Digital ROMI

EIU: Manufacturing CMOs struggle with ROMI metrics

“Measuring the return on marketing investment ROMI seems a simple enough concept. Yet many chief marketing officers CMOs at manufacturing firms are still struggling to bridge the gap between what they measure and what P&L owners care about.
Business owners are rewarded based on revenue and profitability growth. The metrics that marketers track—leads generated, customer satisfaction, search engine referrals — are also related to revenue less often to profitability, but not always directly.

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Perhaps this is one reason some CMOs have a higher opinion oftheir own performance than their C-suite counterparts.

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44% of CMOs say their company can clearly demonstrate marketing’s contribution to the top line, but only 27% of other C-suite executives say the same.”

According to the “Marketing ROI in the Era of Big Data: The 2012 BRITE/NYAMA Marketing in Transition” Study:
“22% are using brand awareness as their sole measure to evaluate their marketing spend.

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Recommendations: Above all, get started. Start with the basics of determining marketing ROI so you will  create the largest impact on your organization

  • Make sure you’re using some kind of metrics on most of your marketing.
  • Be ready to invest in getting some kind of data relevant to your measures.
  • Make coordinating your traditional and digital media campaigns a goal.
  • Set specific measurable objectives for all your campaigns.
  • Put ROI in stated objectives for all your vendors (so they know your expectations to retain them or to cut them loose).
  • Link marketing ROI to employee compensation, perhaps a bonus.
  • Start today… as the pay off and learning curve will likely take a few years.

Then, move on to ROI best practices:

  • Make sure your marketing metrics are accepted by finance.
  • Make sure your data is: timely, actionable, linked at the customer-level, used to personalize marketing and target customers.
  • Share your data across your organization.”

But watch out for under- or over-attribution of ROI to Digital, as this recent Nielsen study found out: “Google, Facebook Underestimated By Marketing-Mix Models in Survey Backed by Seven Top CPG Players.

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  • Marketing-mix models underestimate ROI from Facebook ads by as much as 48% and from Google search ads by as much as 39%
  • Credit for about 25% of sales attributed to paid search should be shared with TV, print or other digital media
  • A prior ComScore study [found out] that clicks have little to do with offline sales of packaged-goods brands. Using impressions rather than clicks to measure digital campaigns was far more predictive of real-world results and increased the estimated ROI of Facebook advertising by as much as 75%
  • The problem wasn’t so much the models as the type and quality of data fed into them
  • Impression data worked much better when it included more detail about publisher, geographic market, device and demographics.”

Santa brand book

Santa brand book

“If you were in any doubt about Santa’s brand values, this brand book will put you straight. I believe every child from the age of 3 upwards should be given this to read and learn off by heart.

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“Santa is a Concept, not an idea. It’s an Emotion, not a feeling. It’s both Yesterday and Today. And it’s Tomorrow as well.” This is a stupidly awesome idea by the Quiet Room.”
The Belief Vortex – Competitive Analysis:
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Body Language Guide – USG Unique Selling Gestures:
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Merry Xmas!
Chris

New vs. Old

The Future of Digital: 2013 via Business Insider

new media vs old

Initial Round of Consolidation
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The Solution Economy

Co.Exist | ideas + impact

“How Business, Government, and Social Enterprises are Teaming up to Solve Society’s Toughest Problems.

The companies working to better society and the planet are creating their own economy, but it’s up to us–and our governments–whether or not they succeed.

Imagine the world if we were able to double, triple, or even quadruple the number of problem solvers, the diversity of solutions, and the scale of social impacts. Imagine if every government emulated NASA and opened up its toughest challenges for the world to solve.

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We’ve started down the road to such a world. The solution revolution is a reality–and it’s growing. It grows to fill the space it’s given

  • certain regions offer habitats more hospitable for a robust solution economy than others
  • governments provide room for creativity
  • building the institutions necessary to grow the social economy
  • businesses embrace new measures of value
  • build social outcomes into business practices
  • investors trust alternative currencies of return
  • an act as free and simple as changing restrictions

Some factors important to the solution revolution are more cultural and resist change. These range from citizen expectations of the role of government to societal attitudes on business failure and risk.

The Solution Economy

Collaboration is not just helpful, but essential, for true progress.”

The Power of Hackathons – A roadmap for sustainable open innovation.

Real-Time Marketing

6 Steps to Real-Time Marketing – Dachis Group

Real-time Marketing (RTM) is “on-the-fly” participation by brands in the events, topics, and ideas trending at that very moment among target audiences online.”

According to a eMarketer report, 53 percent of the marketers surveyed plan to make greater use of real-time data in their 2013 marketing campaigns.
use-of-real-time-data-in-marketing-campaigns-in-20131

A comparison of 2010 stock prices reveals that, on average, the publicly traded Fortune 100 companies that engage in real-time communications beat the S&P 500 stock index while the others, on average, underperformed the index.
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“In order to become more real-time, brands must build the workflow and business process to efficiently and effectively execute on marketing tactics in a matter of hours – not days. This is a substantial transformation.

The 6 Steps to Real-Time Marketing

  1. Trend Identification – Identify and select trends for brand participation.
  2. Content Creation – Create brand appropriate content for real-time insertion.
  3. Brand Approval – Enforce brand standards and legal requirements. Approve content for distribution
  4. Content Publication – Schedule and coordinate real-time marketing tactics
  5. Content Moderation – Monitor community response, engage with positivity, deflate negativity
  6. Measurement – Measure performance of real-time marketing tactics. Generate reports and insights to aid optimization of future efforts.

Stage-of-Real-Time-Marketing-Dachis-Group

True real-time marketing should also be oriented at the specific conversations of target audiences that are most important to a brand. Attempting to participate in general trends is great, but global trends are a crowded and noisy place – as we saw with the royal baby conversation. For every one Oreo tweet from the Super Bowl blackout, there are 100 attempts at real-time marketing that disappear without a sound (or a re-tweet).”
Oreo-Royal-Baby-Tweet

Addition, 29.09.2013: The most re-tweeted post from a Brand…EVER! 40k retweets and counting…(famous Oreo SuperBowl Light-Out Tweet has less than half):

Nokia Twitter Apple Realtime Marketing
Examples of bad RTM.

To get more details on how to implement real-time marketing in your organization, download this Dachis Group whitepaper here.

Big Data Sources

Information Revolution: Big Data Has Arrived at an Almost Unimaginable Scale | Wired.

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Digital Transformation – Conference Videos

Advertising v3.0 – YouTube Channel

On a Panel on the ‘Visions of Leaders – Future of Marketing Services‘ with Adobe, IBM and AOL on DMEXCO 2013

Speaking at the IAA Business Lunch in London about Digital Trends, Nokia’s Marketing Transformation and Unstable Media.

My similar presentation at the ‘Digital Shoreditch 2013‘  conference in London, celebrating outstanding creativity.

Digital Shoreditch Interview – TechCityInsider Live & City University London

Participating in a panel about Societal Brands at Social Media Week in New York, taking a closer look at the evolving relationship of societal brands in our social world.

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Chinwag Psych Interview: Antony Mayfield & Chris Schaumann “Design your Day” interview about Nokia‘s “Design your Day” eBook, focusing on ways to adjust your day to get the most out of it.

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Group Session and Presentation with Collider12 and their StartUps, discussing about the death of industries, the rise of mobile, and speculation over just how much media will be digital in the future.

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Summary of ‘Digital Trends and Transformation’ Presentation at #RMIC14 in Iceland, 04/2014.