Today, because of the continual inundation of new media and consumer-brand interactions, marketers are awash in too many metrics and data. The result is that marketers struggle to make sense of this "data torrent" that in terms of the sheer volume of data is overwhelming.
To try to absorb the volume, many companies have formed "insight silos" across an organization, creating groups such as digital media analytics, traditional media analytics, consumer research, segmentation, pricing...the list is endless.
All that does, however, is provide a constricted view of marketing and media. The challenge for companies will be not only to erode the silos but also to develop a holistic view of their marketing and media planning that errs on the side of simplicity and clarity.
The way forward will lie in tying marketing metrics to brand key performance indicators and financial objectives by line of business and brand, market and consumer segment. To do this, companies will need to integrate predictive analytics with consumer attitude and market research data, migrate from single-dimension brand simulation to multi-dimensional brand management and planning and ultimately establish apples-to-apples comparisons of everything in their marketing and strategic planning toolkits.
Following these steps will allow marketers to turn media information into business planning tools. Ultimately, it will radically transform the way they plan, measure and predict the outcomes of their media investments.
Doug Brooks, Global Executive Vice President, Marketing Management Analytics (MMA), mma.com, firstname.lastname@example.org