tag:econsultancy.com,2008:/topics/data-analytics Latest Data & Analytics content from Econsultancy 2017-06-27T15:00:00+01:00 tag:econsultancy.com,2008:BlogPost/69203 2017-06-27T15:00:00+01:00 2017-06-27T15:00:00+01:00 Research: Three lessons from the most successful marketers Stefan Tornquist <p>With disruption a real possibility for slow movers, the report is less focused on where average companies are today than where they are going. It attempts to highlight the factors that differentiate successful, forward-looking companies from their peers.</p> <p>To that end, respondents have been divided into two groups, based on performance. “Leaders” are defined by significantly exceeding their top 2016 business goal and comprise roughly a quarter of the sample. The remainder are designated the “mainstream” for comparison.</p> <h3>Leading marketers are truly data-driven</h3> <p>Most companies say they want to be “data-driven,” but it’s a goal that eludes many. One reason is that not all senior executives have internalized it; only about half (51%) of mainstream company respondents report that being data-driven is a top priority for their chief executives.</p> <p>That’s in contrast to those from the most successful organizations, two-thirds (67%) of whom say that executive leadership is already committed to being data-driven, both within marketing and the larger business. Most of the remainder believes that this priority will apply to their organizations within 12 months.</p> <p>Efforts to master customer data were initially focused almost exclusively on digital advertising opportunities, but a market-wide focus on customer experience has expanded brands’ motivations. Today, data is recognized as the foundation of marketing strategy, customer understanding and accurate decision making.</p> <p>Data isn’t an abstract goal at leading companies; it has become part of their culture. Some of the clearest distinctions between forward-leaning brands and their peers are their everyday uses of data, and applying data strategy principles.</p> <p><em>Figure 1: To what extent does your organization make decisions based on data/analytics insights in the following areas? </em><em>Respondents: 652</em></p> <p><img src="https://assets.econsultancy.com/images/0008/7073/pic1.png" alt="" width="615"></p> <h3>Leading marketers believe in collaboration and open access</h3> <p>Creating a structure for more efficient and innovative interactions within and between business units is central to a more responsive and flexible business. Respondents see the availability of data, and its fluid movement, as a pillar of their reimagined organization; 86% of senior executives (SVP or higher) agree that eliminating organizational silos is critical to expanding the use of data and analytics in decision-making.</p> <p>In fact, they see this level of restructuring as fundamental to success. Eighty-four percent of senior leaders agree that business structures/organizational silos are the biggest barrier to communication and information sharing.</p> <p>Enabling marketers to better communicate with analysts and with each other across sub-disciplines and teams is seen as essential, especially as marketing departments come to rely heavily on data. Across all respondents, 93% agree that collaboration between marketing and analytics teams is essential to driving results.</p> <p>While collaboration is critical, another way to break down silos is to go one step further: enable and encourage access to data and provide the necessary training to use it. The potential payoffs are significant: </p> <ul> <li>Marketers at every level can work with data on their own deadlines.</li> <li>Everyone has a stake in how data is collected, defined and used; employees move toward a culture which assumes that data will be a part of decision making.</li> <li>Analyst time is freed up to guide the expanding pool of data users and ensure alignment with KPI definitions and strategy.</li> <li>Further, analysts and data scientists can focus on higher order questions instead of prosaic performance and segmentation questions.</li> </ul> <p>Leaders have internalized the potential for information flowing freely across the organization; they are 57% more likely than the mainstream to strongly agree that open access to data leads to higher business performance. (58% vs. 37%) Security underpins any successful initiative to share data more widely, and leaders are 31% more likely to include the standards and processes related to data security and privacy in their strategic documents. (68% vs. 52%)</p> <h3>Leading marketers see strategy as a tool for a daily advantage</h3> <p>Strategies can be dry, distant documents, or they can be dynamic tools that focus decision making, speed processes and enhance the business benefits of data and analytics.</p> <p>Leaders are 35% more likely to have a documented data and analytics strategy (66% vs. 49%). More importantly, they are more likely than the mainstream to have strategies that are useful to the largest share of stakeholders in marketing on a day-to-day basis. Figure 2 compares adoption across a range of elements by the two groups.</p> <p><em>Figure 2: Leaders vs. Mainstream - Do the following apply to your organization today? Respondents: 622</em></p> <p><img src="https://assets.econsultancy.com/images/0008/7074/pic2.png" alt="" width="615"></p> <p>What is an organization trying to accomplish with data analytics? Under the surface there might be a hundred answers, but at any given time, the company can only effectively support a handful of priorities. Only 53% of mainstream companies report that their strategy associates current, specific business goals with the data practice, compared to nearly three-quarters (74%) of leaders.</p> <p>Misalignment creates issues of priority and resource allocation; half of all respondents say that lack of alignment in goals/objectives for data and analytics presents a significant or critical negative impact on their organizations.</p> <p>This lack of clarity often extends to how important metrics are defined and measured. In fact, 45% of all respondents say that unclear definitions of KPIs present a significant or critical negative impact on their organizations.</p> <p>To address this, 70% of leaders’ strategies include definitions for KPIs in both earned and owned media. These definitions are fundamental tools for marketers. They ensure that internal discussions use the same data in the same ways, and provide a specific frame of reference for external conversations with third parties such as technology vendors, agencies, measurement services and data providers. </p> <p><em><strong>The Customer Experience is Written in Data report </strong></em><strong>also covers</strong><em><strong>:</strong></em> </p> <ul> <li>How leaders are investing in technology</li> <li>The importance of trust in data and how to build it</li> <li>Encouraging data access across the enterprise</li> <li>The real impact of technology integration</li> <li>Deploying strategy as a service</li> </ul> <p>Econsultancy subscribers can access the full report <a href="https://econsultancy.com/reports/the-customer-experience-is-written-in-data/">here</a>.</p> tag:econsultancy.com,2008:BlogPost/69197 2017-06-23T09:24:15+01:00 2017-06-23T09:24:15+01:00 “It was a great campaign. It cost me $2M”: A discussion on EMV and social media measurement Nicolas Chabot <p><strong>Me:</strong> I would love to understand how you measure success on social and especially on your influencer programmes.</p> <p><strong>CMO:</strong>  Ideally, we’d like to find a simple and easy number that management can relate to, and we are looking to use Earned Media Value as a core KPI to measure success there, including on influencer relations. We see that some of our competitors even use EMV in their communication with financial analysts.</p> <p><strong>Me:</strong> Really? Interesting. It sounds like an updated Advertising Value Equivalent from the PR world. At a time when leading communication associations such as AMEC are now officially discarding AVE, is it not contradictory to push an equivalent metric into the new digital world ? </p> <p><strong>CMO:</strong> I understand your challenge. EMV however is seen as a simple, understandable number that is also easily comparable among brands or regions. We really need some way to quantify all this great organic content the teams are generating, and we believe it’s a good and easy way to put a value on it all. It also gives a sense of ROI to the investment we make to grow our earned media presence.</p> <p><strong>Me:</strong> Measuring success of your brands on social in a consistent way is indeed absolutely critical.  It’s interesting you say ‘value’. But thinking about how you typically measure success on communication activities - if someone asks you about your latest TV campaign, would you typically respond: “Yes, it was great! It cost me $2M”?</p> <p><strong>CMO:</strong> No, of course not! We would use “target coverage” and “repeat” as core KPIs to measure the efficiency of the media plan and then awareness and attribution as key outcomes for example.</p> <p><img src="https://assets.econsultancy.com/images/resized/0008/6972/sharp-1844964_1920-blog-flyer.jpg" alt="" width="470" height="314"></p> <p><strong>Me:</strong> That seems to make sense. So I am wondering why you would try to measure your success on social media through a measure of cost? How can costs be a success measure then? To compound this; EMV is not a real cost, It supposed to be the equivalent cost of purchasing such content whereas the value of such content lies in the fact you cannot buy it. </p> <p><strong>CMO:</strong> And what about paid posts where we can actually ‘buy the content’? </p> <p><strong>Me:</strong> OK, so…. practically, how would you calculate EMV? What is your methodology for putting a $ to a retweet or an Instagram post? Are you assuming that $ value is identical for all your brands?  </p> <p><strong>CMO:</strong> The methodology seems a little unclear to be honest, and does seem to change wildly month on month, which makes benchmarking difficult. Some vendors seem to be able to come up with standardised numbers to value a publication or an engagement. In the end the important thing is that the same approach is used across all competing brands so that our “share of EMV” remains a valid concept.</p> <p><strong>Me:</strong> I can understand how a single metric would be useful internally, but it concerns me that some companies would communicate a KPI to financial analysts that they wouldn’t be able to explain, even on a “market share” basis.</p> <p>On the same topic, I was reading a post on LinkedIn the other day by a marketing executive at a global car company, quoting “I normally value a “like” on Facebook or Instagram around €0.3-0.4, while I give more value to a “share” because it generates more engagement among other users so I value it around €2-3”.</p> <p>Does this mean that if I like or share an influencer post, I immediately create €2-3 of value ? If yes… I want that money!</p> <p>(laughs)
</p> <p><strong>CMO:</strong> Well, yes, it guess it’s not real $. It is a “theoretical value”. But what would you recommend as a valuable way to measure success on social media then?</p> <p><strong>Me:</strong> When we work with clients, we help them develop their measurement framework using the <a href="https://amecorg.com/how-the-barcelona-principles-have-been-updated/">Barcelona principles</a> and AMEC’s recommendations. In particular we try to focus on the impact of communication. We’d generally advise against single ‘black box’ metrics that aren’t clearly understandable. </p> <p>For influencer programmes, we believe “engagement” is a very strong proxy of impact for example. But this metric only makes sense if you track it in the overall context of the objectives of your brand: are you trying to build awareness? Advocacy? Generate traffic to your web assets? Leads for your sales team? It’s not an easy or quick conversation, but one we’d love to have ;)</p> <p><strong>CMO:</strong> I see.</p> <p><em><strong>More on social media measurement and influencer marketing:</strong></em></p> <ul> <li><a href="https://econsultancy.com/reports/the-rise-of-influencers/">The Rise of Influencers</a></li> <li><a href="https://www.econsultancy.com/blog/69144-measuring-social-media-roi-case-studies-stats-that-prove-it-s-possible">Measuring social media ROI: Case studies &amp; stats that prove it’s possible</a></li> </ul> tag:econsultancy.com,2008:Report/4470 2017-06-21T16:00:00+01:00 2017-06-21T16:00:00+01:00 Digital Intelligence Briefing: 2017 Digital Trends in Healthcare and Pharma <p>The <strong>2017 Digital Trends in Healthcare and Pharma </strong>report reveals a sector that has just started to embark on its digital transformation journey, but with a huge potential for disruption through emerging digital technologies.</p> <p>After a slow start due to the complexities of a siloed sector with legacy infrastructure, alongside heavy regulation and risks associated with patient data and care, healthcare and pharma companies are likely to see exponential change over the next few years as digital data storage and sharing becomes the norm.</p> <p>The research, conducted by Econsultancy in partnership with <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, is based on a sample of almost 500 respondents working in the healthcare and pharma sector who were among more than 14,000 digital professionals taking part in the seventh annual Digital Trends survey, carried out in November and December 2016.</p> <h3>The following sections are featured in the report:</h3> <ul> <li>A sector ripe for digital disruption</li> <li>Shifting control results in a focus on the customer</li> <li>The future looks more promising than ever</li> <li>Actionable tips to help future-proof your healthcare/pharma business</li> </ul> <h3>Findings include:</h3> <ul> <li>The healthcare and pharma sector lags behind others in terms of digital maturity. Strict regulations and a lack of universal standards mean that new entrants find it harder to establish themselves, and levels of risk associated with human health are greater, which can limit innovation. Only 6% of companies describe themselves as digital-first, compared to an average of 11% across other sectors.</li> <li>Healthcare and pharma companies are 14% more likely than their peers in other sectors to consider customer journey management as a top-three tactical priority in 2017, with larger organisations even more likely to prioritise multichannel campaigns and journeys, and also to join up online and offline data.</li> <li>The boom in wearables that collect lifestyle and fitness data is of huge benefit to an industry whose wealth of existing data is often locked up by regulation or in non-digitised formats. Two-thirds of healthcare and pharma companies see improving data analysis capabilities as ‘very important’ for the coming year, reflecting the need for skilled staff to collect, distil and analyse this data influx.</li> <li>Virtual reality (VR) and augmented reality (AR) are being incorporated into new healthcare technologies and systems, with uses ranging from training doctors in operating techniques to gamifying patient treatment plans. Over a quarter (26%) of respondents see the potential in VR and AR as the most exciting prospect for 2020.</li> </ul> <p><strong>Econsultancy's Digital Intelligence Briefings, sponsored by <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, look at some of the most important trends affecting the marketing landscape. </strong><strong>You can access the other reports in this series <a title="Econsultancy / Adobe Quarterly Digital Intelligence Briefings" href="http://econsultancy.com/reports/quarterly-digital-intelligence-briefing">here</a>.</strong></p> tag:econsultancy.com,2008:TrainingDate/3239 2017-06-12T16:35:46+01:00 2017-06-12T16:35:46+01:00 Data-Driven Marketing <p>Not unsurprisingly data is at the heart of data-driven marketing; personal data that is.</p> <p>The engine providing all this personal data is Surveillance. Every ‘pip’ and ‘squeak’ of the human race is now fuel for the data-driven marketers. On-line, mobile, in-store, social; every interaction has the potential to provide meaningful, useable marketing insight.</p> <p>To succeed in delivering the results from your data-driven marketing strategies, you must be an expert program manager, multi-national legal guru and technical ‘know-it-all’! The pace of change is daunting, both technically and legally.</p> <p>The ‘Hero Objective’ of this course is to learn how to continue to drive results from data-driven marketing under the new GDPR and ePrivacy Regulation.</p> tag:econsultancy.com,2008:Report/4502 2017-06-08T11:00:00+01:00 2017-06-08T11:00:00+01:00 Digital Transformation in the Financial Services and Insurance Sector <p>The<strong> Digital Transformation in the FSI Sector: Gearing up for success in a changing market</strong> report builds on our <a href="https://www.econsultancy.com/reports/digital-transformation-in-the-financial-services-sector-2016">previous report</a> looking at digital transformation in the sector. The report aims to explore the approaches new entrants are taking and their focus on the customer experience and marketers' responses to challenges, as well as providing recommendations on approaches to and opportunities related to digital transformation.</p> <h2>Methodology</h2> <p>We carried out a series of in-depth interviews with senior executives from across the financial services and insurance industries to understand how a range of organisations were responding to different opportunities and challenges.</p> <p>Companies interviewed included: The AA, Atom Bank, Aviva, AXA PPP Healthcare, Bought By Many, Lloyds Banking Group, Monzo, National Australia Bank, OCBC Bank, HSBC Singapore, Salesforce and UBS Wealth Management, APAC.</p> <p>We also looked at sector-specific data from our <a href="https://www.econsultancy.com/reports/2017-digital-trends-in-financial-services-and-insurance">2017 Digital Trends in Financial Services and Insurance sector</a>.</p> <h2>What you'll learn</h2> <p>The financial services industry has seen more disruption in the last few years and continues to face significant challenges as new players are seizing the opportunity to enter these markets and new models emerge.</p> <ul> <li>Customer experience continues to be a major focus for marketers and new entrants are focusing on differentiating the customer experience and making the financial lives of customers easy.</li> <li>Having the right strategy and culture to deliver digital transformation is seen as essential with strong leadership from the top.</li> <li>Data is perceived as being a huge part of the digital transformation journey.</li> </ul> <h2>You'll discover findings around:</h2> <ul> <li>How companies are looking to differentiate the customer experience and deliver value to their customers.</li> <li>Ways in which companies are re-orientating their focus around customers and moving away from being product-focused to putting the customer first and delivering products and services more aligned to their needs.</li> <li>The importance of earning trust in the sector and delivering more transparent services to customers.</li> <li>Practices companies are adopting to work in a more agile way. </li> <li>Encouraging a digital culture where digital is not a bolt on. </li> <li>Unlocking the value of data to understand customer journeys and behaviour to deliver more personalised and relevant communications.</li> <li>Importance of innovation starting with the customer and how companies are collaborating and partnering to drive change. </li> </ul> <p>Download a copy of the report to learn more.</p> <p>A <strong>free sample</strong> is available for those who want more detail about what is in the report.</p> <h2>How we can help you</h2> <h2 style="font-weight: normal; color: #3c3c3c;"><a style="color: #2976b2; text-decoration: none;" href="https://econsultancy.com/training/digital-transformation" target="_self"><img style="font-style: italic; height: auto; float: right;" src="https://assets.econsultancy.com/images/resized/0004/8296/rgb_dt_logo-blog-third.png" alt="Digital Transformation" width="200" height="66"></a></h2> <p><a title="Digital transformation - Econsultancy" href="https://econsultancy.com/training/digital-transformation/">Digital transformation</a> is a journey that's different for every organisation. To enable delivery of your digital vision (or help you shape that vision) we’ve designed a comprehensive approach to tackle your transformation.</p> <p>Covering everything from strategic operational issues, down to specific marketing functions, we will work with you to achieve digital excellence.</p> <p>Talk to us about an initial, no-cost consultation.</p> <p>Contact our Digital Transformation Team on <a href="mailto:transformation@econsultancy.com">transformation@econsultancy.com</a> or call</p> <ul> <li>EMEA: +44 (0)20 7269 1450</li> <li>APAC: +65 6653 1911</li> <li>Americas: +1 212 971-0630</li> </ul> <p><iframe src="https://www.youtube.com/embed/2q_lWLm5qtg?wmode=transparent" width="560" height="315"></iframe></p> tag:econsultancy.com,2008:Report/4471 2017-05-31T11:00:00+01:00 2017-05-31T11:00:00+01:00 Digital Intelligence Briefing: 2017 Digital Trends in Media and Entertainment <p>The <strong>2017 Digital Trends in Media and Entertainment </strong>report is a barometer of the extent to which companies in this sector are embracing digital technology, focusing their strategies and prioritising resources for the year ahead and beyond.</p> <p>The research, conducted by Econsultancy in partnership with <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, is based on a sample of more than 550 media and entertainment industry respondents who were among more than 14,000 digital professionals taking part in the seventh annual Digital Trends survey, carried out in November and December 2016.</p> <h3>The following sections are featured in the report:</h3> <ul> <li>The four traits of successful digital media and entertainment companies</li> <li>Content + data = personalised experiences</li> <li>Gearing up for the future</li> <li>Actionable tips to help future-proof your media/entertainment business</li> </ul> <h3>Findings include:</h3> <ul> <li>The proportion of media and entertainment companies describing themselves as digital-first (22%) is more than double the average percentage for all other sectors (10%), and second only to the gaming &amp; gambling sector (25%). At the other end of the scale, only 15% of media respondents say that digital marketing is ‘very much separate’.</li> <li>‘Creating compelling content for digital experiences’ stands out as the single most exciting opportunity in 2017, selected by 22% of media organisations. Great content in isolation is not always enough. There is a growing need for media companies to create compelling experiences around their content, and to present it in the right context.</li> <li>Digital-first organisations are 17% more likely to invest in design to help differentiate their brand than laggards. Furthermore, digital leaders are 19% more likely to have the ‘processes and collaborative workflows they need to achieve a design advantage’ (75% vs. 63%). Digital leaders are also 23% more likely than laggards to say they have ‘well-designed user journeys that facilitate clear communication and a seamless transaction’.</li> <li>The relentless use of data is a feature of progressive media companies seeking to provide experiences that are as personalised and relevant as possible. Data-driven marketing is a key strategic priority for three in five (62%) media organisations, second only to customer experience (84%) in importance.</li> </ul> <p><strong>Econsultancy's Digital Intelligence Briefings, sponsored by <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, look at some of the most important trends affecting the marketing landscape. </strong><strong>You can access the other reports in this series <a title="Econsultancy / Adobe Quarterly Digital Intelligence Briefings" href="http://econsultancy.com/reports/quarterly-digital-intelligence-briefing">here</a>.</strong></p> tag:econsultancy.com,2008:Report/4482 2017-05-30T12:00:00+01:00 2017-05-30T12:00:00+01:00 Digital Intelligence Briefing: 2017 Digital Trends in South Africa <p>The <strong>2017 Digital Trends in South Africa</strong> report highlights the key digital trends, challenges and opportunities which South African marketers need to be aware of during 2017, covering topics ranging from customer experience and social media marketing to mobile and artificial intelligence.</p> <p>The research, conducted by Econsultancy in partnership with <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, is based on data from almost 250 South Africa-based respondents who were among more than 14,000 digital professionals taking part in the seventh annual Digital Trends survey, carried out in November and December 2016.</p> <h3>The following sections are featured in the report:</h3> <ul> <li>Striving for digital maturity as nation catches smartphone bug</li> <li>Social media and brand building are top priorities</li> <li>Future of the customer experience</li> <li>Fit for the future: three key areas South African marketers should focus on</li> </ul> <h3>Findings include:</h3> <ul> <li> <strong>Companies strive for integrated approach to digital marketing activities. </strong>Around a third of in-company respondents say their businesses are either digital-first (17%), or that digital permeates all their marketing activities (15%). Asked about their clients, agency respondents are significantly more likely than their client-side counterparts to say that digital marketing is very much separate (30%), and correspondingly less likely to say their clients are digital-first (only 1%).</li> <li> <strong>Agencies are more focused than their client-side peers on how mobile is changing the business landscape</strong> as South Africa transitions from being a feature phone nation to a smartphone nation. More than three-quarters (77%) of supply-side respondents report that understanding how mobile users research/buy products is ‘very important’, 17 percentage points higher than for company respondents (60%).</li> <li> <strong>Customer experience and cross-channel marketing are major areas of strategic focus.</strong> Almost nine in ten (89%) South African companies say that CX is one of their top-three strategic areas of priority for 2017, including 58% who make it their first choice. They are 54% more likely than their international counterparts to rank cross-channel marketing as their first choice (20% versus 13% for the rest of the world).</li> <li> <strong>Companies are embracing the burgeoning marketing opportunity afforded by social platforms</strong>, with social media engagement and brand building / viral marketing sharing first place in terms of tactical priorities for businesses in South Africa. More than a third of respondents (37%) say these tactics are among their top three priorities.</li> </ul> <p><strong>Econsultancy's Digital Intelligence Briefings, sponsored by <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, look at some of the most important trends affecting the marketing landscape. </strong><strong>You can access the other reports in this series <a title="Econsultancy / Adobe Quarterly Digital Intelligence Briefings" href="http://econsultancy.com/reports/quarterly-digital-intelligence-briefing">here</a>.</strong></p> tag:econsultancy.com,2008:BlogPost/69114 2017-05-25T10:41:00+01:00 2017-05-25T10:41:00+01:00 How Subaru uses a data-driven marketing strategy to target customers Nikki Gilliland <p>Led by Iain Lovatt from BlueVenn, it was all about Subaru’s <a href="https://econsultancy.com/blog/68822-where-is-data-driven-marketing-headed-in-2017/" target="_blank">data-driven marketing</a> strategy. More specifically, how the automotive brand uses data to create an emotive and personalised customer experience. Here are a few key takeaways.</p> <h3>Utilising actionable data </h3> <p>One of the main talking points of the whole conference was the importance of using all types of data. Or rather, not being limited to a certain kind. </p> <p>Hard data, such as gender or age demographic, is obviously helpful for gaining general insight into the consumer. Soft data, meanwhile - things like personal preference or opinion - is equally important for fleshing it out.</p> <p>While this is a good basis, actionable data is what ultimately helps to drive and inform real-time marketing. For Subaru, this type of data might involve how often a consumer is browsing the website or what type of car they’re looking at. </p> <p>By taking all this data into consideration (and from all sources), Subaru can build a <a href="https://econsultancy.com/blog/65425-what-is-the-single-customer-view-and-why-do-you-need-it/" target="_blank">single customer view</a>. This enables the brand to treat all consumers as individuals rather than large segments, meaning they are able to deliver more timely and relevant content based on real-time needs and desires.  </p> <blockquote class="twitter-tweet"> <p lang="en" dir="ltr">Need a car that can go the distance? The average Subaru will clock up 200,000 miles in its lifetime. Find out more: <a href="https://t.co/wcT8TnyyvE">https://t.co/wcT8TnyyvE</a> <a href="https://t.co/9ZM1dW8Ppx">pic.twitter.com/9ZM1dW8Ppx</a></p> — Subaru UK (@subaruuk) <a href="https://twitter.com/subaruuk/status/864579942541131776">May 16, 2017</a> </blockquote> <h3>Creating relevancy</h3> <p>So, how exactly does Subaru deliver this?</p> <p>One thing that has dramatically helped the brand has been its decision to centralise and combine both online and offline marketing data. </p> <p>Let’s take Tomas - an example Subaru customer that might have first been identified via online browsing behaviour. While using this data might help to inform <a href="https://econsultancy.com/blog/69015-three-key-findings-from-the-2017-email-marketing-census/" target="_blank">relevant email targeting</a> – it also means that Tomas would be treated entirely differently if he were to visit an offline dealership. </p> <p>On the other hand, Tomas’s offline persona would not be taken into consideration online either.</p> <p>The solution for Subaru has been to create a unified customer-base that integrates dealership information with online data. This has enabled the company to tailor email newsletters based on exactly where the customer is in their journey, as well as monitor customer behaviour and satisfaction levels.</p> <p>Ultimately, marketing becomes all the more relevant as the customer further engages with the brand – regardless of the channel or how fragmented their path to purchase is.</p> <h3>Turning test drives into sales</h3> <p>Alongside general customer satisfaction, Subaru has seen a marked increase in conversion rates as a result of its multichannel data-driven strategy. The number of enquiries leading to test drives has risen by a factor of 3.2.</p> <p>With the experience of buying a car being highly based on both senses and emotion - involving everything from the sound of the engine to that new car smell – test drives are a hugely important factor.</p> <p>Of course, encouraging test drives is not enough. By using data insight to match consumers with the <em>right</em> car – one that suits their specific lifestyle, budget and needs – Subari has managed to increase the number of test drives leading to sales by a factor of 1.6.</p> <p>This shows that data-driven marketing is not only about attracting and engaging customers in the first place, but using data to deliver a more rounded and emotive experience across the board.</p> <p><img src="https://assets.econsultancy.com/images/0008/6351/Subaru_test_drive.JPG" alt="" width="780" height="346"></p> <h3>What does the future hold for the automotive industry?</h3> <p>Iain finished by asking what the future of the automotive industry might look like. From driverless cars to telematics, there’s no doubt that data will be at its core. </p> <p>Last year, the company partnered with IBM to explore the idea of a data analytics solution involving Subaru’s ‘EyeSight’ driver assistance system – a feature that uses stereo cameras to detect other vehicles and pedestrians. The end result could be the creation of a ‘connected car’ network that shares and communicates data between cars and control centres. </p> <p>Whether or not it actually comes to fruition, Subaru insists that – much like its use of data in marketing – technology will always be built around how it can truly benefit and enhance the customer experience.</p> <p><em>(Ad for the Subaru Impreza with EyeSight)</em></p> <p><iframe src="https://www.youtube.com/embed/pprehPwyCgU?wmode=transparent" width="854" height="480"></iframe></p> <p><strong><em>Related reading:</em></strong></p> <ul> <li><em><a href="https://econsultancy.com/blog/67877-how-automotive-brands-are-blurring-the-lines-between-digital-reality/">How automotive brands are blurring the lines between digital &amp; reality</a></em></li> <li><em><a href="https://econsultancy.com/blog/67700-what-can-automotive-brands-learn-from-the-tesla-website/">What can automotive brands learn from the Tesla website?</a></em></li> <li><em><a href="https://econsultancy.com/blog/69053-how-maserati-uses-influencers-to-drive-its-instagram-strategy/">How Maserati uses influencers to drive its Instagram strategy</a></em></li> </ul> tag:econsultancy.com,2008:Report/4472 2017-05-24T15:00:00+01:00 2017-05-24T15:00:00+01:00 Digital Intelligence Briefing: 2017 Digital Trends in the Technology Sector <p>The <strong>2017 Digital Trends in the Technology Sector </strong>report demonstrates that organisations within the sector that is transforming many others are leaders in digital integration, but are having to transform their internal structures and strategies to adapt to changing customer demands and behaviours, putting the customer first rather than the product.</p> <p>The research, conducted by Econsultancy in partnership with <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, is based on a sample of over 900 respondents working in the technology sector who were among more than 14,000 digital professionals taking part in the seventh annual Digital Trends survey, carried out in November and December 2016.</p> <h3>The following sections are featured in the report:</h3> <ul> <li>Technology organisations lead in digital maturity</li> <li>The customer takes centre stage</li> <li>The next wave of tech innovation</li> <li>Actionable tips to help future-proof your technology business</li> </ul> <h3>Findings include:</h3> <ul> <li>Organisations in the technology sector are nearly twice as likely as their peers in other sectors to classify themselves as digital-first (19% vs. 10%), putting the sector in third place (after gaming &amp; gambling and media) out of the 15 key sectors we analysed.</li> <li>Tech organisations appear to be prepared for the challenge presented by a rapidly changing industry; across the eight key factors identified for digital success, technology organisations are ahead of other sectors. UX design is one of the areas they excel in, as they’re 23% more likely to say they have ‘well-designed user journeys that facilitate clear communication and a seamless transaction’.</li> <li>The vast majority (81%) of technology companies are putting the customer at the heart of all their initiatives, and customer journey management is the second most important priority for 2017, closely followed by targeting and personalisation.</li> <li>Almost a third (29%) of tech companies are planning to use product/service innovation to differentiate themselves from competitors over the next year. Digital-first organisations reveal their maturity as they are 52% more likely than the rest to see customer experience as a key differentiator, second behind product/service innovation.</li> </ul> <p><strong>Econsultancy's Digital Intelligence Briefings, sponsored by <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, look at some of the most important trends affecting the marketing landscape. </strong><strong>You can access the other reports in this series <a title="Econsultancy / Adobe Quarterly Digital Intelligence Briefings" href="http://econsultancy.com/reports/quarterly-digital-intelligence-briefing">here</a>.</strong></p> tag:econsultancy.com,2008:BlogPost/69072 2017-05-11T13:20:00+01:00 2017-05-11T13:20:00+01:00 Why DMPs must be deeply integrated in tomorrow's marketing stack Chris O'Hara <p>This is a fast-moving trend in which companies are licensing large enterprise stacks and using systems integrators to manage all marketing—not just online advertising.</p> <p>As detailed in Ad Age (<a href="http://adage.com/article/digital/market/308666/">Marketing clouds loom</a>), the days of turning to an agency trade desk or demand side platform (DSP) to manage the “digital” portions of advertising are fading rapidly as marketers are intent on having technology that covers more than just advertising.</p> <h3>Building consumer data platforms</h3> <p>A few years ago, a good “stack” might have been a connected DMP, DSP and ad server. A really good stack would feature a viewability vendor and start a dynamic creative optimization (DCO). The focus then was on optimizing for the world of programmatic buying and getting the most out of digital advertising as consumers’ attention shifted online, to mobile and social, rather than television. </p> <p>Fast forward a few years, and the conversations we are having with marketers are vastly different. As <a href="https://adexchanger.com/data-exchanges/dmp-adoption-rise-challenges-remain/">reported in AdExchanger</a>, more than 40% of enterprise marketers license a DMP, and another 20% will do so within the next 12 months. DMP owners and those in the market for one are increasingly talking about more than just optimizing digital ads. They want to know how to put email marketing, customer service and commerce data inside their systems. They also want data to flow from their systems to their own data lakes.</p> <p>Many are undertaking the process of building internal consumer data platforms (CDPs), which can house all of their first-party data assets—both known and pseudonymous user data. </p> <p>We are moving beyond ad tech. Quickly. </p> <p>Today, when those in the market are considering licensing a “DMP” they are often thinking about “data management” more broadly. Yes, they need a DMP for its identity infrastructure, ability to connect to dozens of different execution systems and its analytical capabilities. But they also need a DMP to align with the systems they use to <a href="https://econsultancy.com/blog/68639-how-crm-and-a-dmp-can-combine-to-give-a-360-degree-view-of-the-customer/">manage their CRM data</a>, email data, commerce systems, and marketing automation tools.</p> <p>Data-driven marketing no longer lives in isolation. After I acquire a “luxury sedan intender” online, I want to retarget her—but I also want to show her a red sedan on my website, e-mail her an offer to come to the dealership, serve her an SMS message when she gets within range of the dealership to give her a test drive incentive, and capture her e-mail address when she signs up to talk to a salesperson. All of that needs to work together.</p> <h3>Personalization demands adtech and martech come together </h3> <p>We live in a world that demands Netflix and Amazon-like instant gratification at all times. It’s nearly inconceivable to a Millennial or Generation Z if a brand somehow forgets that they are a loyal customer because they have so many choices and different brands that they can switch to when they have a bad experience.</p> <p>This is a world that requires adtech and martech to come together to provide personalized experiences—not simply to create more advertising lift, but as the price of admission for customer loyalty. </p> <p>So, when I am asked, what is the future of DMPs, I say that the idea of licensing something called a “DMP” will not exist in a few years.</p> <p>DMPs will be completely integrated into<a href="https://econsultancy.com/blog/68952-a-recipe-for-the-martech-layer-cake/"> larger stacks</a> that offer a layer of data management (for both known and unknown data) for the “right person;” an orchestration layer of connected execution systems that seek to answer the “right message, right time” quandary; and an artificial intelligence layer, which is the brains of the operation trying to figure out how to stitch billions of individual data points together to put it all together in real time.</p> <p>DMPs will never be the same, but only in the sense that they are so important that tomorrow’s enterprise marketing stacks cannot survive without integrating them completely, and deeply.</p>