Marketers, You’re Also Culpable In Facebook's Metrics Mess

Jessica Liu

Yesterday Facebook blogged "An Update on Metrics and Reporting" to inform marketers that several of their organic metrics were misreported including organic reach, time spent on Instant Articles, and follower count. This follows Facebook's revelatory September announcement that their video metrics contained a discrepancy and were over-reported.

The industry was outraged. But who’s really at fault here? Tina Moffett and I break it down like Judge Judy.

For The Defense: Facebook

How long did it take TV to standardize measurement? The social media industry is young and a fast-changing work in progress. Lest we forget, Facebook is only 12 years old and started as a platform for people; metrics was the furthest thing from their minds. But, it’s now the biggest social network serving people, brands, and publishers and is constantly having to prove value to all three. We would be surprised if Facebook was not screwing up along the way. To build their platform, Facebook will continue to mess up and correct, mess up and correct. Instead, let's focus on how Facebook's metrics woes will impact their relationship with marketers (and agencies):

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The Threat (And Opportunities) Facing Banks Today

Victor Milligan
Banks serve as the bedrock of the economy, and that bedrock is changing. These changes represent a direct attack against the current banking business model and associated P&Ls. Our Empowered Customer and North America Consumer Technographics data tells us:
 
  • Only 50% of bank customers are willing to keep their existing level of business with their bank.
  • Only 59% of bank customers are willing to purchase additional products or services, meaning 41% are not.
  • Almost 50% of Progressive Pioneers – the most progressive of our five customer segments representing 25% of consumers in 2016 – indicate they are likely to switch banks in the next year.
  • 21% of Progressive Pioneers have closed a bank account in the past 3 years.
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The Data Digest: For Men And Women's Clothing Purchases, Timing Is Everything

Anjali Lai

Here in Boston, we are at a precious moment in the year: The early onset of cool, dark evenings sets the stage for the imminent holiday season — but doesn’t eclipse the warmth of the autumn sun quite yet. As the seasons change, we have a few rare days of mild weather that I can’t pass up, so, like my fellow city-dwellers, I make a little extra time to walk and window-shop.

Except — I hardly ever return with empty hands. Especially when I spot a sale at my favorite clothing retailer, it doesn’t take long before my intended walk turns into a shopping spree. Fortunately, our data shows that I’m not the only one who falls for the spontaneous clothing purchase. Forrester’s Consumer Technographics® data reveals that women in particular buy apparel on impulse:

In fact, our data shows that 43% of women don’t research clothing at all prior to making a purchase, compared with only 36% of men. And those women who do research apparel predominantly count the in-store browsing experience as their product research, while men often use both online and offline tools.

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Does Trump’s Victory Signal The End Of Data-Driven Decision-Making As We Know It?

Sheryl Pattek

It’s not been an easy week or so for many of us in the US. Why did the election results surprise so many? How could we not have known how divided a country we were?

And what happened to a belief in the principles of fairness, respect, and equality for all, which formed the foundation of our democracy — despite an election’s outcome? One explanation is that many relied on predictions, polls, and data and misjudged the impact of voters’ emotions and sentiment on the race . . . and badly so.  

Four years ago, just after I joined Forrester, one of the first blog posts I wrote was about how the smart use of data helped elect Obama as our 44th president. In that post, I talked about how Obama and his team employed data science from the start to understand the electorate and target their engagement and messaging effectively to inspire voters to action.

In fact, to quote that blog post:

“What I found the most fascinating is how the use of data, the right data, served as the foundation for Obama’s successful reelection. Starting on election night, the analysts on the best-known news shows were already talking about how calm and confident the Obama team members were. And why were they confident? According to Obama’s team, it had the data to back up its march to a second term. The team members believed that data and how they used it was one of the biggest advantages they had over the Romney campaign. Think about that for a minute. Obama, traditionally seen as the image and message guy, ran his reelection campaign based on using the right data effectively. And it worked.

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What’s New For 2016 Singles’ Day: Live Streaming, VR, And AR

Xiaofeng Wang

November 11 is Singles’ Day in China — the biggest eCommerce event in the world. This year, Singles’ Day generated almost $18 billion in one day for Alibaba alone. For more results and analysis, see the Quick Take: AR, VR, And Global Brands Help Singles’ Day Surpass $18 Billion In Online Sales report that my colleague Lily Varon and I put together.

Singles’ Day is now a global phenomenon, blending shopping and entertainment both online and offline; it’s a far cry from its origin as a one-day, one-country, online-only shopping event. This year, newer trends like live streaming and virtual reality (VR) commerce show how eCommerce is evolving. Some of the highlights were:

  • Elevating online-to-offline promotions with augmented reality (AR). Alibaba created a Pokémon-Go-like augmented reality mobile game — “Catch The Tmall Cat” — to drive traffic to the offline stores of partner retailers like Starbucks and Suning and increase sales; players could “capture” discount codes to use in stores. 
  • Developing live streaming as an online shopping staple. This year, Alibaba held a shoppable, live-streamed fashion show during its kickoff gala and live-streamed more than 300 shows during its 24-day promotion period. JD.com and Suning also latched on to the trend: Both teamed up with live-video platform Huajiao to provide live streaming during Singles’ Day.
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The Marketers' Responsibility In Measurement

Tina Moffett

B2C marketers have taken ownership of data-driven decisioning from their customer insight colleagues. With the most holistic view of investment, execution, and results, marketers themselves are the ones best equipped to move marketing from gut-feel to results-driven. Thirty-nine percent of marketing measurement professionals in our recent Forrester Wave evaluation revealed that corporate marketing sponsors marketing measurement and optimization initiatives while only 14% indicated business intelligence or corporate analytics groups sponsor. (Source: Forrester's Q3 2016 Global Marketing Measurement And Optimization Solutions Forrester Wave™ Customer Reference Phone/Online Survey).

 
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Kale Is Good For JetBlue And Other Tales of Brand Resonance

Dipanjan Chatterjee

A powerful brand not only has to be extremely relevant to prospects, it has to make itself an invaluable and inextricable part of customers' lives as well. In the recent Forrester report called Navigate Your Brand To Resonance: Four Milestones To Brand Building, I outline a road map for CMOs with four clear stops, from salience to resonance, on the road to building a powerful brand. This journey is a must-take road trip for CMOs looking to assess the state of their brand and craft a strategy for taking it to the next step. The milestones are shown in the figure below:

The roadmap traces a deepening connection between brand and consumer built on a foundation of customer-obsessed experience delivery and powerful emotional connections. Good brands succeed in being salient, inducing trial, creating memorable experiences, and forming emotional bonds. Amazing brands do more – they energize the entire brand-consumer relationship in a way that creates a resonant and enduring bond. Brands that achieve this resonance are twice blessed -  they reap the rewards of loyalty with existing customers and also set in motion a powerful recommendation engine which feeds the awareness and salience funnel. As Forrester research has consistently shown, word of mouth and recommendations are far more credible than brand-generated paid and earned media.

In the report, I provide several best practices of brands on this journey from salience to resonance; here are a few:

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What Financial Services Execs Can Expect In 2017

Peter Wannemacher

Every fall, more than a dozen Forrester analysts across multiple roles meet to discuss what executives and leaders at financial services firms should anticipate over the next year. Driven by our ongoing research, the result of this brainstorm is now available as the just-published “Predictions 2017: Pioneering Financial Providers Will Partner With Fintech To Build Ecosystems” report. Forrester clients can read the full predictions report by clicking the button here:

               

For non-clients, here are three of the 16 predictions we outline in our new report:

  • Leading providers and fintech firms will partner to build ecosystems. Dynamic ecosystems of value threaten traditional, vertically integrated financial firms that want to stick with the old-school value chain. But ecosystems also offer opportunities to financial providers that think carefully about the roles they want to play in the ecosystem — and by extension, the role they want to play in customers’ lives. Pioneering financial providers like BBVA have built ecosystems with fintech firms like OnDeck, and we predict that in 2017, more leading firms will follow suit and build dynamic ecosystems of value.   
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Announcing Forrester’s Latest Wave Evaluation Of Digital Agencies In China

Xiaofeng Wang

The Forrester Wave™: Digital Agencies In China — Strategy And Execution, Q4 2016 is now live. It’s the second time we have evaluated digital agencies’ capabilities in the Chinese market; we published our first report on the topic in Q1 2015.

To reach and engage with more than 700 million online consumers, B2C marketing professionals have put digital atop their agendas. However, marketers in China are far from ready to go digital-first on their own, and need agency support particularly in the following three areas:

  • Customer understanding and segmentation. Digital consumers’ behaviors are changing fast, and marketers must better understand, reach, and engage with them. Marketers expect to get more data services from agencies, especially industry-relevant customer insights, to help them better understand their customers.
  • Multichannel strategy. Marketers increasingly realize that siloed thinking fails to tap the full potential of digital business, and their efforts are often disconnected when supporting digital marketing initiatives across platforms and channels. As a result, marketers’ demand for multichannel solutions is increasing.
  • Creative strategy. Marketers need creative strategies to improve the return on their digital marketing investments. Content marketing, creating relevant ideas, defining customer segments, and customer journey mapping are critical to developing an effective creative strategy where the ultimate goal is to deliver business outcomes.
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New Benchmarking Data: State Of VoC Programs, CX Research And Journey Mapping…

Maxie Schmidt-Subramanian

… in the making. Do you want to know...

  • How future-proof is our VoC program?
  • Are we doing enough to gain deep customer understanding?
  • Are we maximizing our use of journey mapping and should we be doing journey analytics?

Take our benchmarking survey to get the answers and benchmark your and your company's efforts!

As a thank you for your contribution, you’ll receive an exclusive report on the data - highlighting the state of CX research, journey mapping and VoC programs at some of today’s leading firms.

Our survey shouldn’t take more than 10 minutes to complete. It will be open until November 30th.

We know you are busy and appreciate the time you take to share your experiences with us. If you have any questions, please reach out to Kelly Price (kprice@forrester.com).

Can’t wait to hear from you!

Thank you,

Maxie