Procter & Gamble Launches Major ROI Review | News. Procter & Gamble Co. is the U.S.'s largest ad spender—and now it's embarking on a major review of how it measures the impact of that $5 billion-plus annual outlay. The move comes only two years after adopting a new system for measuring return on marketing investment and amid investor pressure for the world's biggest advertiser to get more bang for its marketing bucks. Two years ago, P&G consolidated marketing-mix-modeling efforts with Nielsen and brought on DemandTec, an IBM company that worked with Nielsen to deliver monthly ROI reports supplementing the annual or quarterly analyses the company used in the past. P&G scrapped DemandTec after getting readings that varied widely month to month and sometimes didn't gibe with analyses by Nielsen and others, according to people familiar with the matter.
(P&G and Nielsen declined to comment.) The U.S. The effort aims to better capture impact of digital media—including social and search—and explain sales trends P&G's models sometimes can't. Welcome to Forbes. 3 Ways Agencies Use Market Research to Win in 2013. People often ask us, “So, how is Market Research being used successfully today? …Can you give us any real examples?” Good news. We heard your cries and decided to write a whitepaper with multiple, real-life case studies. To give you a quick glimpse into why this whitepaper is worth your valuable time, let’s take a look at some of the main areas you can use Market Research to win in 2013. Early stage ideation and brainstorming In business, we often are unable to think too far outside of the box – we’re too close to the trees to see the forest. The final idea chosen is only as good as the potential ideas available, so it’s important to expand the range of ideas early on.
Concept refinement and optimization So you have a pool of ideas but don’t know how to determine which idea is the best? Budget setting and media-mix modeling For Marketers, budget setting can be a daunting task that is often a shot in the dark. Mindshare Wins Bacardi's U.S. Media Account After a Review. Mindshare’s Bacardi win in the U.S. comes on the heels of a couple of other significant prizes so far this year. Last month, the WPP Group shop successfully defended its global HSBC business, with annual media spending estimated at $400 million, and in February, the agency won the U.S. account of Lionsgate and Summit Entertainment, which collectively spend about $250 million each year.
Bacardi's annual spending totals $130 million. In the Lionsgate and Summit pitch, which came after the former acquired the latter last year, Initiative was the incumbent on Lionsgate, and Mindshare on Summit. Horizon Media also competed for the consolidated account. The other finalists for Bacardi were Horizon, TargetCast and the incumbent, KSL Media. Mindshare, which declined to comment, will run the business out of its New York headquarters. Ark referred calls to the Coral Gables, Fla. Location Data Is Transforming Mobile. Marketers rely on "hunches": News from warc.com. More Marketers Seen Relying on Experience Than Data for Decision-Making.
Only 32% of marketing professionals from around the world claim to be highly effective at engaging with individual customers, while even smaller percentages feel confident in their ability to identify and capture new markets (25%) or uncover new insights to generate additional business value (23%). These findings are from a new IBM study [pdf] that suggests that many marketers are limited in their analytical sophistication, basing their decisions more on past experience than prescriptive analytics that can improve their outcomes.
Grouping the respondents into 3 broad categories, the survey reveals that a plurality 40% are “traditional marketers,” described as “venturing into predictive modeling on a small scale, but generally lack[ing] the organizational clout and deep, prescriptive insights to effect broad-scale change.” Not surprisingly, traditional marketers lag marketing scientists across several data-driven areas. Topics: Analytics & Automated, Traditional. Build and nurture an analytical culture across marketing. Can Mobile Targeting Ever be as Accurate as Cookies on the Desktop? | Digital. Ptiongson : Harvard Business Review March... Can You Really Apply Algorithmic Attribution to Offline Conversions? In a word – Yes. But like most things, the real answer is ‘it depends’ on a number of factors.
As any marketer that has attempted to tackle this challenge knows, measuring the influence digital marketing has on offline conversions is both complex and difficult. However, when done effectively the customer insights gleaned can allow organizations to obtain drastically improved results through more targeted campaigns and media optimizations. One of the things we are asked often is where to start. As a general rule, businesses that are attempting to make sense of what is truly driving in-store conversions should work with a data on-boarding vendor capable of pairing household data with anonymized online personas. This type of holistic measurement cuts to the heart of the power of algorithmic attribution. The Rise of the Marketing Technologist: The CMO of the Future.
Stumbleupon The world has been digital for quite some time. The role of technologists in organizations has drastically shifted from the IT guy making sure everyone is connected to the printer to visionaries that are leveraging state-of-the-art platforms to put a brand at the center of a consumer’s experience. Gartner is predicting that by 2017, the CMO will spend more time than the CIO on technology. We’re seeing this already happening with progressive brands shifting budgets towards digital. Technology can no longer be kept in a vacuum. When technology and creative marketing are kept separated, it is impossible for innovation to thrive. The ability to syndicate content across all the relevant channels is as much a technology challenge as it is a marketing and communications one.
Who Is this CMO of the Future? I believe the CMO of the future is going to be a hybrid of a CIO and CTO; they are grounded in marketing strategy but willing to execute by any means necessary. SEO: Search isn’t dead. FieldGuidetotheWonderfulWorldofClients-Ciplex. The Dangers of Marketing Metrics Dependency. You know what they say about too much of a good thing, right? It's ... well ... not good. A glass of milk is a good thing; it's full of calcium and other vitamins that every body needs. But drinking a gallon all at once? Not so much. (Don't tempt yourself. The consequences ain't pretty.) When it comes to marketing, the same can be said for your attitude toward analytics.
But wait ... is this even a problem for CMOs and their marketing teams? Better Technology Means More Data According to the latest CMO Survey, 65% of companies fail to leverage marketing analytics in their marketing projects. Given the rapid pace at which new technology and software is emerging for marketers -- and as a result, how much more data is available to them -- these statistics are totally understandable. And the future for the adoption of marketing analytics looks promising. With Great Data, Comes Great Responsibility The misinterpretation of data is a common thing. Don't get me wrong. It's so true, right? The Language of Luxury: Content, Translation, & Culture In Between - Luxury Society - Speaker's Corner.
Vogue Paris launched online in 2012 in English Sara White Wilson, independent writer in luxury brand communications, examines the nuances of translation when it comes to luxury marketing and media As a luxury consumer, beauty products are my péché mignon (a French phrase meaning ‘weakness’, though I greatly prefer the literal translation: ‘cute sin’). As a luxury professional, language is my métier (also a French word, meaning ‘trade’, though the term carries greater weight than ‘occupation’).
Little surprise then that each time I spend a healthy degree of cash on some beauty potion, I thoroughly – studiously – read the product insert, and often in each language to, say, brush up on my German. It indicates that the copy and its translation were produced by locals and in the native language of the region where the product was conceived. . “ Sloppy copy can make a brand look not only unprofessional but also provincial ” Translation is in the limelight of late. Conference Day 2 - Customer Insight & Analytics for Financial Services.
Advanced Attribution Video. Marco Vriens - Two Killer Apps for Big-Data. Home | Blogs | Message Boards | Webinars | Resources Marco Vriens Two Killer Apps for Big-Data Bio Email This Print Comment 10/4/2012 Post a comment Login to Rate in Share 0 As Aristotle Onassis once said, “The secret of business is to know something that nobody else knows.” So from a practical point of view, how do business decision-makers or marketing directors fend off that siren's song and the allure of big-data until they're truly ready and able to use it? Don't get started by randomly looking for that nugget about which nobody else knows. As I've mentioned previously , I've seen a variety of big-data uses. In a recent Journal of Marketing Research piece , researchers proposed an analytical approach that uses big-data (e.g. In the case of the second big-data killer app, marketing mix efficiency, the combination of traditional data and big-data has led to compelling insights.
This is valuable for two reasons. View Comments: | Oldest First | Threaded View [close this box] Blog 3 comments Oct 5th. Percolate, New York's Gift To CMOs, Has More Than 30 Fortune 500 Clients. 10 Places for Market Researchers to Learn about Data Visualization. Have you ever sat through an interminable PowerPoint presentation about market research data? How did it make you feel? I thought so. We all could stand to learn ways to present data in a parsimonious and beautiful way. After all, as researchers, we are in the business of communication about data. I recommend you keep up on the dynamic world of data visualization. Here are 10 links that will help you get started understanding different aspects of this fascinating discipline. Bitsybot is a really cool site by GfK Custom Research’s data wiz Bitsy Hansen.The good folks at O’Reilly Media have an extensive collection of data visualization resources.Information is Beautiful is by “data journalist” David McCandless.
Enjoy! Image Credit Related posts: FirstWord Pharma. 3 Problems with Gamification in Market Research. If you’re in market research and you haven’t heard of gamification, you’ve got your head in the sand. Over the last year, it’s evolved from computer game speak to being a possible saving grace for our industry. For those who are less than well-informed, have a look at Research Through Gaming. Essentially, the concept refers to applying the rules of gaming to market research. That being said, the last year has also taught me that there are numerous problems with gamification in market research. Here are just three of my major concerns. Gamified research produces different results than non-gamified questions. Like this: Like Loading... Myth Buster. Business people pride themselves in their decision making and many businesses embed market and competitor research into this process. However, because business people are prone to the same human frailties as all of us this can discourage the use of research and insight.
Behavioural science suggests that as people gain experience and knowledge in their area of expertise they have a tendency to become overconfident and complacent about their ability to understand the past and predict the future. Our brains assume that we are living in a simpler, more predictable world than is really the case. This is one of the most useful insights of behavioural economics and yet professionally a difficult truth to acknowledge when we like to be seen as an expert our field.
Indeed, we are sometimes informed that decisions have been made on the advice of an ‘expert’ as if this guarantees the quality of the process. As humans we are certainly prone to the illusion of understanding. CAVE Men! Market Research Company Singapore & Asia, Research Consultants. Don’t Let The Budget Dictate Your Market Research Approach. A recent report about market research in the pharma industry revealed that the combination of both qualitative and quantitative research is ideal in order to facilitate better decision making regarding product launches.
The problem often is that there is not always budget for both. Depending on the industry and target market, qualitative research may be cheaper than quantitative research or vice versa. In some cases, both approaches yield similar results, but this doesn’t mean that picking the cheapest will be your best bet. I had a client who wanted to test pricing for a new product with a couple of focus groups.
This was a cheap, but useless approach for what he wanted to accomplish. Qualitative and quantitative research approaches have different roles in new product development research. If you budget is limited, you should really think hard about the type of decision you expect to make when the data comes back. Dentsu to buy Aegis for £3.16bn. JAPAN/UK— Japanese marketing services company Dentsu is to buy media buying and digital marketing group Aegis for £3.16bn, including the Aztec scan-data business and the Aevolve marketing effectiveness company.
The offer has been recommended by the board of Aegis and is subject to acceptance by shareholders. It plans to combine Dentsu and Aegis to “create a new global communications network for the digital age focused on delivering best-in-class brand, media, digital and marketing services for the combined client base through a fully-integrated social platform.” Aegis says the deal comes as a result of its “transformation” when in October 2011 it completed the sale of Synovate, enabling “a full focus on Aegis’s core business as a specialised provider of media and digital communications, advertising solutions and information to major companies”. Follow us on. 4 Helpful Tips for Better Survey Responses. There was an instructive exchange in my recent interview with behavioral economist Dan Ariely. I asked him about how to apply lessons from his recent book, “The Honest Truth About Dishonesty,” to the world of commercial survey research.
Could we apply some of those lessons to the way we structure the survey-taking task in order to maximize the accuracy of the answers that respondents provide? In response to my question Professor Ariely gave a thoughtful response which included 4 distinct interesting, innovative and practical tips. Here’s the relevant portion of the interview. Dana Stanley: There’s a lot of angst in the market research world about cheating among respondents taking surveys.
Tip #1: Enable Greater Anonymity for Sensitive Questions Dan Ariely: I think we need to separate here two types of cheating. So imagine, for example, that we ask people how often they cheat in golf. Dan Ariely Now personally, how do they know how much other people are cheating? Tip #3: Respondent Pledge. Marketing analytics: some more thoughts. Taking Healthcare Market Research into the New Normal < Points Of View < Knowledge & Ideas. Why Storytelling Is The Ultimate Weapon. Tiplist for your Qualitative Research Project. P.ost. Reframing well-being by The Futures Company. Should Social Media Replace Surveys? | Competitive Advantage Marketing Inc. The Accountability Gap. 8 Hot Media Trends You Need to Know. French shoppers look online. TNS studies car buying in China. Analytics Drives Next Generation Of Moneyball In Sports - Software - Business Intelligence. HubSpot Inbound Marketing Software.
Why You Need Marketing Analytics, Not Web Analytics. What Brands and Marketers Should Pay Attention To on the New Facebook. Why we need operations research. Thinking: Articles: Landor's 2011 trends forecast.