Are we using the correct KPIs to fully understand the path to purchase?
In the digital age, understanding the impact that marketing investment has on brand strength is a pressure point for many marketers. Picking the right methodology to fully understand the path-to-purchase is the next challenge.
In addition to Marketing Mix Models which focus on single KPIs that drive sales directly, marketers should be allowing data to tell the full story, and thus examine as many KPIs as required to derive a holistic understanding of the marketing ecosystem.
Jon Webb, Managing Partner at Gain Theory will be addressing this topic on stage at the CoFuture event and taking us through the methodology.
CoFuture, organised by WPP, is Turkey’s first 2-day media and marketing-oriented innovation summit, where close to 40 roster of WPP companies and entrepreneurs working in the field of technology and innovation will be able to meet with different start-ups, share new ideas, solutions and visions for the future of branded communications.
In the Gain Theory session on 6th of April at 11:45, on day 2 (Friday) Jon will explore:
- Understanding the KPIs that are needed to fully unveil the path to purchase
- Measuring marketing – long and short term, across media channels
- Re engineering measurement to understand the impact on brand value
To meet with Jon at the event please email firstname.lastname@example.org.
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The introduction of GDPR in May 2018 is going to cause a significant shift in how companies carry out personalised marketing.
However, for savvy marketing leaders, it represents an opportunity to significantly improve customer engagement. Those companies who are prepared, are thinking holistically, and who can demonstrate value back to their customers, are well-placed to succeed in this new world.
Restricted use of Personal Data
An increasing number of marketing channels use Personal Data, such as Programmatic Display and Addressable TV (and online identifiers such as cookies will be considered as Personal Data within GDPR). This type of targeted media does not always use personal data which is controlled by the advertiser, but still requires the use of personal data collected by a third party. The new regulations do not solely impose obligations on data controllers but also on data processors i.e. advertisers buying in personal data from a third party.
This means that advertisers will be obliged to apply much greater scrutiny to the way in which the third party has communicated to the consumers whose personal data it is now selling on. There is a real risk that the pool of available third party data will be considerably reduced. All marketing that uses Personal Data (including third party data) should be identified, and then reviewed from the perspective of the customer.
Add Value to Customers
The increased requirements in obtaining consent for the use of personal data to direct marketing activity has the potential to lead to a much lower percentage of customers that can be marketed to. Therefore, marketing content will need to be viewed in a positive enough light by customers that choose to receive it.
In practical terms, GDPR is making us stop and think harder about marcoms, going back to basics and re-evaluating key questions such as ‘do our customers benefit from receiving our marketing?’. If the answer is ‘no’, then this type of marketing activity will no longer be viable in the post GDPR world, as why would any customer actively choose to receive marketing that does not benefit them? If the answer is ‘yes’, then the customer has a reason for choosing to receive marketing, and for many customers it will be in their best interests to do so.
So, in the run up to GDPR, marketers need to think about how their content and communications demonstrate value to customers. Consider the following points:
- Authenticity: marketing must be clear and honest in its purpose. Content should offer customers genuine value. For example, avoid embellishing an offer which sounds good but has lots of restrictions.
- Personalisation: demonstrate to customers that their personal information is being used for their own benefit, by providing tailored content that meets the customer’s needs.
- Creative Execution: try to make the content stand out to ensure it is seen (but not at the expense of authenticity).
- Frequency: as tempting as it might be to push out as much content as possible before GDPR comes into force, this might be counterproductive. Lower frequency but high impact (authentic, personalised and valuable) is the best strategy to influence customers’ perceptions of marketing content.
Think Holistic and Cross Platform
Personalised and direct marketing needs to be viewed as part of a holistic marketing strategy, not just in isolation. Whilst non-personalised marketing such as above-the-line advertising will not be directly affected by GDPR, it still plays a key role in influencing customers’ brand and marketing perceptions. Think about the messages you are putting out in the run-up and around GDPR to help underscore value in the customer’s mind and ensure your cross-channel messages tie up. If direct marketing is not aligned to other marketing content, it will appear inauthentic regardless of the truth of the content.
Whilst it is easy to view GDPR negatively it is, in fact, driving many good practices in marketing and not only in the day-to-day stewardship of personal data itself. A truly customer focused approach to marketing has been an ambition for many companies, and will now become a necessity. By forcing marketers to think hard about how to improve the perception of their marketing amongst their customers, this regulation will help companies become more customer focussed and lead to an improvement in the overall quality of individual marketing.
GDPR AT A GLANCE
What is it?
The General Data Protection Regulation (GDPR) is the new EU-wide regulation for personal data that takes effect on 25th May 2018. This regulation will give individuals more control over how their Personal Data is collected, stored, used and deleted. Note that Personal Data includes a wider range of information than PII (Personally Identifiable Information), especially when it comes to online identifiers.
The primary concern for any business should be to be operating legally within the GDPR as soon as the new regulation comes into force, as failure to do so could lead to a heavy fine. Many companies that use personal will have a Data Protection Officer who is responsible for compliance with GDPR (this is a legal requirement for some types of processing activity only). A good starting point for any marketer would be to talk to your organisation’s Data Protection Officer (if you have one).
What this means for marketers
The most important consideration for marketers is that they must have a legal basis for processing personal data. Where they rely on consent as the legal basis the new regulation raises the bar for that consent and it must be “freely given, specific, informed” and signified by an “affirmative action”. This means individuals must actively signal their agreement to the use of their personal data (pre-checked opt-in tick boxes and offering an opt-out tick box for example, are unlikely to satisfy the regulations). It also means that clear, plain English language, must be used to explain what the individual is agreeing to and the specific use cases need to be carefully explained. Furthermore, at the same time as obtaining consent individuals must be told how they can later withdraw their consent at any time.
This will impact any marketing activity that uses personal data, so the largest impact will be on Direct Marketing (both direct mail and email). Online advertising using customer information that falls within the GDPR description of Personal Data, such as programmatic display, will also be affected. Companies must assess in respect of all customers (new and existing) what the legal basis is upon which they rely to validly use their personal information for marketing purposes – to use it without a legal basis will be unlawful.
Singapore (December 01) – Gain Theory the global marketing foresight consultancy, today announces further expansion into APAC with the launch of a regional HQ in Singapore and naming Rishi Mohanty as Managing Director of the region.
The launch of a new regional HQ is in response to heightened client demand for predictive marketing analytics that goes beyond standard insights and towards actionable foresights.
As a direct-to-client consultancy, Gain Theory specialises in providing actionable recommendations to clients by using faster, smarter decision making capabilities. Gain Theory already has experience delivering marketing effectiveness solutions across 14 APAC countries including China, Japan, Australia and India.
Rishi Mohanty will lead client engagement in the region, joining the consultancy with over 20 years experience in media, data and strategy most recently at Mediacom. Mohanty has an impressive record solving business challenges in markets such as China, Japan, India, Australia, and Singapore acting as a trusted client advisor to brands such as Procter and Gamble. He will report into Manjiry Tamhane Global CEO.
Commenting on his new role, Rishi remarked “Fundamental shifts in customer path to purchase and expectations require an adaptive and unified marketing strategy responsive to today’s consumer. I’m most interested in helping clients solve their marketing effectiveness challenges, with the range of client-first strategic capabilities that Gain Theory has on offer.”
Manjiry Tamhane “Having our APAC HQ based out of Singapore will help us accelerate client solutions via access to great talent, WPP infrastructure and proximity to key countries in the region. I am delighted to have Rishi on board to launch this new HQ. Rishi has a rare ability to stitch together data, technology and insights into stories and then advise clients on actionable tactics in-campaign as well as game changing strategies.’.
September 26 through to the 30 sees the 13th edition of Advertising Week in New York take place. A melange of marketers, agencies and media will descend upon NY to mull over some hefty themes and revel at the legendary evening events that the organisers and their sponsors throw.
Gain Theory will be there, alongside the Marketing Society USA who are hosting an exclusive invite-only senior leadership lunch on Weds Sep 28.
Over lunch, we will hear from marketing leadership expert and author of The 12 Powers of a Marketing Leader Thomas Barta about what it takes to be a marketing leader. We will also be discussing the pain points and challenges we face in marketing today, with a view of offering up shared experiences and solutions.
Register your interest
If you are a client side CMO or senior insight or research professional, please email email@example.com for more information or to register your interest.