Customer experience horror stories are not quite as inevitable as death and taxes but they are close cousins and we all have a large back catalogue of screw-ups to rant about operatically. That crappy cheese sandwich, the misleading advice about product features or being ushered into an avoidable gargantuan queue by a staff drone. Some of my own frustration exotica include annoyances like harmoniums couriered from India and only good for firewood (or modern art) on arrival in Edinburgh*. Yes, the world is a stage but some brands can look like The Three Stooges on it.
These days, the CMO’s job is more challenging than ever. With the explosion of marketing channels and the rise of the empowered consumers, marketers are under more pressure than ever to spend their budgets optimally and track ROI across the entire marketing mix. The wealth of data available for digital media has also raised accountability expectations for all marketing channels to a point where CEOs and CFOs now expect all marketing investments (not just in digital) to be measurable and accountable.
How can senior marketers navigate this complex landscape and embrace a data-driven approach to investment decision-making and measurement?
Powerful tools — like marketing mix modeling — are now available to help marketers harness the power of data to concretely tie marketing to business outcomes. The field of marketing mix modeling vendors is rapidly maturing to help give marketers powerful tools to protect their budgets and reestablish the credibility and power that marketing has on the bottom line.
But how do marketers successfully build and implement a mix model? It’s not enough to merely hire a vendor; marketing mix modeling requires a dramatic internal shift in decision-making processes, measurement frameworks, and cross-functional collaboration. How should marketers engage their IT, finance, and analytics teams to make them partners in the success marketing mix modeling can unlock, as opposed to detractors and obstacles?