Data Driven Marketing Mark Jeffery Pdf 44
Kenneth Calimlim
The book describes in detail the main marketing metrics and cases of successful and failed marketing campaigns, gives tips on how to avoid common mistakes and develop a marketing strategy, templates of analytical tables, descriptions of methods and measurement tools.
Mark Jeffery also describes three main approaches to analytic marketing in his book: propensity modeling, marketing basket analysis, decision tree; event-driven marketing, and data-driven marketing infrastructure.
Many managers have difficulty understanding how marketing affects profits. They only see the costs that are spent on marketing events, and the result for them is still unclear, so in many cases, it is marketing budgets that are cut first.
Mark Jeffery in his book tried to combine the concepts of marketing and results into a single whole. In the book, he teaches marketers to speak the language of financial analytics, study numbers, and make forecasts.
The author explains how to work with data and talks about key metrics that will be useful for building a marketing strategy, as well as for convincing management of the need for a specific budget and reporting on the effectiveness of a marketing campaign.
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Data-Driven Marketing is a great primer in helping marketing practitioners think tactically, strategically, and even philosophically about the power of data, measurement, and processes in unlocking the next level of marketing performance.
The book's very instructional, with plenty of case studies, numbers, tables and graphs, showcasing 15 key metrics that includes brand awareness, CLTV, IRR, NPV, etc. and how exactly to work with each to good effect against business objectives. The idea is that whether you're a marketer just starting to think about data-driven performance, or an advanced professional who lives and breathes numbers, there are really only a handful of concepts that you need to understand and use in order to see some real "returns" in your marketing work.
But the book also gets really macro - it talks about the hygiene of marketing campaign management - which includes having sound operational processes in place (like data infrastructures) to collate, analyze, and scale your marketing ongoingly; as well as teach you how to get buy-in from decision-makers to help achieve your goals.
Personal reflection: As my work gets more complex, the need to become more data-focused is inevitable, and reading this book helps me in developing those muscles. The book also instills a sense of urgency for marketers to become more data-driven because as the its research shows, more than 80% of orgs do not deploy data-driven marketing, and those companies are getting left in the dust.
Its section on Internet metrics was a little outdated; focused quite heavily on search engine marketing, and what was written on social media marketing (i.e. Facebook) is very basic and based on an early understanding of the platform (given how far it has come since for advertisers). Also I'd say while the book is great at espousing the value of measurement as attribution for a marketer's work in driving the success of a company's business objectives, it does not detract from the need to still think creatively and competitively about what those marketing solutions are for your own business, as no book is going to give you that answer outright.
Nevertheless I'd say the book does a great job of helping even the most resistant-to-numbers marketers such as myself think structurally about metrics, and much of the content is written to show the real power of using data to increase revenue, save/lower costs, scale business objectives, etc.
In the new era of tight marketing budgets, no organization can continue to spend on marketing without knowing what's working and what's wasted. Data-driven marketing improves efficiency and effectiveness of marketing expenditures across the spectrum of marketing activities from branding and awareness, trail and loyalty, to new product launch and Internet marketing. Based on new research from the Kellogg School of Management, this book is a clear and convincing guide to using a more rigorous, data-driven strategic approach to deliver significant performance gains from your marketing.
MARK JEFFERY is the Director of Technology Initiatives and Senior Lecturer in the Center for Research in Technology and Innovation at the Kellogg School of Management. He has more than thirty publications in management, scientific, and technology journals, and has published twenty-four original case studies with Harvard Business School Publishing. At Kellogg, he directs multiple executive programs including Strategic Data-Driven Marketing and Driving Strategic Value from IT, and teaches in custom executive programs for many organizations including Microsoft and DuPont. He is also the Managing Partner of Agile Insights LLC, a marketing and technology consultancy (www.agileinsights.com).
In October 2008, a few months after the fall of Bear Stearns and the start of the financial meltdown, I had a meeting with a Fortune 500 chief marketing officer (CMO). I was invited to talk about marketing metrics but I wanted to understand the real challenge, so I asked: What is keeping you up at night?
These are the most difficult economic times in more than two decades, and this CMO is not alone. Marketers are struggling to justify their budgets and are constantly being asked to do more with less. Marketing is frequently viewed with skepticism by nonmarketing business executives and when times are tough is often one of the first budget cuts. For marketing managers the challenge of providing concrete results is amplified since branding and awareness are fuzzy and are not directly related to sales revenues.
My research of 252 firms, capturing $53 billion of annual marketing spending, shows that many marketers struggle with marketing measurement; 55 percent of the marketing executives surveyed reported that their staff does not understand essential marketing metrics, and more than 80 percent of organizations do not use data-driven marketing. These gaps can be overcome, without a major investment in time and resources, by focusing on measuring the right metrics in the right way.
This book is intended for anyone in marketing who wants to significantly improve his or her marketing performance and justify marketing spending, and for nonmarketing managers who want to drive real results from marketing. Instead of listing the 50 or 100 metrics applicable to marketing, I focus on the 15 that are really important. I show how to actually use these metrics to quantify the value of marketing and radically improve marketing performance. My research also shows how firms that master data-driven marketing have significantly better financial performance relative to competitors. The approach of focusing on just 15 metrics has the benefit that you can easily master and apply the principles. I give detailed examples for both large and small organizations, and free downloadable Excel spreadsheet templates complement all the quantitative examples.
The book is divided into three sections: Part I: Essentials, Part II: 15 Metrics to Radically Improve Marketing Performance, and Part III: The Next Level. The book takes a systematic and pragmatic approach toward articulating data-driven marketing and marketing measurement principles, but after Chapter 3 can be read in any order. Part I: Essentials consists of three chapters. The first chapter discusses the marketing divide, that a few firms get data-driven marketing and many do not, and introduces the 15 essential metrics. Chapter 2 answers the question Where do I start? and discusses strategies to overcome the five roadblocks. Chapter 3 provides a systematic framework for strategic marketing measurement using the 10 classical metrics.
Part III of the book focuses on advanced topics. I give strategies to take the data-driven marketing principles and metrics of the previous chapters to the next level. These four chapters discuss agile marketing, analytic and event-driven marketing, data-driven marketing infrastructure, essential marketing processes to drive performance and the Creative X-factor. This book is not a textbook; however, it can act as a good supplement in a course on data-driven marketing. A short appendix is provided with resources for instructors interested in using this book and related case studies in the classroom.
My hope is that this book will provide you with deep insights into how marketing delivers value and how to use the 15 essential metrics for marketing as levers to strategically drive performance in your organization.
A senior marketing manager in a Fortune 100 company once told me: Every week I have to go to a gun fight, the senior executive leadership meeting, and I am tired of going to this gunfight carrying only a knife. His frustration was the result of having no concrete data to answer hard questions about the value of marketing activities in his division. We are living in difficult times, and marketing measurement and data-driven marketing are becoming increasingly important. Now more than ever, managers need to justify their marketing spending, show the value that they create for the business, and radically improve their marketing performance.
A few marketers and organizations, however, have mastered data-driven marketing principles and marketing metrics. Invariably, these individuals are heroes within their firms, are promoted faster, and rise to more senior positions. As we will see, organizations that embrace marketing metrics and create a data-driven marketing culture have a competitive advantage that results in significantly better financial performance than that of their competitors.
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