Consultancy,’ download the PDF at the top right side.
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We are proud to announce Manjiry Tamhane, our Global CEO named as one of the 20 Women in Data & Tech initiative, led by The Female Lead and Women in Data. The initiative showcases inspirational female role models who are helping to transform our world using data and technology.
At the helm of the initiative Edwina Dunn and Payal Jain say ‘For the two of us that share a career in Data Science, we frequently find ourselves the only senior women in a room. We have enjoyed this privilege but are also aware of the lack of balance and diversity, and the impact this has on business decisions and outcomes’.
The purpose behind the Female Lead campaign is to make women’s stories more visible and to provide positive role models for future generations.
With over 20 years’ experience in the marketing effectiveness industry, Manjiry has been integral to Gain Theory’s success since inception. Throughout her career – client side (Penhaligons and Debenhams) and agency (Ohal and Gain Theory) – Manjiry’s guiding principle has been about delivering actionable recommendations that maximize the benefit of marketing investment.
Speaking to The Female Lead in an interview, Manjiry says what she finds satisfying about working in the data and marketing industry is ‘Being able to see data actually drive business decisions that result in a change in the creative output’.
You can watch Manjiry’s interview below.
For more inspirational female role model stories visit The Female Lead website 20 Women in Data & Tech here.
Finding a balance between business objectives and financial return has become harder to justify for many marketers. With the plethora of marketing channels available today, an increasing pain point is identifying which media work to drive KPI and their role in short and long term business impact.
Gain Theory has produced a research study for ThinkBox as part of the Profit Ability report, which addresses the problem of how to effectively measure the long-term impact of media investment. This is the first study of its kind that discusses the issues involved, moving beyond the often-misleading ROI ratios, and showing the genuine difference that advertising makes.
In an interview with The Times Gain Theory Partner and senior practitioner, Matthew Chappell who led of the research said “Advertising spend has been a hot debate in marketing for some time. There is more data floating around than ever before. However, there tends to be a focus on short-term metrics, which is why this study is so important.
“If you publish a video, say, on a social-media channel, you see that it gets a certain number of likes and shares within the first half hour. But how do you know that it is building long-term success? It is very easy for marketing departments to see what’s driving short-term success, and put all their money in and focus on that. In doing so, though, you run the risk of losing sight of what is propping up the long-term business value.”
Mr Chappell says there is a long-term multiplier effect that many chief executives may not know about. “The findings show that there is often a multiplier to short-term impact,” he says. “For example, if the multiplier is two and you generate a million sales within the first three months of a campaign, then you are likely to make two million in three years.
“Bearing that in mind, we looked at the whole plethora of channels and the results showed TV tends to come out as the strongest medium.
“The numbers we have created are robust, and should provide confidence to chief executives and chief financial officers, and show TV advertising works best in the long and short term. Hopefully this study will add to and shift the conversation away from those short-term, easily measured metrics.”
Watch Matthew discussing the Long Term study:
Watch the full Profit Ability launch event session where Matthew presents the study:
To download the study please click here.
While marketing keeps inventing new ways of getting in touch with potential customers, marketing effectiveness also needs to constantly evolve to keep pace. So what’s the best measurement strategy in the digital era?
Jon Webb, Managing Partner at Gain Theory, will be speaking on stage about this topic at the ProcureCon Marketing conference in New Orleans on November 28, 2017. He not only will share the latest tools available to help marketers understand
In this Gain Theory session on November 28th @ 11:50 am, Jon will explore:
- How marketing measurement is no longer limited to understanding the overall performance of each channel
- Digital Attribution, and other granular techniques, that allow for results that are much more responsive
- Why Digital Attribution and MMM approaches shouldn’t sit in silos
ProcureCon Marketing is dedicated to the unique challenges of the procurement and sourcing of marketing resources. Senior level executives from across industry gather to discuss best practices in corporate sourcing and indirect procurement.
To meet with Jon at the event, please email: firstname.lastname@example.org
Is creativity being hindered by the race to get short term results?
Marketers are being pushed to create immediate return on investment and incremental sales volume which impacts on how we measure marketing effectiveness and ultimately creative campaign execution.
Jon Webb, Managing Partner at Gain Theory will be addressing this topic on stage at the Crystal Apple conference in Istanbul, Turkey on October 5 2017.
Now in its fourth year as a 3-day festival, Crystal Apple is Turkey’s leading platform, where close to 160 star-studded roster of local and global thought leaders share their ideas and visions for the future of branded communications.
In the Gain Theory session on 5th of October at 15:45 Jon will explore:
- How short term efficiency can lead to declines in long term effectiveness
- Measuring marketing – long and short term, across media channels
- Re engineering measurement to understand and value the impact of creativity
To meet with Jon at the event please email email@example.com
With a global partnership in place between The Marketing Society and Gain Theory, we strive to empower marketers to be braver, bolder, faster and smarter.
The Marketing Society is a global network of senior marketers that aims to inspire bolder marketing amongst their senior client-side marketer membership. Client-side members come from top global and local brands including Diageo, Unilever, Samsung, HSBC, Disney and many more. The Marketing Society and Gain Theory have co-hosted a successful luncheon and dinner this past year where senior marketers gathered to discuss the challenges and pain points they face as well as how to be brave with marketing effectiveness.
With the official US launch approaching, we are kicking it off with an exclusive invitation-only cocktail party on September 26th at The Attic Rooftop Lounge in New York. This event will bring together top CMOs to discover what we have proposed for the future, including a program of world-class events.
In addition, we are co-hosting a Leadership Lunch with Dr. Thomas Graham, senior VP of strategic alliances, partner at Northwell Health and former Chief Innovation Officer, on September 28th. An intimate group of senior CMOs, including HSBC, Samsung and many more, will gather to celebrate our launch, listen to lessons from a renowned surgeon who has lead innovation in the medical field, as well as lessons we can learn as marketers.
If you are a senior client-side marketer and want to attend any of these events, please email Elisa Wong (firstname.lastname@example.org)
The world is data rich. We are inundated with data feeds and each new data feed comes with its own KPI that is shouting for your attention. How do we sift through the innumerable data feeds today to focus on what really matters?
Historically, many marketers have used MMM as a technique to understand what is driving sales. Although this is still a good technique, especially for calculating marketing ROIs and macro media planning, MMM assumes that customer engagement and the way people interact with your brand remains constant. Not only does most activity that marketers run is designed to do the opposite, such as changing the way that people think and interact with the brand, but the technique also uses data from up to three years ago.
Imagine if you could…
- Know whether you’ll hit sales targets before the campaign launches
- Shift media /creative during a campaign
- Connect insights directly to activation partners
The WPP Global Retail Forum is a continuing education opportunity designed for marketers in retail. This year’s event featured the likes of Samsung, Dell, and IBM to name a few, speaking about key shifts in consumer buying behavior and ways to better connect with today’s shopper.
Jennifer Hahs – Research Director at Gain Theory – took the ground to download the biggest takeaways to help keep marketers one step ahead, to become faster and smarter in the ever-changing retail landscape.
We have curated this interactive, all device friendly playbook, so you can take away the major themes:
1. Get Back to Basics
Optimizing existing practice.
2. Be Nimble
Changing things that aren’t working.
3. Be Disruptive
Reinventing the norm.
4. Be Kind
Connecting with humans.
5. Future Now
Embracing the next generation.
6. Engaging Today’s Shopper
Seeing through the customer’s eyes.
To see the full download, click on the animated gif below and follow the arrows.
London, New York, Shanghai (July 27, 2017) – Gain Theory, the global marketing effectiveness consultancy, is proud to announce a partnership with EffWorks, an initiative that champions accountability in marketing and is committed to promoting a culture of marketing effectiveness from C-Suite, all the way through organizations.
EffWorks, an initiative led by the Institute of Practitioners of Advertising, aims to achieve culture change across the industry and will focus on three key areas:
- Promoting marketing: raise the awareness for robust and consistent measurement to support marketing investment in the short, medium and long term.
- Managing marketing: provide guidelines and best practice on how marketing works. How to develop the best processes for planning and executing marketing programs
- Monitoring marketing: help the industry raise the bar to develop the best models, tools and techniques to plan, monitor, direct and measure the impact of marketing activity.
The initiative is championed by a heavyweight list of client side advisors from brands including Diageo, Jaguar Land Rover and O2 and is supported by various industry associations across US, UK and China including ANA, ISBA and CAA.
As well as taking part in advisory groups to lend an unbiased perspective on marketing measurement, Gain Theory will lead a project, collaborating with the likes of Google, Facebook, L’Oreal, Thinkbox and many more to create a green paper provocation piece around Marketing Measurement Strategies in the Digitized Era which will form the basis of ongoing research to help the clients and industry determine best case studies and ways in which to solve common measurement challenges.
Manjiry Tamhane, Gain Theory’s Global CEO says ‘Championing marketing effectiveness best practice and culture sits at the core of our business. We truly believe that by collaborating with clients, industry bodies and media partners we can unlock the challenges and pain points we hear around marketing effectiveness to enable faster, smarter decision making that positively impacts the bottom line.’
Janet Hull, Director of Marketing Strategy at the IPA, who has spearheaded the project says, “Having Gain Theory on board will lend an unbiased view on marketing measurement from one of the world’s leading marketing foresight consultancies.”
ABOUT GAIN THEORY
Gain Theory is a global marketing foresight consultancy that brings together data, analytics, technology solutions and consumer-insight capabilities. It combines WPP’s intellectual capital in media, marketing, data and technology to create a consultancy that helps brands make smarter, faster, predictive business decisions.
The Gain Theory team is a fusion of 200, world-class creative minds from the data, technology, marketing analytics and effectiveness domains operating out of hubs in New York, London and Bangalore.
Global clients include: Diageo, Target, Unilever, HomeAway, Vodafone and Aldi.
EffWorks is a reservoir of learning, research and debate about marketing effectiveness. It was established in 2016 by the Institute of Practitioners in Advertising and a host of industry partners. The ambition is to set the agenda for marketing in the digital era, to inform and inspire all stakeholders, and to create culture-change. Truly accountable and effective marketing is a key agent of business transformation and growth.
Effectiveness Week 2017 is sponsored by Facebook, Gain Theory, Google, Newsworks, Royal Mail, System 1 and Thinkbox.
For more information on Effectiveness Week 2017 and to book tickets visit http://effworks.co.uk/.
On 22 May The Marketing Society partnered with Gain Theory to host an inaugural dinner in New York, following a successful CMO lunch during Advertising Week last year. Our goal was twofold: to understand the value that The Marketing Society could bring to the senior marketer community in the US and discuss findings from a recent piece of CMO research into marketing effectiveness.
‘Marketing can be a route to leadership, but it’s rare. Marketing can sometimes be perceived as a back room function’
With this quote from a senior US marketer we are reminded of the very real need for the joint mission of The Marketing Society and Gain Theory global partnership. We are collaborating to empower marketers to be braver, bolder, faster and smarter, which is crucial given that marketing leaders feel they are a long way from reaching their full potential.
So, over a fabulous candlelit dinner with the added touch of a Chief Magic Officer by Johann Bayle, a stellar group of senior marketers from the likes of Diageo, Samsung, Amex, WeightWatchers, Pepsi and many more congregated.
A community of bold marketers with a diversity of opinions and experience in line with what NYC has to offer…
There’s a cornucopia of marketing organisations in the US catering to the insatiable thirst for knowledge offering up a never buffet of networking, thought leadership, best practise, awards etc.
Yet, the marketers we spoke to in New York are left hungry. When Gemma Greaves, Chief Executive asked people what value they felt the Marketing Society could add there were common threads to virtually all of the replies.
A safe place for honest, challenging conversation; a place where you can be honest about what you do and don’t understand; thought leadership that makes you bolder; help from your peers without bias or judgement; somewhere you can actually drive change; a circle that liberates and helps you think; a true sense of community where you can tackle conversations that we normally don’t talk about.
Ultimately as Gemma put it, The Marketing Society could provide ‘a safe and comfortable place to get uncomfortable’.
CMO insights: marketing effectiveness validation
Having opened the door to honesty and uncomfortable conversation we tackled some insights around marketing effectiveness. Manjiry Tamhane, Global CEO at Gain Theory, took the group through some unbiased CMO research conducted recently in the US around marketing effectiveness.
The research revealed that marketers within global brands are still searching for a guiding light when it comes to marketing measurement, decision making and strategy based on insights. They are being paralysed by ‘infobesity’ caused by ‘too much’ research, data ‘lakes’; confusion around metrics that matter and insights that take too long to develop and are regressive in nature.
Then there’s the lack of the right structure internally to make best use of any insights.
The findings were clear:
1. Going beyond data
Harnessing the power of data, and becoming data driven, is critical to future success. However for most there was the realisation that it’s not about data for data sake:
- “We are data rich and insights poor” – Travel VP Media
- “We can’t get what we need from our digital partners who have walled gardens” – CPG SVP e-commerce
2. Lack of common metrics
For many, the issue was around getting agreement on which metric to use… i.e. which are the metrics that matter?
- “We are making observations versus true insights into what’s driving the business” – CPG CMO
- “We need one source of truth, a True North, that will drive our metrics and resulting insights” – CPG CMO
- “Can’t agree on which few metrics to measure or focus on” – Auto Consumer Insights Director
- “too many data points = paralysis” – Retail Brand Director
3. Organisational structure
Most of the brands questioned whether their organisation had all the skills necessary to interpret the data into meaningful insights:
- “Still too many silos and not enough sharing between the data scientists and marketing” – CMO, Retail
- “We are our worst enemy sometimes because our brands guard their respective insights closely and do not share” – Travel Brand Director
4. What clients want in the near future
In a nutshell, marketers need to quantify the future i.e. forward looking insights to forecast tomorrow’s sales today:
- “We are making the most of what we have, although much of it is based on past efforts ” Retail Brand Director
- “Building more forward looking models that leverage 1st party, media, behavioural, cultural and social data to forecast tomorrow’s sales today” Retail CMO
Do the insights ring true? Feedback from our inaugural dinner
There was a sense of frustration…‘The biggest irritation in marketing is always being asked the same question over and over again. Invariably the answers are always the same, just a different brand manager answering’ said one marketer.
“Our research department spends a lot of time diving into qual, quant and data analytics. By the time it does the rounds internally – blocked by silos, questions about metrics and what it means – there’s very little that we can actually use” said another.
When it comes to data, one marketer pointed out ‘’Brands that ask the right questions will get the most out of their data’ with another marketer cautioning ‘we need to unlearn our dependence on data’ as some marketers in big brands have a tendency to ‘hide behind data’.
Global CMO challenges
The Marketing Society and Gain Theory will continue to canvass senior marketer participation across many of the global hubs to understand the challenges and pain points we are faced with when it comes to validating marketing value.
Ultimately the aim is to unite marketers around the challenges, and together as a marketing community, find solutions that enable bolder, braver marketing through faster, smarter decision making.
Read the original article here.