Yes, I think someone’s banging on the door. Pretty hard actually.
In fact, it’s deafening.
The knocking is empowered digital media buyers. The slowness to answer is the media ecosystem of publishers, media agencies, and broadcasters.
I shared the video below a week ago on LinkedIn and people clearly like it. It’s the parable I just stated, but acted out. Listen to Gabe Leydon of Machine Zone (big digital media buyer) slam the media ecosystem. It’s painful. Cathartic. Iconoclastic. Focus on two segments: 11:00 -> 11:45 and 12:55 -> 13:55.
This is the advertising ecosystem’s reckoning with the age of the customer. The customers want to cut through all of the layers of BS that advertising has traditionally wrapped itself up in.
I had a few takeaways given Leydon’s analysis:
Media businesses are trying to be technology platforms, but are mostly houses on fire.
Analytics agencies are the new media agencies.
Media agencies are just houses on fire.
If you’re a marketer, pull your media-buying capabilities close to your chest. Invest in better analytics. And do everything in your power to get a measurable, direct-to-consumer sales channel on its feet, if only to provide insights to the marketing that feeds your indirect channels.
Consumers interact with brands across various mediums — their smartphones, computers, call center, in-store — just to name a few. Their interactions with brands — from viewing a TV ad to re-tweeting a promotion — are creating such a rich trove of data that marketers are left wondering: How do I glean relevant insights to optimize my marketing and media? Which channels should I optimize? How can I meet my growth goals while expanding into new, unfamiliar markets and channels? These questions keep marketers up at night; they are looking for best-in-class examples of measurement and analytics success. Well, look no further.
Our latest report, “Extract Business Value From Your Mix Model,” co-authored by Jim Nail, showcases USAA’s successful approach in leveraging marketing mix modeling to measure channel performance with greater precision and to identify and optimize future strategic investments, including marketing investments, product development, pricing structures, and organizational support. The report highlights USAA’s measurement and optimization challenges, how it used marketing mix to help refine metrics and identify the right levers to optimize business strategy and investments, and how it used the results to guide significant customer-driven changes at USAA. The case study is a good blueprint for firms that want to create a marketing mix model — and how to do it successfully!
We are thoroughly impressed by the analytics and marketing team at USAA; every decision made at the organization is driven by data and insights. Further, USAA is committed to using insights — including insights from its marketing mix model — to improve the overall customer experience.