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measurement and magic beans
March 10, 2015, 2:17 pm
Filed under: Great Stuff, passion | Tags: ,

Magic Bean

Interesting to compare FastCo’s 25 Predictions of what marketing will look like in 2020 to the recent work by the The Economist Intelligence Unit.

Both spoke with marketing visionaries around the world and posed essentially the  same question: “The world of marketers today has changed drastically from what it was ten years ago. What will it be like in 2020? And what do marketers need to forge a winning career path over the next five years?”

There is a bunch of great stuff in each report but I’m just looking at ‘what counts’ vs ‘what can be counted’.

FactCo’s short and sweet thought:

Metrics are all over the place. We had page views (which was essentially like tracking escalator use at a department store—i.e., how many times people had to do a thing that’s basically inconvenient), Facebook Likes (which are now of no lasting utility), video views (now an indicator primarily of paid investment), and click-through rates (which still fail to discern quality of traffic). None of them are good. Even engagement rates and dwell times are slippery. We are still yet to settle on a metric that is fit for purpose; one that is easily repeatable, undeniably valuable, demonstrably linked to ultimate effectiveness. I can’t help but feel that when we do, when we’re able to say, “Yes it achieved 19, and our benchmark is 12,” and we know for sure that means it worked, then we will be in a transformed place. Surely. Surely it’s going to happen soon.

Alex Hesz, director of digital, adam&eveDDB FastCo’s 25 Predictions of what marketing will look like in 2020

 

The more indepth EIU:

1. It’s all about engagement

Seth Godin believes that marketers who are serious about engaging the customer recognise that the most valuable moments are when the customer is actually in touch with you: using your product, on the phone with you, reading your content. If you are able to address your customers’ needs during those moments—rather than put them on hold while telling them how important their call is—you’re going to get engagement.

2. Get your own house in order.

An asset is an investment that generates value in the form of return on investment (ROI). Engaged customers fit the definition of an asset, but marketers often complain that their CFOs resist the idea of engagement as an asset worth investing in.

In fact, these marketers are wrong: the problem is one of data, logic and presentation. Many marketers don’t fully understand what drives engagement—and therefore they can’t present it in a compelling way to the CFO. “If you can quantify engagement, any CFO in the world will pay attention,” says Jim Stengel. And not just pay attention, but jump in and ask, “How can I help?” Too many marketers don’t understand what makes their company preferred over others.

3. Harden the soft.

Of all the factors that drive engagement, the most important may be a culture of customer centricity. Culture is often mistakenly considered to be a soft concept. It is a big concept, but it is not a soft one: it can be broken down into a very specific set of values and activities that are mirrored in incentives, salaries and promotions. Customer engagement needs to play a central role in the organisation’s culture. Otherwise the business will not be sustainable.

4. Passion trumps everything

John Hagel argues that passion is the single element most critical to success in marketing. Passion enables executives to put themselves in the customer’s shoes and advocate for the customer inside the organisation. It is not always a comfortable role. It requires confidence and courage. But in the end, passion determines whether or not a marketer is successful.

“If you have a passionate commitment to make an impact on the customer by being more and more helpful to them, you will either develop the skills yourself or you will find ways to connect to the skills wherever they reside,” says Hagel. “It may be in other functions within the organisation. It may be in third parties. If you have the passion, you will find a way.”


 

This same team (The Economist Intelligence Unit) has written a cracking report about the urgent need to restructure marketing to better support business. There’s thirty pages of goodness- but I’m really just focussing on two of their identified trends that need urgent change and support:

A broader view of customer experience: positive customer experience across all touchpoints is increasingly seen as a company’s most valuable asset. And, more than any other function, marketing is responsible for managing it across the customer life cycle and across channels, from initial awareness through loyalty and advocacy.
The customer experience is increasingly seen as a key to competitive advantage in every industry. Slightly more than one-third of marketers polled say they are responsible for managing the customer experience today. However, over the next three to five years, 75% of marketers say they will be responsible for the end-to-end experience over the customer’s lifetime
Metrics for revenue and engagement: Effectiveness trumps efficiency, especially in a time of rapid change. Metrics will become broader and more comprehensive, focusing on top-line revenue and overall engagement more than  efficiency and brand awareness.

It feels like the mapping marketing landscape of the next 25 years or even the next 5 can be nothing more than trying to see a mythical realm. Even Sir Isaac Newton attributed his success to standing upon the shoulders of giants. I’d like to think that if we can help marketers move from counting beans to planting magic ones that the future may just be fantastical indeed.


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