The increasing complexity in marketing today, driven by shifts in media consumption and the explosion of marketing data, has profoundly impacted the marketing mix and the challenges faced by marketers. As advanced analytics capabilities have emerged as an enabler of success, we are now seeing new paradigms in how marketing campaigns are measured and investment decisions are made. So how is marketing measurement going to shift in the upcoming year in terms of technology adoption, usage and data, and what do these changes mean for marketers? Let's take a closer look.
It is a paradox that measurement, a discipline so predicated on objectivity, can sometimes be so subjective. Measurement has long been a subject of debate, not so much for how it should be conducted, but because of what it truly means.The basic debate surrounding "the measurement problem" -- a term that arose among the great physicists of the early 20th century -- is the question of whether measurement is a "mirror" reflecting an independent existing external reality. Or is it a "veil of perception," shaped by the prejudices of the viewer?
I recently returned from my first Disney Cruise with my family, and, just as advertised, it truly was a "magical" experience. One of the things that made it so was the "Key to the World" card I received upon checking in. That ubiquitous card served as both my room key and charge card during the cruise. But not only did it work for charges on the ship -- from offshore excursions to beverage, spa and laundry services -- but it also enabled everyone in my party to be identified by the cruise ship's staff. Imagine my nephew's surprise and delight …
In all the talk of managing big data, one rarely hears about the skills needed to determine the quality of data necessary for the decision-making at hand, necessary to interpret what the data really mean and integrate findings into the larger business strategy and purpose. Integrating findings refers to using media and marketing research and data to enrich strategy. It also means using the tools wisely enough to find the new business possibilities that emerge from the findings. I ask that you consider the art of the science: a higher level of thinking.