In May we kicked off our State of Digital Marketing Measurement Q&A series; where Steven Wastie, CMO of Origami Logic, began asking Tina Moffett of Forrester all of our burning questions about digital, agile marketing and data-driven approaches best for the most contemporary brand marketers today. If you missed the first post about post-digital and the 3 keys to increased revenue, or want to find out more about Tina, go back and check it out here.
Since Tina is an expert in the customer journey analytics space, we want to know how a team can remain agile while catering to ever-changing customer expectations. You can find our takeaways below.
As device usage only increases, and customers begin to expect brand interaction on their own time, how do brands keep up and stay agile?
Marketers need to adopt “agile marketing planning” so the team can make changes on a dime to keep up with customer expectations. The CMO needs to implement guardrails across key stages the planning process to encourage creativity, but minimize risk.
Agile Marketing Planning and Guardrails
With multiple connected devices, consumers are now always addressable and they expect brands to be proactive, responsive and relevant to their needs at the moment. Consumers want things now, and if a brand can’t provide it, they will quickly find the desired product or services somewhere else. So we were wondering how this behavior has affected the way that brands plan their campaigns and what can marketers do to become more agile in their approach?
Consumers are constantly connected and therefore empowered to set a certain level of expectations. They expect the brand to really know their needs, given the brand has so much data and insights about them. Old rigid marketing planning process is failing in a customer-led, data-driven environment. Now, marketers can analyze data continuously, enabling a more modern, agile planning approach than the current front-loaded planning process that determines marketing strategies nearly a year in advance.
Marketers need to adopt agile marketing planning with a key set of guardrails to promote quick shifts in marketing program changes. Guardrails empower marketers to change course under executive-level guidance. Marketers responsible for messaging, offer reviews, emerging channel development, and audience targeting are able to develop new ideas while reducing risks, such as overspending on media, brand oversaturation across audience segments, and investing in emerging channels that do not result in high ROI. Forrester has established guardrail guidance for marketers to consider across key areas: Corporate goal setting, mix allocation, Org and resource support, planning and execution, and analysis and optimization.
Some guardrails include: having 20% of marketing budget fluid, so CMOs can test in a new channel or experiment with targeting a new audience group. Another guardrail would include reducing approval process for large scaled timed marketing or media campaigns to 1 week—that way the campaign can execute quickly, and insights can be at the fingertips of marketers.
Guardrails are established to help marketers operate more freely, but with some restrictions, so CMOs are guaranteed that they will reduce some risk.
How Do You Stack Up to Your Marketing Peers
Once the campaign is over, or even mid-flight, measurement is key to course-correct. Marketers are struggling to turn terabytes of data about their content, campaigns, and audiences into meaningful insights and actions. Marketing performance measurement (MPM) is the best-in-class practice of collecting and continually analyzing performance data from multiple channels (e.g., paid, owned, earned). Brand Innovators and Origami Logic partnered to survey hundreds of digital marketers at Fortune 500 companies to check the pulse on the present and future state of measurement.