What's your plan for leveraging data?
There's finally starting to be a lot of talk in agencies, media companies and marketing consultancies about leveraging data in optimizing campaign effectiveness. Adweek's recent article about the concept reminded me of a concept I've been thinking about on and off for some time now.
What if we not only started leveraging campaign and interaction data to optimize, update and inform creative, but also started leveraging real time market data as well? By this I'm saying -- take the Wall Street model that Adweek references, and incorporate not just the methodology but the data as well. What if your marketing analytics dashboard not only gave you insight into not just what your potential customers were doing within various media, but what related and competitive firms/products were doing in the market? Furthermore, what if you could cross compare online and offline buzz & media trends in regard to your industry/product/consumer mood with which media units were being engaged with? Seems to me like you have a hell of a lot more insight into where you and your company/product/service fit into the current and trending conversation.
Sounds like it could be one heck of a tool to build and make relevant, and probably far more complex than any agency or marketing consultancy would be willing to invest in at this point. But the one that is willing to will leap far ahead of the others. This kind of tool is much like the kinds of quant & trends tools that hedge funds have used to become the trading powerhouses that they are, and could play the same role in remaking the marketing services landscape.
I guess this brings me back to my title - what is your plan for leveraging data? As a corporate marketer, are you talking to the folks in the financials and information services side of your organization to build better dashboards that look at the bigger picture? As a marketing services firm, are you asking your clients to partner with you on the development of such dashboards? Are you willing to test not just 10s but 1000s of pieces of creative and let them auto-optimize? Are you willing to take the investment and financial risks to make this kind of change happen? And are you willing to let realtime quant systems make your least favorite creative run everywhere and your most favorite creative end in the dustbin?
I personally look forward to the growth of these kinds of systems, and hope to be part of building one and putting it to use for clients. Anyone want to help me build it?
What if we not only started leveraging campaign and interaction data to optimize, update and inform creative, but also started leveraging real time market data as well? By this I'm saying -- take the Wall Street model that Adweek references, and incorporate not just the methodology but the data as well. What if your marketing analytics dashboard not only gave you insight into not just what your potential customers were doing within various media, but what related and competitive firms/products were doing in the market? Furthermore, what if you could cross compare online and offline buzz & media trends in regard to your industry/product/consumer mood with which media units were being engaged with? Seems to me like you have a hell of a lot more insight into where you and your company/product/service fit into the current and trending conversation.
Sounds like it could be one heck of a tool to build and make relevant, and probably far more complex than any agency or marketing consultancy would be willing to invest in at this point. But the one that is willing to will leap far ahead of the others. This kind of tool is much like the kinds of quant & trends tools that hedge funds have used to become the trading powerhouses that they are, and could play the same role in remaking the marketing services landscape.
I guess this brings me back to my title - what is your plan for leveraging data? As a corporate marketer, are you talking to the folks in the financials and information services side of your organization to build better dashboards that look at the bigger picture? As a marketing services firm, are you asking your clients to partner with you on the development of such dashboards? Are you willing to test not just 10s but 1000s of pieces of creative and let them auto-optimize? Are you willing to take the investment and financial risks to make this kind of change happen? And are you willing to let realtime quant systems make your least favorite creative run everywhere and your most favorite creative end in the dustbin?
I personally look forward to the growth of these kinds of systems, and hope to be part of building one and putting it to use for clients. Anyone want to help me build it?
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