Advanced Marketing Analytics Cheat Sheet for CEOs
Big companies are increasingly using advanced analytics technology to improve marketing effectiveness and generate more revenue per ad dollar spent. As a result, they are delivering tens, and sometimes even hundreds of millions of “found” dollars to their bottom lines. Short of creating some killer new product or service, there are few if any ways a big company CEO can move the needle quite so dramatically.
Companies that are getting it right, however, are often reluctant to talk about their success because it generates a competitive advantage they want to protect. As a result, the most successful CEOs are not necessarily letting other CEOs in on the secret.
In a recent article published on Forbes, MarketShare’s CEO, Jon Vein, provides a helpful “cheat sheet” on traits that are common to companies that are achieving success with marketing analytics. A few key takeaways for CEOs from Jon’s Forbes article “An Advanced Marketing Analytics Cheat Sheet For CEOs” are:
- Do no harm – use context and business judgment in conjunction with good math and analytics.
- Look ahead – transform insights from past data into simulations and optimizations for the future.
- Don’t live in a bubble – true insights require outside data.
- Track the entire purchase journey – account for all of the different touch points that influence purchases.
- You need a “top down” and “bottom up” approach – start at the top and drill down to see big trends and individual purchase behavior in both the online and offline worlds.
- Have a “right brain/left brain” view to more closely approximate what is happening in the real world.