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marketing analytics

Can Observational Methods Assess the Causal Effect of Ads?

  • MSI

While Randomized Controlled Trials (RCTs) are ideal for advertising measurement, it is not always feasible to conduct one. Until advertising platforms are willing to provide more information about how they deliver targeted ads or implement auctions, alternative observational methods are unlikely to reliably estimate causal effects. That includes utilizing newer machine learning techniques.

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Optimizing Interventions Along the Customer Journey

  • MSI

Random controlled experiments for A/B testing help improve things like a company's marketing or customer service. However, individually optimizing interventions may not always capture interactions across the entire purchase decision journey. To optimize interventions more holistically, use a Bayesian reinforcement learning model. It can integrate multiple historical experiments, which can improve both current impact as well as future learning.

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  • Article

Top Trends in Data and Analytics for 2022

Research and advisory company Gartner shared their insights on top trends in data and analytics technology and practices. These can help anticipate change and transform uncertainty into opportunity, driving new growth and increasing efficiency, resilience and innovation. Gartner points out that the past year has seen an accelerated pace of disruption across all vectors of business, government and society, with the potential for even more profound shockwaves to come because of the Russian invasion of Ukraine. The global health crisis has been displaced for the moment by a geopolitical one, and the combination continues to shift people’s priorities, their values and their roles as family members, customers, employees and citizens. These conditions are driving extreme uncertainty, but also opportunity. Opportunities

  • Connections between diverse and distributed data and people create truly impactful insights and innovation. These connections are critical to assisting humans and machines to make quicker, more accurate, trustworthy and contextualized decisions while taking an increasing number of factors, stakeholders and data sources into account.
  • CEOs’ highest priority is to return to and accelerate growth, but they must do so in an extremely uncertain and volatile environment. Capabilities that enable navigating and responding to accelerated disruption across all aspects of the geopolitical environment, business, government and society are the foundations of success.
  • Prioritizing trust and security in these unprecedented times of global chaos is fundamental to the strategic role of data and analytics to realize new sources of value.
Recommendations Data and analytics leaders looking for new opportunities for their D&A programs and practices should:
  • Improve situational awareness to rapidly adjust to disruption and uncertainty by prioritizing investment in data and analytics diversity and dynamism, including adaptive AI systems, expanded data sharing and data fabrics.
  • Drive new sources of innovation and value for stakeholders by implementing context-driven and domain-relevant analytics to be composed of modular capabilities by the business. Addressing the scarcity of skills and hirable D&A talent is a top existential priority.
  • Institutionalize trust to achieve pervasive adoption and value at scale by managing AI risk and security, and enacting connected governance across distributed systems, edge environments and emerging ecosystems. 
Source: Sallam, R. and Friedman, T. (2022, March 11). The Gartner Top Trends in Data & Analytics,  2022. Gartner. 

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  • Article

NYCU: Improving Marketing Research Skills

As changes in marketing and research methods and technologies accelerate, keeping up to date is becoming increasingly urgent for researchers. The ARF and New York University (NYU) are providing a solution.   The ARF, in association with NYU’s School of Professional Studies, is creating a program that offers researchers the opportunity to update themselves on the latest practices and applications of marketing research and obtain The ARF Marketing Optimization and Insights Certificate. ARF President & CEO, Scott McDonald, Ph.D., reviewed the program in a conversation with Bob Lederer, President and Publisher of RFL Communications, Inc. Source: Lederer, B. (2022, February 17). Researchers Update Skills, Familiarity in ARF Courses. RFL Communications, Research Business DAILY Report. More information—including details on when live sessions will take place for each course and how long the certification would take to complete—are available. The next session  kicks off on March 21. ARF Members who register by March 7 are eligible to pay only $3,000—a $5,000 discount. To confirm your interest, or register someone from your team, contact us at arfcertification@thearf.org Learn more and register on the ARF website.  

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Are Marketers Using the Right Metrics?

  • MSI

Which is more efficient when it comes to advantageous decision outcomes, marketing-mix metrics or financial metrics? Researchers in this award-winning MSI working paper investigated this question, basing their research on a behavioral framework and statistical model. On average, according to their sample, marketing-mix metrics are more effective than financial. Even so, managers seem more eager to use financial metrics, possibly, because they are easier to understand across the organization.

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Mentoring Meet-up — Three Leaders, Three Stories (Event Summary)

  • WOMEN IN ANALYTICS

At our first ARF Women in Analytics Mentoring Meet-Up of the year, we heard from three industry trailblazers on the “what”, “why” and “how” of their careers. Colleen Funkey of The Estée Lauder Companies, Gloria Cox of The Cambridge Group and Renata Policicio of WarnerMedia reflected on their unique journeys and shared the steps they took and lessons they learned. From what inspired them to originally go into market research to how they now navigate their careers at a senior level, speakers gave attendees advice on what they can do to ensure their careers are satisfying and successful. Attendees also participated in small breakout groups with the speakers to connect, ask questions and share their own personal reflections.

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  • Article

NYCU: Do Analytics Contribute to Growth and Profit?

Business Professor Oded Netzer finds that many Chief Marketing Officers (CMOs) don’t think analytics contribute much to the bottom-line and offers a strategy to align analytics with business goals. In a recent paper in the Journal of Marketing, Oded Netzer, the Arthur J. Samberg Professor of Business and a Chazen Senior Scholar, points out that increasingly rich data from a dizzying array of sources allow marketers to capture more information on customers and competitors today than ever before and use that data to drive actionable insights. However, he finds that a 2020 survey of CMOs shows that despite steady increases in spending on analytics over the past eight years and even higher expectations for increased spending in the future, the contribution of marketing analytics to company performance has been, on average, fairly low. The disconnect comes down to this: marketing data collection efforts and analytics do not always align with growth strategy. According to Netzer and his colleagues, firms should align their data and analytics with three growth levers, informed by the customer equity framework, which suggests that a firm’s growth comes from acquiring profitable customers, making more money from existing one's customers, and retaining profitable customers:

  • Customer acquisition: Harvesting social connection data gives marketers the ability to identify potential customers who are connected to existing customers and/or have preferences and motivations similar to existing, profitable customers.
  • Customer development: Using clickstream data and other business intelligence data, companies can go beyond simply tracking a customer’s purchases with their firm and estimate how much that customer spends with competitors. Firms can leverage that data to increase their share of customer expenditures in a given category or industry (often referred to as customer share of wallet).
  • Customer retention: Firms have traditionally relied on purchase and usage data to predict customer churn, but little attention has been given to mitigating it. Underutilized data sources, including unstructured data and causal data, are more difficult to gather and work with than traditional transactional data, but can be extremely useful in identifying impending customer churn and mitigating it.
Source: Netzer, O. (2022, January 12). Beware the Streetlight Effect. Ideas & Insights: Marketing, Columbia Business School.  

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  • Article

NYCU: ARF Launches Marketing Optimization & Insights Certification with NYU

The ARF and the NYU School of Professional Studies have launched a new program, the ARF Marketing Optimization and Insights Certificate. The course is designed to teach methods of diagnosing marketing problems and evaluating the effectiveness of campaigns. ARF members who register for the full course by December 15 will only need to pay $2,000 (a savings of 75%). Contact arfcertification@thearf.org for more information.

The program, now open for enrollment, will commence this spring and be taught by professionals from members of the ARF who will serve as adjunct instructors at NYU SPS (New York University School of Professional Studies). It will provide the real-world application of research and analytic methods and comprise one required course, Foundations of Advertising Research, and six electives, of which three must be taken. These are: Achieving Consumer Centricity, Campaign Objectives & Strategy, Discovering and Testing the Key Consumer Insight, Informing Creative Development, Media Assessment & Tactical Planning and Campaign Effectiveness Measurement. Through the program, students will learn how to apply a consumer-centric approach to the development and optimization of marketing in daily work activities, learn how to assess the requirements of an effective marketing and advertising plan to support business goals and how to draw insights from consumer and market data. Studies will offer guidance on how to integrate the research and insights process into the development, testing and optimization of messaging and creative assets. They will also show students how to evaluate the impact of media choices, the media mix and optimal media plans on reaching marketing communications and business goals. ARF President and CEO Scott McDonald says the tailored curriculum is designed to foster an environment for professionals to learn and experience first-hand, how research and analytic methods available today play a "crucial role in the full cycle of campaign development."

Source: The ARF. (2021, November 30). The ARF And The NYU School Of Professional Studies Launch Certificate Program In Marketing Optimization And Insights. NYU School Of Professional Studies, The ARF.

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  • Article

NYCU: A Memorable Quote

"Marketing has become too damn complicated," said MMA CEO Greg Stuart.

Source: Neff, J. (2021, December 2). Why The Death Of The Cookie Is Threating Multi-Touch Attribution—Forcing It To AdaptDataDrivenMarketing, AdAge.

Note: Only subscribers of AdAge can read the full article.

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