By Clint Demeritt
With so much information available to brands, it can be hard to tell the difference between mere hype and marketing trends that are here to stay.
Today’s brands need trusted data and insights they can act on quickly to compete in the rapidly changing marketing landscape. In the New Orleans DMA &THEN session “Data-Driven Marketing: Separating Truth from Hype,” marketing executives from Campbell’s, Bayer and marketing intelligence platform, Beckon, will separate the hype from marketing trends that actually impact the bottom line.
Earlier this year, Campbell’s teamed up with Beckon to present a case study on agile marketing. Since agile marketing is a key pillar in Beckon’s latest annual “Marketing Truth or Marketing Hype” report, we’re going to drill down deeper into this practice from Beckon’s playbook.
According to Beckon, agile measurement rests on the insight that new performance data is an opportunity to learn, decide and act. Every time brands measure performance, it’s a chance to grow the business by cutting poor-performing efforts and reallocating that spend to winners. So it follows that the more often we receive new information and act on it, the greater the return on our marketing spend. And real-world studies bear this out. Forrester’s Total Economic Impact study of Beckon revealed that brands who review performance and optimize throughout the year see an average increase of 12.7 percent in their return on marketing investment. In today’s data-driven world, brands that don’t continuously test, measure and course-correct accordingly stand to waste budgets on initiatives that don’t effectively reach and inspire customers to buy.
But optimizing monthly (or even quarterly) can be a daunting task, especially when brands don’t have access to a clean, trusted, continuously updated marketing performance data hub. This challenge is a cornerstone of Beckon’s approach to building a source of truth for marketers and giving brands real-time access to data and reporting.
In a recent presentation, Marci Raible, VP of Global Media and Marketing for Campbell’s and Beckon customer, shared first-hand experience and learnings in building an agile, data-driven organization. Campbell’s marketing team tried two different approaches before settling on a style that worked across its portfolio of brands. First, a centralized model and then a decentralized, brand-specific model. In the fully decentralized model, brands got lost in all the data and Campbell’s was unable to find cross-channel or cross-brand insights. The fully centralized model put too much pressure on the central team and left brands with no sense of ownership.
Ultimately, Campbell’s landed on a solution that harmonized both models which they refer to as “freedom within the framework.” Campbell’s centralized elements that were key for global consistency across all of their brands and gave brands the freedom to customize the rest. Their strategy included a gradual rollout, a standardized starter playbook that brands can customize, training to get end-users comfortable using the data, and recruiting champions in senior leadership to encourage cultural change within their teams.
Campbell’s story is an inspiring one, but agile marketing is just one way leading brands are growing their businesses. Join Campbell’s, Bayer and Beckon at DMA’s &THEN Conference on October 9th to uncover which marketing trends to should be skeptical of, as well as emerging tactics and strategies you should embrace.
This article is brought to you by &THEN, DMA’s annual event. Click here to join the leaders of the marketing community and explore how data transforms marketing in New Orleans, October 8-10. Save over $300 when you register online.