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Martech Ecosystem > Lecture 9 > Flashcards

Lecture 9 Flashcards

1
Q

Marketers need to be able to access their data to measure

A

digital marketing activity

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2
Q

Most marketers will have website analytics and their own business analytics tracked in

A

either homegrown or third-party tools.

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3
Q

In more advanced cases, a data warehouse can pull together data from a wide array of systems to

A

make insights and reporting more accessible.

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4
Q

Data Sources

A

Transaction Database

Web Analytics Tool

In Store Tracking

3rd Party Pixels

External Sources

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5
Q

Analysis Tools

A

Statistics

Modeling

Visualization

Ad Hoc

Reporting

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6
Q

Languages

A

Map Reduce

R

Python

SAS

SQL

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7
Q

Platforms

A

Relational

Hadoop

Hive

Spark

Transactional

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8
Q

Insights & Analysis Ecosystem

A

Data Sources

Analysis Tools

Languages

Platforms

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9
Q

90s Competitive Advantage

A

• Operational skills used to confer long-term
advantage

• Leaner manufacturing, higher-quality
products or superior distribution would outrun
competitors

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10
Q

New Competitive Advantage

A

• New source of competitive advantage is
customer centricity

• The ability to deeply understand your
customers’ needs and fulfilling them better
than anyone else

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11
Q

What is Customer Centricity?

A

Business strategy that sits at the intersection of what the customer truly needs, the purpose that the brand wants to bring to life for its customers, and the way in which the business commercializes its relationship with its customers.

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12
Q

Customer-centric companies are growing revenue faster than their competitors and are creating

A

personalized, experiential value

propositions based on data-driven insights

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13
Q

By 2020 there will be more than 50 billion connected devices (~7 per person), making enough data available to

A

better understand people and transform companies into customer-centric

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14
Q

Business Drivers of Customer Centric Growth

There are 10 drivers within 3 dimensions that over-performing companies adopt to deliver customer-centric growth

A

Customer Obsession Drivers

Insights Engine Drivers

Total Experience Drivers

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15
Q

Customer Obsession Drivers

A

Drive customer obsession throughout the
organization, taking the voice of the
customer into account in every business
decision (internal and external)

Drivers

  • Embrace by all
  • Leadership priority
  • Collaboration
  • Experimentation
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16
Q

Insights Engine Drivers

A

Evolution of Insights & Analysis from support role to fully integrated business partner that has a seat at the leadership table, driving strategy and real-time execution

Drivers

  • Leading role I&A
  • Unlocking power of data
  • Critical capabilities
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17
Q

Total Experience Drivers

A

Seamless, consistent and tailored
brand experience that goes beyond
functional benefits and is built on a
clear purpose for why the brand exists

Drivers

  • Purpose-led
  • Data driven customization
  • Touch point consistency
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18
Q

Benchmark in-house results against a robust global cross-industry dataset to

A

quantify the revenue growth potential of addressing each driver.

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19
Q

How To Achieve Customer Centricity

A
  • Customer Centricity requires data
  • However, having troves of data is of little value, the ability to transform data into insights about consumers’ motivation and to turn those insights into strategy is the real differentiator
  • This alchemy requires innovative organizational capabilities called “insight engine”
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20
Q

The Importance Of The Insight Engine

A

Its vital role was revealed in the Insights2020 study led by Kantar VermeerI, which involved interviews and surveys of more than 10,000
business practitioners worldwide.

Of the factors that were found to drive customer-centric growth, none mattered more than a firm’s insights engine, embodied in its insights and analytics function.

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21
Q

Unilever Case

A
  • Shows how the insight engine works at the consumer giant and its characteristics
  • Unilever owns 400+ brands, including Dove, Knorr, and Axe, which generated $60 billion in revenue in 2015, with underlying sales growth of 4.1% for the year

• Performance at those levels requires full engagement of the company’s 169k employees, who span functions from supply chain and R&D to marketing and finance. But as we’ll review, it’s the
insights engine, manifested in the firm’s Consumer and Market Insights (CMI) group, that underpins Unilever’s customer-centric strategy

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22
Q

Unilever New Strategy

A

• In 2016 Q1, Unilever’s CEO announced a new initiative to shift
resources to local markets around the world, clarifying
accountability and making marketing teams more agile globally
and locally
• The initiative was based on the insights collected by the CMI group,
which were discussed with the board and led to changes in the
organization and mindset

• CMI identified growth in consumers seeking brands that align with
their cultural identity and lifestyle, allowing local firms to grow faster
and strengthen their competitive position

• Unilever’s new initiative showcases the type of a high-level advisory
role that leading insights functions are increasingly taking

23
Q

A decade ago, I&A was sort of strategic
involvement by a customer intelligence
operation was almost unheard of and was typically a

A

reactive service unit reporting to the marketing function, fielding marketing requests, and producing performance management reports

24
Q

Over time, I&A has been shifting from merely

supplying data to

A

interpreting it, distilling insights about consumers’ motivations and needs on the basis of their behavior.

25
Q

Driven by the imperative to become
customer-centric, leading firms are now
completing the transformation of market
research groups into

A

true insights engines with

a fundamentally strategic role.

26
Q

Characteristics of Superior Insights Engines

There are 2 broad groups:

A
  1. Operational Characteristics

2. People Characteristics

27
Q
  1. Operational Characteristics
A
  • Data Synthesis
  • Independence
  • Integrated Planning
  • Collaboration
  • Forward-looking Orientation
  • Affinity for Action
28
Q
  1. People Characteristics
A
  • Whole-brain Mindset
  • Business Focus
  • Storytelling
29
Q

Until recently, large firms had an advantage over smaller rivals because of the scale of their market research capability.

Today what matters is the ability to

A

connect the dots and extract value from the information

30
Q

__% of executives at over-performing firms said that their company was skilled at linking disparate data sources

A

67%

31
Q

To improve proficiency in using data, firms are creating

A

dedicated data groups, under senior executive leadership, to consolidate, manage, and analyze data and distribute it throughout the
organization

32
Q

For any insights group, the first challenge is to

A

integrate massive and disparate sets of both structured and unstructured data

33
Q

Superior insights groups sit decisively

outside

A

marketing and other functions and
often report to someone in the C-suite (i.e.
CEO, Chief Strategy Officer, or Chief
Experience Officer)

The i2020 research shows that insights
leaders in over-performing organizations
report to these senior executives more than
twice as often as their counterparts in
underperforming organizations (29% vs
12%)
34
Q

What is the driving force behind strategy

development and execution?

A

Business and brand planning cycle

This is where decisions are made, resource
allocation and budgeting formalized and
performance monitored against goals

35
Q

For I&A to help drive strategy, their

activities must be aligned during the

A

planning cycle with those of strategic

planning, marketing and other functions.

36
Q

Over-performing firms usually include
insights leaders at __ stages of the
planning cycle, especially in retail

A

all key

37
Q

Over-performing firms work __ with other

functions and customers

A

closely

38
Q

Emphasis on collaboration is evident
particularly among tech start-ups, but also
among

A

giants such as Alibaba and Google

39
Q

In traditional market-research functions, the

emphasis isn’t so much on collaboration as on

A

being an effective service provider

40
Q

Insights functions have a distinctly different role

that emphasizes

A

shared goals and partnerships.

41
Q

Over-performing companies are 3x as

likely to embrace

A

a culture of experimentation than underperformers.

The i2020 research shows B2B firms in
general are more experimental than B2C
companies (40% versus 13%)

42
Q

To get a handle on the future, market

researchers traditionally focused on

A

the past

43
Q

Most firms today have shifted substantial

attention to studying

A

the present, monitoring consumers in real time to
anticipating what they’ll do next.

The most sophisticated are pushing harder, using predictive analytics and other technologies, along with new organizational structures, to both anticipate and influence behavior.

44
Q

The most influential insights functions focus as much on __ as on data

A

strategy

• Indeed, i2020 found that 79% of insights functions at over-performing companies participated in strategic decision
making at all levels of the organization

• CMI’s action orientation manifests itself in two broad ways: in its specific recommendations to other functions and in the recruitment and training of “action-oriented” employees.

45
Q

Whole-Brain Mindset

A

• A culture that breaks from the past is needed

• Today’s insights teams must think holistically,
exercising creative, right-brain skills

• High-performing organizations are particularly
adept at integrating the creative and
analytics approaches

• Achieving balance between right and left
brain thinking requires a 2 pronged effort:
recruiting whole-brain talent and encouraging
the mindset across the existing organization

46
Q

Business Focus

A

• Historically, organizations’ right-brain
thinkers (i.e. marketing creative teams)
have not naturally focused on the
business side

• i2020 found that respondents from highperforming firms were much more likely
than those from low-performing firms to
believe that their insights functions were
business-focused

47
Q

Storytelling

A

• The i2020 research imparts a final lesson
about what makes for a strong insights
engine: good storytelling

• At over-performing firms, 61% of surveyed
executives agreed that people in their
insights functions were skilled at conveying
their messages through engaging
narratives

48
Q

Four Building Blocks

A

Access Sources

Develop Strategies

Execute in Real-Time

Engage Partners

49
Q

Building an Insight Engine Requires Alignment

A

Structure

People

Tools

Processes

50
Q

People

A 
People with critical competencies
such as business acumen,
storytelling and a whole-brain
mindset, that embrace a culture of
experimentation and crossfunctional collaboration
51
Q

Structure

A

Insights as an independent function
mirroring Marketing, with clear
accountability, resulting in less
debates

52
Q

Processes

A

Clear processes that enable teams to play an integral role in the business planning cycle, turning data into action and shifting s from
hindsight to foresight

53
Q

Tools

A

World-class tools enabling teams to effectively synthetize data and act as a guardian of data quality / reliability

Martech Ecosystem (12 decks)

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