Marketing Evolution’s Evolve Summit 2018 was a two-day event held in May, meant to celebrate our customers and dive deep into the forward-thinking conversations around, AI, big-data, and the future of analytics and attribution.
During the 2018 Marketing Evolution Summit Rex Briggs, founder and CEO, shared his thoughts about why marketing and attribution have to evolve, since flaws in attribution still exist. In case you missed this year’s event, here are 5 of the biggest takeaways from the Evolve Summit.
While we may secretly pine for a simpler time, the reality is that today’s marketplace is extremely complicated and moves at a frenetic pace. Most brands face increased competition and there are literally thousands of distractions for consumer attention. In order to be successful, marketing professionals need right-time insights to make the best decisions on where to invest their budget. Traditionally, decisions on media spend have been backward looking, prospecting data from campaigns of the past rather than in real-time. Due to this complexity we need more powerful tools, driven perhaps by artificial intelligence, that can take disparate data and find the best levers to pull while a campaign is live.
Marketers who practice a “spray and pray” approach will ultimately fail. Rather than moving forward with a focused strategy driven by data and real-time marketing analytics, these individuals utilize every marketing channel they can afford in the hope that something will stick. The reality, however, is that today’s marketplace rewards those who can do more with less. Having a well thought out marketing plan, based on a deep understanding of customer needs and intents, is more likely to win the day.
The ongoing proliferation of entertainment and news options available with cable television, non-terrestrial radio, e-mail, and social media is another key reason to evolve. Research from Yankelovich Partners and others suggests that consumers are exposed to more than 5,000 and perhaps as many as 10,000 paid commercial messages per day. Savvy marketers are reevaluating their media buy and finding alternative lower-cost and higher-impact channels to get the right message in front of the right audience at the right time.
Brands that fail to create a meaningful connection or produce what customers want will lose momentum and visibility in the crowd. Too often, however, tools upon which marketers are relying on are biased towards short term advertising performance and neglect the value of long term brand building. These personal connections with customers, and the brand loyalty they engender, can give brands a much stronger position and help differentiate them from competition.
Evolution is about moving forward. It is always smart to assess the performance of your campaigns but if learnings cannot be applied to today their power is diminished. Marketers need marketing analytics tools that give them prospective insight to look forward and optimize campaigns while they’re live. This opens up unique opportunities for progressive thinking brands to develop test and learns that can unlock higher marketing ROI and unlock the full potential of marketing.
© 2018 Marketing Evolution, Inc.