In June during the Cannes Lions Festival of Creativity, Gain Theory Global CEO, Manjiry Tamhane, and Howard Grosfield EVP & GM US Consumer Marketing at American Express took to the stage to talk brand purpose and Marketing Excellence at the CMO Club House.
Below are the key takeouts, originally published on the CMO Club website.
To join this innovative and engaged community of CMOs, committed to helping each other solve their biggest challenges in a behind closed doors, candid, and trust-worthy environment click here.
- Marketing is the engine of business growth.
- We find a lot of conversations are about being data-driven, but it should really be about how data is used to inform the decisions within an organization.
- Organizations that ground their decisions in data outperform on revenue by 85% against their peers.
- You need to have a deep understanding of the purpose of your brand and then permeate that meaning to the front lines of your organization. If you do both of these things together, that’s excellent marketing.
- When marketers excel at what they’re doing, you get sustainable business growth.
- We aren’t trying to be the largest Bank or credit card company. We wake up wanting to deliver the world’s best customer service every single day, even if that involves us moving into new markets or engaging with our customers in new ways.
- We’re a data-rich company. Our problem is not getting data. We have 120 million cards used around the world, but we need to be surgically precise on how we use this data to drive engagement. When customers tell us what they need, we pivot.
- There’s a divide between those who think it’s about creative and those who think it’s about data.
- For those of us in heavily regulated industries where every marketing message needs to be approved, the gift of agile is being able to seat the copy person, the creative person and the compliance person round one table, and do what the customer wants us to do.
- Questions marketers are asking, “How do I educate and upskill my people,” and “How do I change the process?”
- The marketer’s challenge a few years ago was getting their hands on data, removing jargon from the industry and asking a simple question without getting different answers. Now marketers have the data, know the jargon, and have the answers. The challenge is how to make decisions quickly, and how to become data rich but not insights poor.
- Manjiry Tamhane says; “My Mum gave me determination. She’s as stubborn as anyone you’ll ever meet. My Dad was an architect so from a creative industry, and it created a beautiful blend of my mom’s data brain combined with his creativity.”
- Howard Grosfield says; “My parents were tremendous role models. They taught me that people rarely remember what you say, but they always remember how it made them feel. We’re now in the feelings business, that advice has translated well into my career.”
It’s a long journey from the classroom to the C suite, and managing a global organization isn’t a job many people can relate to. So, what is that journey like? What are the lessons learned? What are the leaders really like behind closed doors?
In this exclusive and candid WPP Stella podcast we hear from Manjiry Tamhane, Global CEO at Gain Theory in conversation with Jay Kandola, Commercial Director at Mediacom talk about her journey to the C suite, perspective on life and leadership.
- Manjiry’s journey from university graduate to Gain Theory CEO
- Why being brave is vital to success
- What makes Gain Theory special
- The book that had the biggest impact on her
- On building data informed cultures
- How to deliver marketing excellence
- …and why shy bears get no honey!
Listen to the episode below, if you enjoy it, share it!
Stella Conversations is a series of informative and inspiring conversations between members of the WPP Stella women’s leadership group and a cohort of future leaders.
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.
This year’s Marketing Society Excellence Awards displayed the UK’s bravest and most impactful marketing achievements. Direct Line, Mars, John Lewis, The National Lottery, ITV and many more can now be added to the marketing hall of fame providing inspiration for years to come.
Reading the case studies, you get a real sense of vision and purpose. But what about measuring impact – the numbers behind marketing excellence? What role does measurement play in the ad campaigns that steal headlines, generate sales, and win awards?
In a world where a marketer’s currency isn’t solely focused on creative anymore, the data gold rush has taken its hold. A rush to measure, validate, optimise and manage based on the insights from the data mine.
Before we marshal marketers towards the fountain of eternal data and insights, let’s stop and think about the end goal. Why we’re doing it, how and when we should do it, the impact on marketers and crucially the business.
Research carried out earlier this year, conducted impartially by an ex-CMO with senior marketers in the US representing brands with a total of $1.9bn advertising spend, confirms a number of marketing measurement pain points: Metrics overload, or analysis paralysis; short termism, organisational structure and the need for one source of truth.
With this mind, the Society and Gain Theory have been collaborating to explore these challenges and how we solve them with senior marketers across global hubs – New York, London, New Delhi & Singapore.
Over dinner, high atop the London skyline at the lofty heights of the Gherkin, the Society convened Excellence Awards judges, winners and a wider group of senior marketers to take a 30,000 foot look at the choppy marketing measurement waters. We were in good company with marketers including Jaguar Land Rover, Direct Line, Samsung, HSBC, Wiggle, Hiscox and more.
Metrics that Matter
There was broad agreement on the following fact: we have so much data we can now measure the arse out of marketing.
The increase in channels available to marketers is leading to an increase in the number of metrics used for reporting. This firehose of analytics has crippled many marketers with “analysis paralysis” whereby there’s not enough time, resource, and skillset in a day – or a month – to go through all the numbers, identify the key statistics and discern lessons from them. One marketer sagely remarked, “Just because you can measure, doesn’t mean you can manage.”
In addition, some of the metrics are not sufficiently linked to business outcomes. As one marketer said ‘We have too many metrics that are not financial’.
The consensus is to focus on the metrics that really matter. One marketer said that her view on measurement was simply, “Do they see our comms and will they buy more as a result?” Everything else, it would seem, is salad dressing.
Then, there are metrics that we need on daily basis to understand and manage business impact of marketing to the ones that help us manage stakeholder expectation. Using the right ones for the right ‘internal audience’ was another solution provided around the table.
Other marketers highlighted that in the sea of available metrics “ROI is the easiest metric – it’s a winner.”
Another view was around digital – Google, Facebook et al all were name dropped, of course. The thinking here is that yes do it, but learn from it. To quote one marketing effectiveness leader at the table ‘Go play, but please measure’.
More advice around the table included:
- Think about the “So What?” factor – only measure things you can do something about
- Talk soft metrics and the board are not interested! Focus on metrics that give you credibility
- Define the 6 things that drive value creation
- Where measurement is concerned, it’s incumbent on marketers to set the agenda
Is Brand Marketing Dead?
A challenge that was cited repeatedly, is the sharp pendulum swing towards short-term activation. It feels like marketers are bemoaning a lack of focus on long-term impact, and thus the demise of brand marketing and subsequent impact on long term growth. One view was that this is being caused by C-Suite and shareholders expecting instant results.
Another perspective is that digital has been a pariah to long term effectiveness with one marketer saying “Digital allows us to activate sales quickly.”…“Brand marketing is dead.” Said another “We are so short-term focused – it’s all about instant results. If our campaign isn’t generating sales after 5 hours, its pulled.”
So, marketers are left wondering: how do we highlight how brand marketing can impact growth?
One solution offered was using the right language and metrics when communicating to the business and especially the C-Suite. Marketers must be able to communicate growth via metrics that impact both top and bottom line. So, it follows that even long term brand impact must be able to show an ROI.
Ultimately, we all agreed that short term is not a bad thing but rather that it’s not a battle between short vs long but more a case of re-evaluating short term within long term.
Magic vs Logic
There is a place for hard metrics and a place for being brave and trying things that are not measured or measurable.
There was a sense that if you’re able to walk into the board room with a great creative idea then your short term ROI worries go out the window. Big, bold executions still win hearts and minds of consumers, and after all after isn’t the goal for marketing to change human behaviour?
As one marketer said, “We all know that the number one driver of ROI is creative.” Gemma Greaves, Global CEO at the Society, cited the Cadbury’s gorilla campaign which apparently didn’t initially receive a great reaction internally – there were reservations:
Lee Rolston, Cadbury’s director of marketing at that time, is quoted to have said, “We had a pragmatic concern that it was just too far for Cadbury to go from where they were at that point; that there had to be some sort of stepping stone. But then we thought, ‘You know what? This is an opportunity; we should do what we feel is right rather than what we think they will think is right.’”
Apparently, the board were tasked to take the creative home for the weekend and show it to friends and family. Come Monday, the emotive, game changing power of the creative execution and its potential was clear: everyone loved it and the creative was given the go ahead.
What was truly great about the dinner in London was how open everyone was about their challenges, views and crucially how happy they were to offer a solution to each other. This is what makes the peer network of the Marketing Society so great.
There are a few key takeaways. Firstly, it’s imperative to focus only on the metrics that matter and that you can do something about. Secondly, it’s about managing a portfolio of risk both short and long term. Finally, even in a time of Big Data, there are occasions when tossing out the spreadsheet and going with your creative gut can move hearts and minds and ultimately ROI.
My final thought is that marketers are well placed to set the agenda for measurement. Not only do we have the data and resources to hand to measure top and bottom line growth but we also possess, in my mind, the biggest power of all: the ability to tell compelling stories that touch the hearts and minds of people. We must be braver and bolder in using the story telling ‘super power’ more with internal stakeholders, remembering to utilize the right language for the right audience whether C suite or across the organisations.
Read the original article here.
Gain Theory, the global marketing foresight consultancy, today announced the appointment of Russell Nuzzo as Global Head of Attribution and Marketing Technologies.
Nuzzo will spearhead Gain Theory’s innovation strategy helping clients solve marketing effectiveness challenges by leveraging business intelligence analytics and marketing technologies.
Formerly Head of Digital Analytics Services at GroupM, Nuzzo led the company’s proprietary Attribution solutions. Understanding media drivers at a granular level and informing media investment decisions is central to Nuzzo’s expertise. Nuzzo has delivered Multi Touch Attribution solutions on behalf of brands such as Target, P & G, Volkswagen and Dell.
“Russell is a rare and precious find in the data world,” said Manjiry Tamhane, Global CEO, Gain Theory. “He possesses deep analytics acumen as well as the ability to clearly articulate recommendations and actions that drive business benefit. It’s this unique ability to translate numbers into actionable intelligence that is core to Gain Theory’s offering and invaluable to our clients. We couldn’t be more pleased to have him on board.”
The appointment of Nuzzo is the latest example of Gain Theory’s commitment to building faster, smarter marketing effectiveness solutions that deliver business results.
Nuzzo holds a Masters of Science and Bachelors of Science in Economics from Auburn University. His career has seen him hold multiple senior Analytics roles across Wunderman, RAPP Collins and MediaCom in North America.
“I’m delighted to be joining Gain Theory,” says Nuzzo “Both the team and client base are fantastic and there is huge scope for game-changing analytics.”
As marketers, many of us start our careers mastering our craft and learning the art of marketing, advertising and communications. A few years pass and we start managing teams, and with this comes the development of new craft: balancing the needs of the day-to-day job whilst inspiring our colleagues and team members to help them achieve their full potential.
Then, there’s leadership – not just leadership of large marketing teams but leadership within the organisation, flying the flag for business growth and the ability to inspire everyone with a vision that will rally the troops towards a common goal. Unfortunately, that’s not a skill that is directly taught but, it’s an area where most of us want to be successful.
However, the path to becoming a marketing leader presents inherent challenges which can, in part, be progressed if we have honest, uncomfortable and brave conversations around the topic with peers and leadership experts.
With this setting in mind, the Marketing Society and Gain Theory partnered to host a dinner for marketers in Delhi, India addressing two topics:
- Marketing leadership
- Challenges and pain points around measuring marketing’s value
Our 20 high-calibre dinner guests spanned a range of industries – banking, telco, tech, retail – and passionately took part in the conversation. The opinions expressed were lively and arguments were passionate – there was no place to hide for those lacklustre in opinion.
The table was set and by god, the conversation was going to crackle throughout the evening.
Find the Value Creation Zone
To set the scene, Thomas Barta – a marketing leadership author and speaker – spoke about what it takes to drive business impact and career success based on research of over 8,600 leaders in 170 countries worldwide. He highlighted 12 specific ‘marketing powers’ that help mobilize your boss, colleagues, team and yourself. Amongst many inspiring insights, some of the truths that resonated with us are:
- Marketing is often perceived as a cost, the ‘fortune teller’– with little tangible value attributed to efforts, specifically value defined in business metrics that impact the bottom line
- Many marketers spend time on things that don’t really matter to the business
- You have to find the ‘value creation zone’ – projects that matter to your CEO and your customer. Where the two overlap should be your point of focus.
- Spend time getting commonly agreed metrics in place, to validate marketing contribution to the business
- …and articulate marketing value in business KPI terms
Mad Scientist Effect
When it comes to focusing time on the right things to become a marketing leader, a few bemoaned the ‘Mad scientist’ effect where many spend time following the latest shiny marketing toy which, in the end, distracts them from becoming a leader. One marketer said, “you need to heavily prioritise what you take to your CEO/CFO/CIO.”
However, the lesson is simple – when it comes to investment in innovation, test and learn and rather than wait to sell in change, just get on with it prudently under the radar with small portions of budget. One marketer at the dinner said, “Cypher off an amount of investment in your annual marketing budget for innovation and see this as ‘under-the-radar’ investment.”
Balancing the Spinning Wheels
One of our guests pointed out that whilst we try to become leaders, marketing is under immense pressure to answer a multitude of questions. Who are our high value customers? How do we cross-sell across category? How do we invest in innovation? How can you deliver and exceed customer experience?
Then there is the tug of war between short term results and long-term effects of marketing activity.
There is no other department being asked such a range of questions.
One solution offered was to balance the expectation of these questions, how they ladder up to business objectives and agree metrics by which to measure them.
When the conversation shifted to the trend that marketing initiatives and budgets are getting the last slot at the board meeting, there were a number of empathic nods around the table. There’s an expectation for marketing to come into the Board meeting with the fun campaigns, the pretty pictures and talk about softer metrics which don’t resonate with business language used in that forum.
One marketer said we need to ‘de-glamorise marketing’ and present the numbers that ladder up to business key performance metrics. Once you do this, the Board will start to lean in and take notice of the value that marketing brings in. Marketing can then start to be perceived as an investment that has tangible impact on the P & L instead of being perceived as a cost.
Marketing Value – Challenges & Pain Points
Manjiry Tamhane, Gain Theory’s Global CEO shared some insights from an independent research commissioned earlier this year with CMOs from brands representing over $1.9bn in advertising spend. The research revealed several marketer challenges and pain points around marketing measurement. A sample of quotes from the research were:
- “Can’t agree on which few metrics to measure or focus on”
- “Too many data points = paralysis”
- “We are making observations versus true insights into what’s driving the business”
- “Still too many silos in our organisation and not enough sharing between the data scientists and marketing”
- “We need one source of truth, a True North, that will drive our metrics and resulting insights”
- “No agreed method for cross media attribution”
Many of these quotes resonated with our dinner guests but on the last point,
one senior marketer pointed out that Marketing Attribution – understanding which marketing investments are working, in real time – is a real challenge and there is no common standard. There’s a need to understand which tech platforms to invest in, education around the topic and a need to invest in the right skillsets.
Metrics – the Cornerstone of Success
Metrics were a recurring theme, underpinning most conversations during the evening. Thomas pointed out that agreement on the key success metrics takes time, it might even take a year, but is worth investing the time.
“Ask sales what is meaningful to them in terms of metrics and work hard to satisfy and if not exceed this” said one marketer. Another said “It is your job as a marketer to set expectations. Satisfaction is ultimately about managing expectation and matching that with the right delivery”.
What we learned
As W.B. Yeats once said, “Education is not the filling of a pot but the lighting of a fire.”
Whilst the take outs listed above are all immensely helpful to our journey in becoming leaders, W.B. Yeats’s quote rings particularly loudly in relation to our dinner in Delhi. Mostly because the fire that was lit that evening through honest, uncomfortable, passionate and brave conversation led to the education of all around the table.
This article was originally published on The Marketing Society site.
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.
NEW YORK/LONDON—(June 11, 2015) – Gain Theory, a WPP marketing foresight consultancy, announced today that it is a founding member of Lions Innovation – a two-day event focusing on the interaction of data, technology and creativity that will take place at the 62nd Cannes Lions International Festival of Creativity on June 25-26.
The company will join a host of other industry leaders during the inaugural event, which will include seminars, product demonstrations, networking events and awards. Billed as “a festival within the festival”, Lions Innovation reflects the rapid rate in which data and technology are driving creative advertising and marketing solutions. As a Founding Member, Gain Theory will host a cabana where senior company leaders will meet with brand-side marketing executives to offer advice on how they can drive smarter, predictive marketing decisions based on the foresight generated from data and analytics.
The company’s chief executives will be participating at Lions Innovation, including Worldwide CEO Jason Harrison, Worldwide COO and CEO EMEA Manjiry Tamhane and Worldwide CSO and CEO APAC Sunder Muthuraman.
“The expanding set of consumer data available to marketers is a double-edged sword offering immense opportunity, hidden behind a wall of complexity,” said Harrison. “Lions Innovation is both timely and needed; it’s a reflection of both the natural link between insight and data, and the immense opportunities that union presents for marketers who know how to use it.”
Launched in April, Gain Theory employs 200 consultants worldwide who advise an expansive roster of Fortune 500 clients on how to leverage their consumer data to make smarter, faster, predictive marketing decisions.
The company’s WPP pedigree offers clients the best of both worlds: the heritage, experience and unparalleled resources in media and marketing of the world’s largest communications group combined with the objective, third-party analysis of an independent consultant.
Manjiry Tamhane, Worldwide COO and CEO EMEA says “Insights based on data and factual evidence is absolutely central in obtaining executive buy in for big brand ideas and game-changing creative.”
For further information contact:
Global Head of Marketing & Business Development
Are you overloaded by data? Do you get confused by jargon and terminology? Do you ask one question and get multiple answers? Do you want faster, smarter insights?
18 months ago Wiggle – a leading online sports retailer – were in this position. They were sitting on a mountain of data and it was giving them mixed messages. They were spending money on brand media, events, and sponsorship, and not measuring any return. They were able to optimise their online channels but not to align it with their other activity.
They needed clear insights at the right time.
How did they go about measuring their true return and plan for a better future across their marketing mix?
Join Adam Ryan, Head of Brand Marketing at Wiggle, and Matthew Chappell, Partner at Gain Theory, for a case study session charting the journey Wiggle went through. In this session Adam and Matthew will also cover the techniques employed to help them cut through Wiggle’s data overload.
To join this session register here for the Insight Conference free of charge.
Event: Insight Conference, at Marketing Week Live in London
Date: Weds 29 April
Time: Noon GMT
Venue: Olympia Central, London
Make sure you don’t miss out.
For many marketers measuring social media ROI is a daunting challenge, one we’re not quite yet sure how to meet, but an objective we continue to strive toward, driven by the need to understand channel effectiveness, achieve budget efficiencies and answer senior management calls to justify investment in new media.
So, what are the key considerations for marketers looking to measure the business value of social media?
- Social is more than marcomms and is challenging organisations
Social is helping to bring the voice of the consumer to the heart of the organisation. It is broadening the definition of media and blurring the traditional lines of responsibility for marketing and insight, operating as a communication channel, a service delivery platform and a source of insight. As an ‘always-on’ channel it is challenging the concept of a campaign with a clear start and end.
- Social is changing the way we measure – its evaluation is more than a dashboard
Social brings real-time feedback, meaning that the evaluation process can be integrated with each stage of campaign management from strategy, targeting, content development, delivery and evaluation. Increasingly, faster learning will lead to a greater emphasis on predictive benchmarks and not just metrics and dashboards, and to organisations adopting a much broader culture of test-and-learn.
- Avoid a siloed approach to social measurement
Social tends to work in conjunction with other media. Planning and evaluation stages need to be integrated with other channels in order to maximise its benefits, establish its value, and be more trusted as a mainstream option. This is equally true of evaluating Paid, Owned and Earned social media where the success of Owned and especially Earned is often a product of Paid and interaction with other media. A crucial objective of evaluating social is to understand how it works with other marketing at all stages of the consumer journey.
- It is easy to overestimate the value of earned media and influencers
Accurately measuring causality for earned media is hard. Even with some of the most sophisticated statistical techniques, it is easy to see a causal link when in reality there is only correlation. Another reason to cultivate a broad test and learn culture.
- The commercial value of social will increasingly lie in the richness of its data
Current methods of collection and analytics are not fully mature. Two areas in particular have further potential: sentiment analysis and Social CRM. Sentiment analysis will never be 100% accurate, but improvements in algorithms and data collection, will allow the signal to be stronger and more reliable. For Social CRM, given the potentially clearer value exchange for customers in offering personal social data, these data sets could be part of a gateway into much richer insight across an organisation.
- Social can learn from traditional planning
The best way to make use of the new opportunities presented by social is to ground them in what is already known about campaign measurement, for example, linking to objectives, based on clear assumptions, using comparable metrics. Measurement processes are effective when baked in from the start, not added retrospectively.
- Even the short-term results need a long-term context
One of the benefits of social is that it provides real-time measures which can be used to adjust and optimise activities. However, marketers need to recognise and account for the difference between short-term and long-term success in their measurement strategy. IPA study The Long and the Short of it has shown that key factors such as profitability and loyalty result from long-term effects, not simply cumulatively from short-term successes.