Proof CEO Presentation to IPR Research Symposium
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The document summarizes insights from a research symposium on current trends, challenges, and risks in marketing, communications, and analytics. Some key findings include: centralization of data and analytics often fails to provide actionable insights; analytics teams lack knowledge of what they analyze; and most business professionals cannot use BI tools. Additionally, aggregating and optimizing data remains a challenge. The presentation calls for increased accountability, new compensation models based on proven impact, standardized measurement metrics, and third party auditing of performance and impact.
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Proof CEO Presentation to IPR Research Symposium
- 1. © 2017 Proof Inc., All Rights Reserved BIG CHANGES AHEAD Trends, Challenges & Risks We’re Seeing Now Mark Stouse IPR Research Symposium NOVEMBER 29, 2017
- 2. © 2017 Proof Inc., All Rights Reserved© 2017 Proof Inc., All Rights Reserved PEOPLE, PROCESS, TECHNOLOGY Insights from 200+ Fortune companies reveals that centralized data and analytics often fails to deliver actionable business insights, and that marketing and PR teams are scared of what analytics might show. ANALYTICS TEAMS LACK KNOWLEDGE OF WHAT THEY’RE ANALYZING 90% BUSINESS / FUNCTIONAL PROFESSIONALS CAN’T USE MOST BI TOOLS 90% SUFFER FROM INADEQUATE TIME-TO-INSIGHT 95% AGGREGATING AND OPTIMIZING DATA REMAINS A CHALLENGE 97%
- 3. © 2017 Proof Inc., All Rights Reserved Report aggregates insights and trends taken from a combination of direct customer engagement, numerous surveys and 600+ Fortune 1000 CxO interviews
- 4. © 2017 Proof Inc., All Rights Reserved Big Trends • C-suite sense of risk re marketing / comms is spiking – CMOs continue to lose their jobs at a record pace – CMO tenure in F1000 is 18-22 months, 1/3 of the next worst member of the C-suite – Average agency tenure is 26 months; agency profitability is the lowest in the history of the business – 3649 board seats in F1000 are filled by sales leaders. 89 are CMOs. 3 are CCOs. • Concerns about waste, fraud, economy are converging • Moves to answer incremental value & opportunity cost questions
- 5. © 2017 Proof Inc., All Rights Reserved LOW PERFORMERS HIGH PERFORMERSAVERAGE INDIVIDUAL SALES PERFORMANCE AGGREGATESALESPERFORMANCE MARKETINGPERFORMANCE Proof of Incremental Value
- 6. © 2017 Proof Inc., All Rights Reserved Big Challenges • Maturity curve is broad and disparate • 2/3 of all martech / comms tech is shelfware • Technology solutions outstripping human capability and organizational capacity • Trend towards data federation v. unification / data lakes • Absence of logic frameworks = context-free analytics • Speed to insight, speed to value is big issue • “Brand damage” to marketing-led analytics, but COE isn’t working either
- 7. © 2017 Proof Inc., All Rights Reserved Big Misses • Marketing and Communications – Failure to demonstrate how brand reputation monetizes – Failure to prioritize intelligence and insight over activities – Failure to effectively instrument audience Awareness, Confidence and Trust psychographics – Failure to accurately understand how different parts of PESO are consumed by customers en route to a decision, and how PESO is optimized for different customer decision psychographics • The Business – Failure to insist that marketing & comms teams fund instrumentation and analytics before funding any activities or campaigns
- 8. © 2017 Proof Inc., All Rights Reserved Emerging Priorities • Incremental value creation • Democratization • Pattern recognition • Probabilistic scenarios v. “predictive” • Analytics that are “good enough” for purpose • Targeted AI • Automation v. human involvement • Making ”soft” factors “hard”
- 9. © 2017 Proof Inc., All Rights Reserved Big Shifts • Businesses and boards exercising more control – Risk management – Governance – Internal and SOX compliance – Procurement oversight – Performance management • Movement away from centralized data and analytics • Pay for performance
- 10. © 2017 Proof Inc., All Rights Reserved Additional Takeaways • Decision risk is the most determinant factor in the decision to buy – B2C and B2B skew very differently, primarily due to the differences in real and perceived customer decision risk – Low levels of decision risk free people up to care more about other factors, i.e. alignment on social values • Inadequate instrumentation and time lag issue make a B2B marketing investment ~30X riskier than the same investment in B2B sales – B2B content marketing is very costly and dilutive v. its business impact – Marketing risk in short-cycle businesses is tied to the high spend and qualitative errors, but overall much less risky than B2B • Many marketing departments in the sample appear to be spending at levels above the point of diminishing returns
- 11. © 2017 Proof Inc., All Rights Reserved More Takeaways • In B2C, Paid and Owned channels, together with “review channels”, dominate both revenue and revenue velocity, but Earned and Shared channels deliver greatest impact on upsell and total share of wallet • In B2B, Earned channel performance skews hard towards unique and very strong influence and impact in the mid- and late-stage of the buying process, while Paid and Owned dominate the early stage • In B2B, Shared channel performance reflects consistently low correlated impact on almost any business metric. The only exception appears to be in a crisis situation. (Listening and learning value is manifestly high if done properly.) • Inelastic supply or demand can skew expected norms, i.e. United Airlines news coverage v. company performance
- 12. © 2017 Proof Inc., All Rights Reserved Call to Action • Time for accountability: huge sums are spent without adequate proof of impact. It’s time for transformation and transparency in the client-agency relationship. • New compensation model: base + variable compensation based on provable incremental impact and value creation. • Real measurement standards: required minimum metrics, including instrumentation of audience belief and behavior. • Audit standards: Third-party analytics and analysts with domain knowledge to validate performance and impact.
- 13. © 2017 Proof Inc., All Rights Reserved Thank You. Entire presentation deck copyright 2017 Proof Mark, Inc.
- 14. © 2017 Proof Inc., All Rights Reserved BUSINESS IMPACT ANALYTICS RAPID DATA GENERATION | AUGMENTED INTELLIGENCE | COMPUTED BUSINESS IMPACT PROOF EXCHANGE DATA FEDERATION LAYER Uniting people, uniting their data MARKETING DATA COMMS DATA SALES DATA FINANCE DATA MARKET DATA HR DATA ETC APPLICATION LAYER Agnostic Omnichannel Analytics Automated, augmented calculation of impact, time to impact and ripple effect PROOF ANALYTICS MARKETING HUMAN RESOURCES COMMUNICATIONS FINANCE
- 15. © 2017 Proof Inc., All Rights Reserved PROOF VALUE FRAMEWORK REVENUE MARGIN CASH FLOW DEAL GEN DEAL EXPANSION DEAL VELOCITY AWARENESS CONFIDENCE TRUST PAID / OWNED EARNED / SHARED
Notas del editor
- CMO/CCO, now analytics software CEO Business bias, then function Worked on the business impact question for 12-13 years Collaboration with 600+ F500 CxOs for more than a decade Proof is a fully democratized business impact analytics platform with five major use cases: marketing, communications, HR, CSR, and IT change management. There are no “soft factors” – only those not well instrumented Combination of client work, large surveys and CxO interviews.
- We worked directly with more than 200 Fortune 1000 organizations to learn what’s getting in the way of successful data-driven decision making and here’s what we learned: Analytics teams don’t know the business. 70% of companies struggle with lack of functional knowledge: analytics professionals don’t know the right questions to ask from the data. Business teams don’t understand analytics. Almost 100% of organizations believe that business professionals don’t have enough technical knowledge to use legacy BI tools. 90%+ reported having plenty of performance data, but that aggregating and optimizing that data remains a challenge. So much data. So few insights. Data analytics teams can’t keep up with demand for insights due to limited access to quality data (not the absence of it), inadequate legacy software, and conflicting expectations between business and analytics teams. 96% of companies ranked external partners, agencies, and consultants as “consistently well below expectations” when it comes to performance measurement. 100% cited data security as the primary blocker to true data federation: their ability to bring relevant data together across their enterprise ecosystem. 95% of organizations suffer from inadequate time-to-insight: their data analytics teams often fail to deliver results when the business needs them. Distrust, bias, and blind spots. Teams across the organization, from analytics to functional groups to the C suite, don’t trust their data analytics unless it’s data they control. This sets up organizational and technical silos that get in the way of a data-driven enterprise.
- Proof was the first company to create a mathematical engine that reveals the hidden business impact of marketing and communications. Wrapping it in easy-to-use software, we’ve made it easy to crunch your data and reveal what’s moving the needles the business cares about, and how long it takes to move them.