Five Steps To Becoming An Agile Marketing Organisation

Five Steps To Becoming An Agile Marketing Organisation

This story was originally published by

This article was republished with permission.

SHARE
THIS



By leveraging the intelligence and innovative technology available today, marketers can transform their teams into agile organisations, at least according to a new Kenshoo marketing guide.

That’s the recommendation of a new paper called the “Kenshoo Guide to Agile Marketing: How to get ahead and stay ahead in an ever-evolving digital landscape.”  (Download here.) We will be examining the key points in the guide over the next week as part of a three part series.

According to the authors, predictive marketing solutions provide opportunities for marketers to improve plans and programs across the following five areas:

  • Forecasting and planning;
  • Audience creation and management;
  • Channel management and optimization;
  • Measurement and reporting;
  • Attribution and analytics.

Let’s explore each of these in a little detail;

Forecasting & Planning

In 2013, McKinsey & Company analysis suggested that 46 percent of organizations who deployed big data/analytics tools did so to improve budgeting, forecasting, or planning processes. That represented a significant increase over the year before where the result was closer to one third of companies.

According to Kenshoo’s researchers, while this growth is encouraging the fact remains that the clear majority of organisations still rely on more manual strategies to make budgeting and forecasting decisions.

“Most likely, these marketers base planning on past performance and historical campaign data and don’t frequently evaluate (and re-evaluate) allocations. This approach can be problematic as the dynamic market requires a certain extent of fluidity.”

As the authors note, trends changes, competitors shift strategies, and consumer demand ebbs and flows.

“Without the foresight to account for these changes within the plan, you might be halfway through the year and realise your plans are inadequate and it’ll be too late to reach your goals.”

It is important to develop an integrated team that shares goals, performance, and insights, they say, and to avoid a siloed view of individual channels that limits the opportunity to maximise the portfolio of investments across channels.

Audience Creation & Management

Given the importance of reaching key audiences in real-time, agile marketers leverage behavioral and other audience data to serve more relevant ads and reach their desired audience according to the paper.

Some description

Yet, many marketers struggle with incomplete data and a fragmented view of their customers.  For instance a study by Experian Marketing Services revealed that only 21 percent of marketers feel like they link offline and online identities “very well.” The other way to think of that is that almost 80 percent of marketers suffer from a lack of confidence with their customer data.

There are many challenges with customer data collection and cohesion, but the two key things that agile marketers need to do is ensure they pursue cross-channel targeting with intent and interaction data and that they retarget based on site/purchase/search/offline history.

Channel Management & Optimisation

To a certain extent, it’s feasible for humans to look at performance data, analyse it, and make optimisation decisions, and indeed this is the way marketers operated for decades. However, as Kenshoo’s paper notes, predictive marketing brings into play many more variables that are invisible to the human eye that in turn offers the opportunity to apply that knowledge in an integrated, cross-channel manner.

“In the era of data-driven analytics, algorithmic decisioning processes have the ability to scale the millions of calculations needed to determine the proper bids while considering cross-channel factors in a seamless manner.”

Measurement & Reporting

Overwhelmingly, reporting and measurement are key capabilities of a marketer’s strategy and the majority of Kenshoo’s clients agree that reporting is the most pressing task that would benefit from automation. “The ability to holistically track and analyze performance in a more automated and actionable fashion is the crux of improving marketing performance. Comprehensive data, delivered with recommendations and transparency, fuels more actionable analysis,” say the authors.

The report identifies two priorities for measurement and reporting including cross-device and cross-channel measurement, and the automated reporting with business application whereby marketers can pull data from various systems, to customise real-time dashboards.

Some description

Attribution & Analytics

Finally, it is clear that too many marketers still rely too heavily of last click attribution. But technology now offers far better alternatives.  “With the amount of activity that can be tracked and analysed, an entire customer life cycle must be evaluated, rather than merely the scope of a single interaction.”

The authors of Kenshoo’s Agile Marketing guide say that accurate measurement should serve not just as a barometer of success during the span of a campaign but also act as the unifying force to activate insights across your digital programs.

“Many marketers are shifting to a multi-touch approach where all, not just the final, touch points are valued as influencers to action. Even still, attribution that is not connected to bidding misses the mark.”

 

 

Please login with linkedin to comment

Latest News

Orange Line Bolsters Team With Two Senior Hires
  • Marketing

Orange Line Bolsters Team With Two Senior Hires

Digital marketing agency Orange Line has made two senior appointments following a series of new business wins and existing client growth. The independent Sydney agency has hired former Essence planning lead, Aishling Farrell (right in photo), as general manager of client service and strategy along with former senior ReachLocal executive, Stephanie Ford (left) as operations […]

W+K’s Susan Hoffman Chosen As 39th AWARD Awards Chair Of Judges
  • Advertising

W+K’s Susan Hoffman Chosen As 39th AWARD Awards Chair Of Judges

Susan Hoffman, co-chief creative officer at Wieden+Kennedy (W+K), has been appointed chair of judges for the 39th AWARD Awards. Known to challenge the status quo, Hoffman is behind some of W+K’s most memorable and game-changing ads, including Nike’s ‘Revolution’, Old Spice’s ‘The Man Your Man Could Smell Like’ and Chrysler’s Super Bowl spots starring Eminem and Clint […]

Experiential Agency Kreate Gets Bought Out By Staffers
  • Marketing

Experiential Agency Kreate Gets Bought Out By Staffers

Leading experiential marketing agency, Kreate Australia is embarking on an exciting growth strategy following its purchase by three of the agency’s existing management team from its UK founder, Steve Evans.

Carat Snares Media For Event Hospitality And Entertainment
  • Media

Carat Snares Media For Event Hospitality And Entertainment

Carat has won the media strategy, planning and buying responsibilities for Event Hospitality and Entertainment, the group behind popular hotel, entertainment and leisure experiences including QT Hotels, Rydges Hotels & Resorts, Event Cinemas, Moonlight Cinemas and Thredbo.

Top Tips To Build Millennial Brand Advocates
  • Opinion

Top Tips To Build Millennial Brand Advocates

In this guest post, Zach Hotchkiss (pictured below), country manager at CX management agency Medallia, offers his tips to snare, keep and then turn Gen Ys into your brand’s advocates…  It seems not a day goes by without an article about the brands and industries Millennials are killing off. From retail to transport to banks, the sectors that these […]

Opinion

by B&T Magazine

B&T Magazine
Hurry! B&T 30 Under 30 Entries Closing Friday!
  • Advertising
  • Marketing
  • Media

Hurry! B&T 30 Under 30 Entries Closing Friday!

This is a clarion call for B&T 30 Under 30 entries, although it's probably more mariachi band than angelic harbinger.

by B&T Magazine

B&T Magazine
The Hit Network Chooses Comedian Tanya Hennessy To Host Weekend Breakfast
  • Media

The Hit Network Chooses Comedian Tanya Hennessy To Host Weekend Breakfast

Southern Cross Austereo’s Hit Network has announced that rising radio star and comedian Tanya Hennessy will take over hosting duties for its weekend breakfast slot in 2018. Hennessy will bring content to the airwaves each Saturday and Sunday morning from 7am to 9am with a regular rotation of guest co-hosts. The self-described talker, not walker […]

Straight Up PR Wins Five New Clients
  • Marketing

Straight Up PR Wins Five New Clients

Health, wellbeing and lifestyle PR agency Straight Up PR has welcomed Changing Habits, Unichi Wellness, enerGi, SleepX, and Healthie Hampers to its client portfolio. Straight Up PR’s projects will include bespoke PR services and influencer marketing packages specifically focusing on communications strategy and execution, media and influencer relations, PR launch events, product seeding and gifting, […]

March One Creates ‘Cheese For Change’ Fundraising Campaign For White Ribbon Australia
  • Advertising
  • Campaigns
  • Marketing

March One Creates ‘Cheese For Change’ Fundraising Campaign For White Ribbon Australia

Independent creative agency March One has developed a new fundraising event for White Ribbon Australia that turns a social moment into a social movement. Starting on Thursday 22 March and going until Sunday 25 March, Cheese for Change will ask Aussies to create a cheese platter that matters by gathering friends, family or co-workers together […]

Sixth Annual IGN Select Awards Winners Announced
  • Marketing

Sixth Annual IGN Select Awards Winners Announced

The winners of IGN Australia’s sixth annual Select Awards were revealed during a huge special event at the Australian National Maritime Museum in Sydney on Friday, February 16. Some 225 Media & Game Publishers alongside 320 IGN Community Gamers attended the annual event. 2017 was absolutely crammed with terrific games and several categories were extremely tightly-contested. The top […]

Meet Your Mentors For B&T Bootcamp 2018!
  • Advertising
  • Marketing
  • Media

Meet Your Mentors For B&T Bootcamp 2018!

When it comes to an industry "who's who", you'll find there won't be too much who-ing with this impressionable lot.

by B&T Magazine

B&T Magazine
ANZ Unveils Its 2018 GAYTMs
  • Marketing

ANZ Unveils Its 2018 GAYTMs

Mardi Gras is only weeks away and B&T has already hoisted the mirror ball and donned the hotpants to bring you this.

International Creative Services Redesigns Business Model To Broaden Talent Offering
  • Advertising
  • Marketing
  • Media

International Creative Services Redesigns Business Model To Broaden Talent Offering

Marketing consultancy International Creative Services has announced a new roster of diverse creative and production talent to provide a fully integrated solution for advertising and branded content. The roster includes a broad range of global and local directors, animators, illustrators, motion designers, visual artists, light projectionists, photographers and cinematographers – many of whom Australia will […]

Dirty Data Done Dirt Cheap
  • Opinion

Dirty Data Done Dirt Cheap

Does the mere thought of data fog the brain and stuff the sinuses? Decongest immediately with this lozenge-like read.

Opinion

by B&T Magazine

B&T Magazine
Johnny Ruffo & Lynne McGranger Host Emotive’s New Video Series For HelloFresh
  • Campaigns
  • Marketing

Johnny Ruffo & Lynne McGranger Host Emotive’s New Video Series For HelloFresh

HelloFresh Australia, together with content agency Emotive, have launched a new video content series hosted by Home & Away actress Lynne McGranger and entertainer Johnny Ruffo. Dinner Diaries showcases the talent eating their way across the country as they drop into HelloFresh customers’ homes to see what the nation are cooking at dinnertime. The campaign […]

AppNexus Appoints VP Of Diversity, Inclusion & Community Experience
  • Advertising
  • Technology

AppNexus Appoints VP Of Diversity, Inclusion & Community Experience

Independent advertising technology company AppNexus has announced the appointment of Antoinette Hamilton as its vice president of diversity, inclusion and community experience. Filling a new position at the company, Hamilton (pictured above) will spearhead initiatives to promote a diverse and inclusive global community within AppNexus, broaden the range of the company’s talent pipeline, and drive […]

Mango Melbourne Appoints New Head Of Comms
  • Advertising
  • Marketing

Mango Melbourne Appoints New Head Of Comms

If you were to lick your computer monitor while reading this Mango story, it may actually taste like a computer monitor.

by B&T Magazine

B&T Magazine
Pac Mags Appoints Sales Leadership Team
  • Media

Pac Mags Appoints Sales Leadership Team

Look, it's not one but two positive stories about the magazine industry today! You wouldn't read about it, would you?

by B&T Magazine

B&T Magazine
Three Ways To Propel Your Career Now
  • Advertising
  • Marketing
  • Media

Three Ways To Propel Your Career Now

Need a career kick-start without having to wear a feather boa and shake maracas about the office? Read this and pronto.

by B&T Magazine

B&T Magazine