{"id":510,"date":"2016-10-26T11:22:08","date_gmt":"2016-10-26T08:22:08","guid":{"rendered":"http:\/\/kusuaks7\/?p=115"},"modified":"2025-03-13T12:43:43","modified_gmt":"2025-03-13T12:43:43","slug":"measuring-marketing-roi-big-data","status":"publish","type":"post","link":"https:\/\/www.experfy.com\/blog\/ai-ml\/measuring-marketing-roi-big-data\/","title":{"rendered":"Measuring Marketing ROI with Big Data"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\t\t\t\tThe main objective of marketing analytics is to measure the effectiveness, or the ROI, of various marketing channels used to position a product or service. Given the increasing variety and complexity of marketing channels\u0097reaching this objective is a serious challenge. A recent research from Crain’s BtoB Magazine<\/em> casts serious doubts on the impact of digital marketing mix and demands a systematic investigation of its measurable worth!\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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The history<\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tDuring the Crain\u0092s BtoB Magazine<\/em>\u0092s poll in 2012, while 60 percent or more of the respondents expressed that their biggest challenge was generating sufficient leads, a solid 63 percent confessed that their marketing mix was either inadequate in terms of sales goals, or did not assure effective results. Interestingly enough, almost 40 percent of the respondents felt that the\u00a0accurate measurement and attribution of online conversions<\/strong>\u00a0was still missing from their digital marketing model. At least two major polls conducted in 2012 <\/strong><\/a>suggested\u00a0\u00a0that a mere 11-19 percent of the respondents were using big data to measure or optimize their digital marketing strategies. The marketers\u0092 world has made great strides since then; and they have moved towards a more integrated digital marketing strategy to drive a creative reinvention of digital marketing plan. Here are some sample findings reported in\u00a0Era of Big Data: The 2012 BRITE\/NYAMA Marketing in Transition Study<\/a> by David Rogers and Don Sexton, <\/strong>in which 253 corporate marketing decision makers (director-level and above), were surveyed online between January 27 and February 8, 2012.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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  1. 91% of senior corporate marketers reported that they relied on customer data to drive marketing decisions.<\/li>\n \t
  2. But, among those 91%, 39% reported that their own company\u0092s data was either infrequent or dead data.<\/li>\n \t
  3. 51% of the respondents reported that a lack of sharing of customer data within their own organization was a serious roadblock in measuring their marketing ROI<\/li>\n \t
  4. Among the large firms, only 19% are collecting new forms of digital data like mobile data; while 74% are collecting traditional customer survey data such as demographics, and 54% are collecting attitude.<\/li>\n \t
  5. 85% of the respondents reported that large corporations use social media such as \u00a0Facebook, Twitter, or Google+ as their marketing channels.<\/li>\n \t
  6. 65% of the respondents confessed that comparing the effectiveness of marketing mix is a major challenge for their business<\/li>\n \t
  7. 37% of the respondents did not correlate marketing ROI to any kind of desired financial outcome.<\/li>\n \t
  8. 57% of the respondents admitted that marketing budgets were not based<\/strong> on any ROI analysis<\/li>\n \t
  9. 22% of the respondents reported that brand awareness<\/em> was the sole measure for evaluating the existing marketing spends.<\/li>\n<\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    \n\t\t\t\t\t\t\t\t\tIf you are curious to know more about this survey, you can access the downloadable copy<\/a> of the full research report.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    \n\t\t\t\t\t\t\t\t\tDon Sexton on Marketing ROI in the Era of Big Data\u00a0<\/em>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    <\/h3>\n

    The transition<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    \n\t\t\t\t\t\t\t\t\tIn 2013, the emergence of Marketing Mix Modeling (MMM)<\/strong><\/a> provided a blueprint for developing analytics-guided<\/em> marketing strategy. In an era where TV, print, or online marketing channels are \u00a0no longer stand-alone platforms but rather a well-integrated digital entity enabling consumers to quickly hop from one channel to another, marketing analytics played a significant role. During this period, it was noted that businesses that embraced big data analytics showed 15-20 percent higher results than those who did not. Traditional MMM data got frequently reinforced with advanced customer-behavior forecasting techniques. Sophisticated tools such as Regression analysis based on detailed customer surveys, or brand tracker surveys, or focus groups\u00a0revealed consumer sentiments at different points in their decision journey across multiple channels. \u00a0This era also signaled that marketers and CMOs need to be involved in the analysis of customer data and insights to realize the full benefits of marketing analytics. You can view the full McKinsey report<\/a>.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    The current trends<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    \n\t\t\t\t\t\t\t\t\tMore organizations today realize the importance of measuring marketing ROI for getting the full benefits of the marketing spend. They also realize that for an accurate measurement of marketing ROI, they need to utilize available big-data enabled analytics. As newer and more challenging digital marketing channels surface, organizations will have to execute the best practices defined here to be able to measure and optimize their marketing mix:\n
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    1. Marketing data must be shared across departments and divisions within an organization.<\/strong><\/li>\n \t
    2. The marketing metrics must be aligned with finance goals<\/li>\n \t
    3. The measurable data must be timely and actionable, and linked at the customer level.<\/li>\n \t
    4. IT infrastructure like Hadoop and MapR should be integrated in the overall data marketing data centers<\/li>\n \t
    5. Advanced analytics technologies like big data and predictive modeling must become commonplace in marketing data analysis.<\/li>\n \t
    6. Visualization tools must be used to understand the complex inter-relationships between marketing metrics across channels<\/li>\n \t
    7. Social feeds can be used to get real-time customer engagement data.<\/li>\n<\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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      \n\t\t\t\t\t\t\t\t\tTo learn\u00a0more about the current marketing analytics trends and patterns,\u00a0see\u00a0Analytics Trends 2014<\/strong>, which was published\u00a0by the trend-watching team at Deloitte. \u00a0 \u00a0 \u00a0<\/strong>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

      The main objective of marketing analytics is to measure the effectiveness, or the ROI, of various marketing channels used<\/p>\n","protected":false},"author":11,"featured_media":2884,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[183],"tags":[165],"ppma_author":[1606],"class_list":["post-510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai-ml","tag-customer-and-marketing-analytics"],"authors":[{"term_id":1606,"user_id":11,"is_guest":0,"slug":"cameron-turner","display_name":"Cameron Turner","avatar_url":{"url":"https:\/\/www.experfy.com\/blog\/wp-content\/uploads\/2024\/09\/cameron.jpeg","url2x":"https:\/\/www.experfy.com\/blog\/wp-content\/uploads\/2024\/09\/cameron.jpeg"},"user_url":"","last_name":"Turner","first_name":"Cameron","job_title":"","description":""}],"_links":{"self":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/comments?post=510"}],"version-history":[{"count":5,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/510\/revisions"}],"predecessor-version":[{"id":37399,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/510\/revisions\/37399"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media\/2884"}],"wp:attachment":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media?parent=510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/categories?post=510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/tags?post=510"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/ppma_author?post=510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}